Willis Group holdings said it has instituted a new $1 billion company stock buyback plan.
The announcement was made Friday during the company's investor day conference in New York.
The new plan replaces a previous $1 billion plan that had $308 million in authorization left.
The London-headquartered insurance brokerage firm said the plan is open-ended and allows the buyback of stock from time to time in the open market or through negotiated trades with individuals.
The company also issued long-term guidance of earnings per share between $2.60-$2.70 for 2007; $2.85-$2.95 for 2008; $3.30-$3.40 in 2009; and $4.00-$4.10 in 2010.
The firm also said it plans to invest between $30 million and $50 million in certain areas of business including managing general agencies, niche business such as energy and construction, emerging markets including China and Russia, and reinsurance capital markets.
A re-broadcast of the investor's day conference is available at www.willis.com.
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