Investing.com — Chubb Ltd (NYSE:) shares were rising after hours on Monday after the insurer announced a $5 billion stock repurchase authorization.
The Swiss-based firm said its board authorized the repurchase program to be effective July 1, 2023, with no expiration date. An existing share repurchase authorization will remain effective through June 30.
Chubb shares rose 0.8% in late trading.
“This new open-ended program does not represent any change in our capital management strategy, nor our expected amount of stock bought back over time, however, it does increase our execution flexibility,” CFO Peter Enns said in a statement.
Management is to decide on the timing and size of any repurchases, the announcement said.
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