WORCESTER, Mass., May 11, 2021 /PRNewswire/ — The Hanover Coverage Group, Inc. (NYSE: THG) today declared its board of administrators has improved the firm’s current share repurchase authorization by $400 million, to $1.3 billion. Immediately after accounting for shares previously repurchased, and the $35 million that was even now available under the prior authorization, the business at present has $435 million remaining underneath the expanded application.
“The improve in our share repurchase authorization underscores the strength of our firm’s operating performance and outcomes,” claimed Jeffrey M. Farber, government vice president and main monetary officer at The Hanover. “The Hanover proceeds to proactively handle shareholders’ funds. We returned $428 million of capital to shareholders throughout 2020 and to day in 2021, together with share repurchases and dividends. We will keep on to continue being nimble and actively regulate our cash with the ideal interests of shareholders in intellect.”
Below the repurchase authorization, the firm may possibly repurchase, from time to time, typical stock in amounts, at costs and at these times as the organization deems ideal, subject to current market ailments and other things to consider. Repurchases may perhaps be executed working with open sector purchases, privately negotiated transactions, accelerated repurchase plans or other transactions. The company is not necessary to order any certain amount of shares or to make purchases by any certain date beneath this system. The firm may perhaps set up investing strategies beneath the Securities and Trade Commission’s (“SEC”) rule 10b5-1 that will offer further adaptability as it purchases back again its inventory.
Certain statements in this press release constitute or could represent forward-searching statements for functions of the safe harbor provisions of the United States Securities Litigation Reform Act of 1995. In distinct, “forward-looking statements” incorporate statements about quarterly or upcoming dividends payable to the firm’s shareholders, which are issue to boosts, decreases or elimination, as identified by The Hanover’s board of administrators the company’s program to make the most of the remaining ability of its existing share repurchase authorization, together with, but not limited to, open up market repurchases, accelerated repurchase systems or other transactions the company’s earnings potential customers and long run capital administration actions, are ahead-seeking statements as outlined in the Personal Securities Litigation Reform Act of 1995.
The corporation cautions investors that these types of ahead-seeking statements use estimates, projections and assumptions that require major judgement and that neither historical outcomes and traits nor ahead-looking statements are guarantees or necessarily indicative of upcoming effectiveness. Actual results may perhaps differ materially.
Investors are further more cautioned to take into account the dangers and uncertainties in the firm’s enterprise that might have an impact on the firm’s board of directors’ selections to maximize, decrease or reduce long term dividend payments to shareholders or to repurchase shares pursuant to the firm’s share repurchase authorization. Supplemental challenges and uncertainties are discussed in readily readily available files, such as the firm’s once-a-year report on Form 10-K and other paperwork filed by The Hanover with the SEC, which are accessible at hanover.com beneath “Traders.”
About The Hanover
The Hanover Insurance policies Team, Inc. is the keeping company for a number of property and casualty insurance providers, which jointly constitute just one of the major insurance policy businesses in the United States. The firm provides exceptional insurance coverage options through a pick out group of independent brokers and brokers. Jointly with its agent companions, the organization gives typical and specialized insurance coverage security for smaller and mid-sized businesses, as very well as for residences, cars, and other particular products. For more facts, be sure to visit hanover.com.
Supply The Hanover Insurance Team, Inc.