Validus Ltd. Share Repurchase Authorisation
Bermuda-based Validus Holdings has authorized an increase in the Company’s common share repurchase authorisation to $500 million.
Jeff Sangster, Validus’ Chief Financial Officer, commented, “The increase in Validus’ common share repurchase authorization to $500 million is an affirmation of our commitment to return excess capital to shareholders. This authorization gives us the flexibility to manage capital prudently as conditions warrant.”
The Company 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.
