Bermuda reinsurer RenaissanceRe plans to spend another half a billion dollars buying back its own shares.

The company said last night that its board of directors had approved an increase in the company’s share repurchase programme, bringing the total current authorisation to $500 million. That figure includes remaining amounts under prior authorisations.

RenRe also announced a quarterly dividend of 29 cents per common share, payable on September 30, 2014 to shareholders of record on September 15, 2014.