The board of directors of The Chubb Corporation has authorized a new share repurchase program of up to $1.5 billion of the corporation's common stock.
Purchases may be made from time to time in the open market or in privately negotiated transactions. The program has no expiration date.
The corporation's prior repurchase program, which was approved by the board last January and provided for the repurchase of up to $1.3 billion of the corporation's common stock, has been completed.
“Capital management continues to be an important focus for Chubb. This new share repurchase program reflects the board's continued confidence in Chubb's strong financial condition reflecting our solid balance sheet, our conservative capital structure, and our commitment to returning excess capital to our shareholders. Although the program has no expiration date, we currently intend on completing it by the end of January 2015, subject to market conditions and other factors,” said John D. Finnegan, the chairman, president, and chief executive officer of Chubb.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].