Hanover increases share buyback by $400M
Photo | Grant Welker
Hanover Insurance Group's Worcester headquarters
The board of directors for the Hanover Insurance Group, Inc. of Worcester has increased the company’s current share repurchase authorization by $400 million to $1.3 billion.
After taking into account previous shares bought back, this expansion brings the amount of shares remaining under the program to $435 millon. The announcement follows recent strong first quarter performance by the company, which Jeffrey Farber, executive vice president and chief financial officer at The Hanover, discussed in the release.
"The increase in our share repurchase authorization underscores the strength of our company's operating performance and results," Farber said in the release. "We returned $428 million of capital to shareholders during 2020 and to date in 2021, including share repurchases and dividends.
Under the repurchase authorization, the company may repurchase, from time to time, common stock in amounts, at prices and at such times as the company deems appropriate, subject to market conditions and other considerations, according to the release.
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