Everest Re Increase Quarterly Dividend By 27%
Bermuda-based Everest Re Group, Ltd. approved a 27% increase to its regular quarterly dividend from $0.75 to $0.95 per common share. This dividend will be payable on or before December 17, 2014 to all shareholders of record as of December 3, 2014.
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.”
