White Mountains (WTM) Adopts $1 Per Share Annual Dividend Policy
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At its regular meeting held on August 27, 2008, the Board of Directors of White Mountains Insurance Group, Ltd. (NYSE: WTM) adopted a new dividend policy whereby the company will revert back to declaring a $1 per share annual dividend in the first quarter of each year, rather than the current $2 per share quarterly dividend.
White Mountains Chairman and CEO Ray Barrette said, "Given the recent market price of our common shares, we believe reducing our dividend payout and allocating these resources to share repurchases is a better way to maximize shareholder value."
From 2001 to 2004, the company paid a $1 per share annual dividend. In 2005, the company began its previous $2 per share quarterly dividend policy.
White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.
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