Fidelis Approves Share Repurchase Programme
Fidelis Insurance Holdings Limited announced that its Board of Directors has approved the adoption of a common share repurchase program of up to $50 million of the Company’s common shares.
A spokesperson said, “The share repurchase program authorizes the purchase of up to $50 million of the Company’s common stock utilizing a variety of methods, including open market purchases, accelerated share repurchases and privately negotiated transactions [the “Program”].”
Dan Burrows, Group Chief Executive Officer, said “We are pleased to announce the Board’s approval of this repurchase Program. Building on our strong performance and results through the third quarter, this Program demonstrates our belief in the compelling value of our shares.” Burrows further commented “Our performance through the third quarter has added to our solid capital position, and we are well placed to pursue the significant opportunities we see ahead in the market, while also adding to shareholder value through the repurchase of our shares.”
The spokesperson said, “Under the Program, Fidelis may repurchase shares through open market purchases under Rule 10b-18 under the Securities Exchange Act of 1934, as amended [‘Exchange Act”], accelerated share repurchases or privately negotiated transactions, as well as pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act.
“The timing, as well as the number and value of common shares repurchased under the Program, will be determined by the Company at its discretion and will depend on a variety of factors, including its assessment of the intrinsic value of the Company’s common shares, the market price of the Company’s common shares, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal, regulatory and contractual restrictions and the Company’s capital and business strategy. The Program may be suspended or discontinued by the Board of Directors at any time.’
