The programme will commence on 1st July 2023 and has no set expiration date. The existing share repurchase authorisation of the company will remain in effect until 30th June 2023.
Speaking about the move, Peter Enns, Chief Financial Officer of Chubb Limited, stated, “This new open-ended programme does not signify any change in our capital management strategy or the expected amount of stock repurchased over time. However, it does enhance our execution flexibility.”
The specific timing and quantity of share repurchases under this authorisation will be determined at the discretion of management. The repurchases will be subject to market conditions, other business considerations, and applicable legal requirements. They may take place through open market purchases, privately negotiated transactions, block trades, accelerated repurchases, or via option or other forward transactions.
Chubb’s global marketplace
Chubb is the largest publicly traded property and casualty insurance company worldwide. The insurance giant operates in 54 countries and territories and offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse range of clients.
As an underwriting company, Chubb assesses, assumes, and manages risk with insight and discipline. The company provides fair and prompt servicing and settlement of claims. Chubb is recognised for its comprehensive product and service offerings, expansive distribution capabilities, exceptional financial strength, and global local operations.
Source: PR Newswire
