RenaissanceRe's board of directors has authorised an increase in the reinsurer's stock repurchase plan to a total of $500 million.

And the company also announced a quarterly dividend of 25 cents, unchanged from the preceding quarter.

The dividend is payable on June 30, 2010 to shareholders of record on June 15, 2010.

The $500 million repurchase programme includes amounts available under previous authorisations.

Companies see buying back shares as a way of returning capital to shareholders.

RenRe spent more than $200 million on buying back its own shares in the first quarter.