The Chubb Corp. in Warren, N.J., today approved an increase of 20 million shares for the insurer's existing share repurchase program.
The company board last December authorized the purchase of up to 20 million shares, of which 9,308,361 shares remain available for repurchase.
Purchases will be made from time to time in the open market or in privately negotiated transactions. The program has no expiration date, the company said.
“This action reflects the board's confidence in the strength of Chubb's financial condition as well as our commitment to manage our capital efficiently,” said John D. Finnegan, Chubb chairman, president and chief executive officer.
Analysts have written that share buybacks could represent the best use of excess capital at a time when softening pricing makes good underwriting opportunities all the more scarce.
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