Arch Increases Buybacks By $1 Billion
Bermuda re/insurer Arch Capital Group Ltd.today [Feb.25] announced that its board of directors authorised the company to invest up to an additional $1 billion in the company’s common shares.
This authorisation is in addition to the $84.4 million available at February 24, 2011 under the board’s previous share repurchase authorisation. Repurchases under the new authorisation may be effected from time to time in open market or privately negotiated transactions through December 31, 2012.
Arch recently reported that its fourth-quarter earnings fell 20 percent on weaker-than-expected written premiums and lower investment and foreign-exchange gains. The industry has been struggling with low pricing as a sluggish economy has depressed demand while a respite from any spectacularly costly global catastrophes has kept premium increases in check.
Arch Capital Group Ltd., a Bermuda-based company with approximately $4.91 billion in capital at December 31, 2010, provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.
