The Royal Gazette/BSX remained unchanged at 3,746.83, as no shares traded on the Bermuda Stock Exchange today.

Insurer Allshores announced in a filing with the BSX that its board had authorised the repurchase of common shares up to an aggregate value of $5 million over the next 12 months.

Allshores said it has 8,674,586 common shares outstanding and shares it buys back are expected to be retained by the company as treasury shares.

At Allshores’ current share price of $27.60 on the BSX, the $5 million buyback would represent approximately 2 per cent of the company’s issued share capital, excluding treasury shares.

The insurer said the buyback would “support the company’s capital management strategy by reducing surplus capital and returning value to shareholders”.

Under its previous 12-month repurchase programme, which expired today, Allshores bought back 179,931 common shares.

The US-listed shares of Butterfield Bank fell 56 cents, or 0.96 per cent, to close on $57.87 on the New York Stock Exchange today, as 151,345 shares changed hands.