XL Group Ltd (XL) said its board of directors has approved a new share buyback program, authorizing the company to buy back up to $1 billion of its common shares. The previous share buyback program, which had approximately $349 million remaining, was canceled.
The company 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 buyback program may be modified, extended or terminated by the Board at any time.
In addition, XL Group said that the Board declared a quarterly dividend on February 16, 2017 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, 2017 to common shareholders of record as of March 15, 2017.
by RTT Staff Writer
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