Platinum Underwriters Holdings has increased has increased its existing share repurchase programme to $250 million.

This represents an increase of approximately $165 million from a total of about $85 million remaining in the programme by the Bermuda-based insurer.

Last year, Platinum repurchased $240.5 million worth of shares at an average price of $34.68.

The company also announced that the board of directors has declared a quarterly dividend of eight cents per common share. The dividend is payable on March 31 to shareholders of record on March 3.