Markel board approves new $300 million share buyback

The board of specialist insurer Markel has approved a new $300 million share buyback scheme to begin immediately.

On August 21, the board authorised the company to repurchase up to $300 million of its outstanding common stock. This effectively terminates and replaces a similar program authorised in May 2018 which repurchased around $98 million of the insurer’s common stock.

In is Securities and Exchange Commission filing, Markel said: “Under the new program, as under the previous program, the company may repurchase outstanding shares of its common stock from time to time in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934. The new program has no expiration date but may be terminated by the board at any time.”

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