XL Group starts buyback programme
XL Group's board of directors has given the green light for a new share buyback programme, authorising the company to buy back up to $1 billion of its common shares.
At the same time it announced the cancellation of its previous share buyback programme, which had approximately $349 million remaining.
XL Group said that it expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand. The timing, form and amount of the share buybacks under the programme will depend on a variety of factors, including market conditions, legal requirements and other factors. The buyback program may be modified, extended or terminated by the board at any time.
The company also announced a quarterly dividend on February 16, 2017 of $0.22 per common share payable on the company’s common shares. This action increases the quarterly dividend to $0.22 per common share from $0.20 per common share. The dividend will be payable on March 31, 2017 to common shareholders of record as of March 15, 2017.