Everest Re (RE) Raises Quarterly Dividend 26.7% to $0.95; Adds 5M Common to Buyback

Everest Re (NYSE: RE) declared a quarterly dividend of $0.95 per share, or $3.8 annualized. This is a 26.7% increase from the prior dividend of $0.75.

The dividend will be payable on December 17, 2014, to stockholders of record on December 3, 2014, with an ex-dividend date of December 1, 2014.

The annual yield on the dividend is 2.2 percent.

In addition, the Company announced that its Board of Directors authorized an increase to the Company’s existing share repurchase program of 5 million shares, bringing the Company’s authorization for share repurchases up to approximately 6.8 million shares, net of shares already repurchased.

Mr. Dominic J. Addesso, President and Chief Executive Officer, said “Today’s announcement reflects the Board’s commitment to driving shareholder value and its confidence in the future earnings power of the Company. Our capital allocation strategy, reflective of our strong capital position and earnings generation, seeks to balance strategic growth opportunities with a measured return of capital to our shareholders. The effectiveness of these strategies can be gauged by the 14% compound annual growth in book value per share, adjusted for dividends, over the last five years.”

For a dividend history and other dividend-related data on Everest Re (RE) click here.

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