Insurer pays dividend and insists it is confident for the future
US insurer Chubb is to buy back 20 million shares, the company announced yesterday. It also confirmed a quarterly dividend of 33 cents in line with he past two quarters.
The company did not set a date for buying back the shares, saying: “Purchases may be made from time to time in the open market or in privately negotiated transactions. The program has no expiration date.”
John Finnegan, chairman, president and chief executive officer said: “Today’s actions reflect the board’s continued confidence in Chubb’s strong financial condition as well as an ongoing commitment to the importance of our capital management strategy. The pace of the buyback will depend on the state of the global capital markets and the potential opportunities for profitable growth in the property and casualty insurance market.”
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