(Reuters) – Property insurer Chubb Corp, a major player in the U.S. Northeast, has suspended share buybacks because it is unsure how large its losses will be from Superstorm Sandy.
Chubb, in a quarterly filing late Thursday, said the temporary halt was necessary to comply with securities laws because it cannot yet estimate Sandy's impact.
“As a result, it is possible that we may not complete the repurchase of all of the shares under our current share repurchase authorization by the end of January 2013, as previously contemplated,” the company said.
Chubb, one of the most aggressive repurchasers of its own shares in the insurance industry, had $357 million left on its existing buyback program as of Sept. 30.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
