Validus: Increase in Common Share Repurchase
Validus Holdings, Ltd. announced today [Dec 20] that the Board of Directors have authorized the return of an additional $400 million to shareholders. This amount is in addition to the $929.2 million of common shares which, as of December 23, 2010, will have been repurchased under Validus’s previously authorized share repurchase program.
Validus expects the repurchases to be made from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the company’s capital position relative to internal and rating agency targets, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board at any time.
