The Hanover Insurance Group Inc. of Worcester said its board of directors has authorized a $100 million increase to the company’s existing share repurchase program.
The program currently authorizes the company to repurchase up to $200 million of outstanding company common stock. As of Dec. 7, the company had spend about $108 million on share repurchases under the current authorization.
Hanover said it would use a portion of the newly-increased program for the immediate repurchase of 2,418,000 shares of the company’s common stock at approximately $41.34 per share. The repurchase totals about $100.6 million.
