repurchase up to 532,000 of its shares for $4.4 million or $8.25 a share from an unidetified shareholder.

Bloomberg Business News reported this week that the company agreed to make the purchase from an unidentified shareholder.

The company has already bought 310,542 shares at an average cost of $7.96 share and announced earier this year that it planned to buy back 250,000 shares. Inder that plan, 10,042 shares have been bought back.

The company, which specialises in insurance for manufacturers, distributors and users of high explosives, said in August that net income for its seocnd quarter rose to $2.06 million from $1.05 million on revenues of $12.1 million -- up from $9.1 million a year earlier.