XL board authorises $750m share buyback
XL Group plc’s board of directors approved a new $750 million share buyback programme.
The company said last night that this authorisation replaces the approximately $190 million remaining under a previously authorised buyback programme.
The company expects the purchases to be made from time to time in the open market or in privately negotiated transactions, and that such purchases are expected to be funded from cash on hand.
The timing, form and amount of the share buybacks under the programme will depend on a variety of factors, including market conditions, legal requirements and other factors.
XL added that its board declared a quarterly dividend of 11 cents per ordinary share payable on April 2, 2012 to shareholders of record as of March 15, 2012.
XL also announced that Valerie Gooding has been appointed to its board of directors, effective at the company’s April board meeting.
For 10 years, Ms. Gooding served as the CEO of British United Provident Association (BUPA), a leading independent health insurer and provider, where she led a major expansion of the company.
Commenting on the appointment, XL’s chairman, Robert Glauber, said: “We are delighted to have Val join the XL Board. As XL continues to execute its strategic growth ambitions, I believe that Val’s extensive and diverse global business experience will serve us well. We look forward to Val’s many contributions.”
XL also announced that Ellen Thrower, who has served as an independent director of XL since 1995, will retire from the board effective immediately.