RenRe approves increase to stock repurchase plan
The Board of Directors of RenaissanceRe Holdings (RenRe) has approved an increase in RenRe's share repurchase program, bringing the total current authorisation to $500 million.
According to the company, this authorisation includes the remaining amounts available under prior authorisations.
Under this program, RenRe may repurchase shares of its common stock in the open market based on, among other things, its ongoing capital requirements and expected cash flows, and the market price of its common shares. The repurchase program does not have an established expiration date.
In addition, the Board of Directors announced a quarterly dividend of $0.32 per common share on its common stock. The dividend is payable on June 30, 2017 to shareholders of record on June 15, 2017.
