Hanover Insurance Group (THG) Increases Share Repurchase Authorization by $400 Million

May 11, 2021 4:05 PM EDT

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

The Hanover Insurance Group, Inc. (NYSE: THG) today announced its board of directors has increased the company's existing share repurchase authorization by $400 million, to $1.3 billion. After accounting for shares previously repurchased, and the $35 million that was still available under the prior authorization, the company currently has $435 million remaining under the expanded program.

"The increase in our share repurchase authorization underscores the strength of our company's operating performance and results," said Jeffrey M. Farber, executive vice president and chief financial officer at The Hanover. "The Hanover continues to proactively manage shareholders' capital. We returned $428 million of capital to shareholders during 2020 and to date in 2021, including share repurchases and dividends. We will continue to remain nimble and actively manage our capital with the best interests of shareholders in mind."

Under the repurchase authorization, the company may repurchase, from time to time, common stock in amounts, at prices and at such times as the company deems appropriate, subject to market conditions and other considerations. Repurchases may be executed using open market purchases, privately negotiated transactions, accelerated repurchase programs or other transactions. The company is not required to purchase any specific number of shares or to make purchases by any certain date under this program. The company may establish trading plans under the Securities and Exchange Commission's ("SEC") rule 10b5-1 that will provide additional flexibility as it buys back its stock.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Stock Buybacks

Related Entities

Dividend, Stock Buyback, Earnings