XL Group gets green light for $1bn buy-back programme
Bermuda-based XL Group's board of directors has approved a new share buy-back programme, authorising the company to repurchase up to $1 billion of common shares.
The company also announced that it has cancelled its previous share buy-back programme, which had approximately $349 million remaining.
XL Group said that it expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand.
The timing, form and amount of the share buy-backs under the programme will depend on a variety of factors, including market conditions, legal requirements and other factors. The buy-back programme may be modified, extended or terminated by the board at any time.
The company also announced a quarterly dividend on February 16 of $0.22 per common share payable on the company's common shares. This action increases the quarterly dividend to $0.22 per common share from $0.20 per common share. The dividend will be payable on March 31 to common shareholders of record as of March 15, 2017.
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