WARREN, N.J., June 10 /PRNewswire-FirstCall/ -- The Board of Directors of The Chubb Corporation (NYSE: CB) today declared a regular quarterly dividend in the amount of $0.37 per share payable July 13, 2010 to shareholders of record on June 25, 2010.
The Board also approved an increase of 14 million shares to the existing share repurchase program. The existing program approved by the Board on December 3, 2009 provided for the purchase of up to 25 million shares, of which 3,824,507 shares remain available for repurchase. Purchases may be made from time to time in the open market or in privately negotiated transactions. The program has no expiration date.
Since December 2005, Chubb has repurchased a total of 137.2 million shares at a total cost of $6.9 billion representing approximately 33% of the outstanding shares.
“Today’s actions result from the Board’s continued confidence in Chubb’s strong financial condition reflecting our solid balance sheet, our conservative capital structure and our ability to generate excess capital,” said John D. Finnegan, Chairman, President and Chief Executive Officer. “Active capital management is one of our core operating principles, and we are committed to returning excess capital to our shareholders. We also believe that this is an opportune time to acquire our shares at a very attractive valuation. The pace of the buyback will depend on overall market conditions and the potential opportunities for profitable growth in the property and casualty insurance market. However, should current conditions remain relatively stable, we would expect to complete the increased program by year-end 2010.”
For further information contact:
Glenn A. Montgomery
Mark E. Greenberg
Certain statements in this release are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on us. These statements are not guarantees of future performance. Actual results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in our public filings with the Securities and Exchange Commission and those associated with general economic and market conditions, our financial performance and the capital requirements of our business. Chubb assumes no obligation to update any forward-looking information set forth in this document, which speak as of the date hereof.
SOURCE Chubb Corporation