Beazley Plc (BEZ.L), a British insurance company, said on Wednesday that its Board has approved a share repurchase program of up to $500 million to reduce its share capital.
Beazley will finance the repurchase through its existing cash resources. The maximum number of shares to be acquired by the company under the program is 67.254 million.
Beazley has appointed J.P. Morgan Securities Plc to repurchase its shares on its behalf, and all repurchased shares will be cancelled.
As of March 4, Beazley's total issued share capital consisted of 639.002 million shares with one voting right per share. The company does not hold any shares in the treasury.
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