Hanover Boosts Stock Repurchase Program
Hanover Insurance Group of Worcester will spend $100 million to buy back more shares of its stock, while also declaring a quarterly dividend of 33 cents per share, the company announced Tuesday.
The company's board of directors said the extra $100 million for the stock repurchase program is part of an aggregate authorization of $600 million. The company said it has $166 million remaining to buy back shares.
The dividend will be payable June 28 to shareholders of record as of June 14.
In its first quarter 2013 financial filing, the company saw its net income grow from $49.7 million, or $1.09 per share, to $66.2 million, or $1.46 per share.
CEO Frederick H. Eppinger called the results strong, providing "positive momentum" on all of the company's strategic priorities for 2013.
Net premiums for the period were up 6 percent, to $1.1 billion, mostly driven by premiums retained at Chaucer Holdings, a specialist insurer that The Hanover acquired in 2011.
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