Chubb Board Approves New $1.5B Share Repurchase Program
The Board of Directors of The Chubb Corporation (NYSE: CB) today authorized a new share repurchase program of up to $1.5 billion of the Corporation's common stock. Purchases may be made from time to time in the open market or in privately negotiated transactions. The program has no expiration date.
The Corporation's prior repurchase program, which was approved by the Board last January and provided for the repurchase of up to $1.3 billion of the Corporation's common stock, has been completed.
"Capital management continues to be an important focus for Chubb. This new share repurchase program reflects the Board's continued confidence in Chubb's strong financial condition reflecting our solid balance sheet, our conservative capital structure and our commitment to returning excess capital to our shareholders. Although the program has no expiration date, we currently intend on completing it by the end of January 2015, subject to market conditions and other factors," said John D. Finnegan, Chairman, President and Chief Executive Officer.
For further information contact: Investors: Glenn A. Montgomery
Media: Mark E. Greenberg
Certain statements in this release are "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Forward-looking statements are made based upon management's current expectations and beliefs concerning trends and future developments and their potential effects on us. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in our public filings with the Securities and Exchange Commission and those associated with general economic and market conditions, our financial performance and the capital requirements of our business. Chubb assumes no obligation to update any forward-looking information set forth in this document, which speak as of the date hereof.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.