Validus Common Share Repurchase, Dividend
Validus Holdings, Ltd. has authorized a new common share repurchase program in the amount of $750 million and also increased its quarterly common share dividend to $0.32 from $0.30.
Jeff Sangster, Validus’ Chief Financial Officer, said, “We remain committed to returning excess capital to shareholders as evidenced by this latest share repurchase authorization and increase in common share dividend.
“The authorization is open-ended without a specific completion date and the increased common share dividend will start effective with the March 2015 dividend payment.”
The company expects the share 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. The quarterly dividend in the amount of $0.32 which was declared on February 3, 2015 is payable on March 31, 2015 to shareholders and warrant holders of record on March 13, 2015.
