Hanover Insurance Group Inc. (THG) said that its board has authorized a $100 million increase to its existing share repurchase program.
The program initially was authorized by the board in October 2007, allowing for the repurchase of up to $100 million of its outstanding shares. Since that time, Hanover has made common stock purchases of about $94 million. The increase will provide for aggregate repurchases under the program of up to $200 million of company shares.
Hanover also expects to establish from time to time 10b5-1 trading plans that will provide flexibility as it buys back its shares.
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