W. R. Berkley Corporation's Board of Directors has approved an increase in the regular cash dividend and expanded the stock buyback authorization
W. R. Berkley Corporation (NYSE: WRB), an insurance holding company, has recently made two announcements that are sure to grab the attention of investors. The company's Board of Directors has approved an increase in the regular cash dividend. Additionally, the Board has expanded the share repurchase authorization, providing further opportunities for value creation.
In a move that highlights the company's commitment to delivering value to its shareholders, W. R. Berkley Corporation's Board of Directors has approved a 10% increase in the regular cash dividend. The annual rate will now stand at 44 cents per share, up from the previous rate.
The first dividend payment at the new rate will be made on June 30, 2023. Stockholders of record at the close of business on June 26, 2023, will be eligible to receive the regular quarterly dividend of 11 cents per share.
In addition to the dividend increase, W. R. Berkley Corporation's Board of Directors has also approved an expansion of the company's share repurchase authorization. The new program allows for the repurchase of up to 15 million shares of common stock.
Under this expanded authorization, W. R. Berkley Corporation has the flexibility to repurchase shares through open market transactions or privately negotiated deals, depending on prevailing market conditions and other factors.
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