W. R. Berkley Hikes Dividend By 10% And Boosts Share Buyback Program - WR Berkley (NYSE:WRB)

W.R. Berkley Corp (NYSE:WRB) disclosed an increase in dividend per share and authorized a new share buyback program.

Dividend: The company raised its annual dividend by 10% to $0.44 per share.

The first quarterly dividend of $0.11 per share is payable on June 30, 2023, to shareholders of record as on June 26, 2023.

Share Repurchase: WRB also increased share buyback authorization to 15 million shares of common stock.

In Q1, the company returned $293.8 million to shareholders, which includes special dividends of $132.3 million, regular dividends of $26.3 million, and share repurchases of $135.2 million.

WRB witnessed an operating cash flow of $445.3 million in Q1 2023 and had cash and cash equivalents of $1.84 billion as of March 31, 2023.

This month, the company announced the sales completion of Breckenridge IS, Inc.'s property and casualty insurance services division, with an estimated pre-tax net gain of $86 million to be recognized in Q2 2023.

Price Action: WRB shares closed lower by 1.07% at $56.54 on Wednesday.

WRBWR Berkley Corp

$64.31-0.06%

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