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Chubb approves buyback of up to 20M shares
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WARREN, N.J. - Chubb Corp. said Thursday its board has approved a new buyback program for up to 20 million shares of the insurer's common stock.
The buyback program has no expiration date.
"The pace of the buyback will depend on the state of the global capital markets and the potential opportunities for profitable growth in the property and casualty insurance market," said Chairman, President and Chief Executive John D. Finnegan in a statement.
The company had roughly 355.7 million shares outstanding as of Sept. 30, according to a recent Securities and Exchange Commission filing.
Chubb shares fell 74 cents to close at $47.84.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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