Chubb is re-investing in its own brand, by buying back a large chunk of shares. Here’s the word;
Chubb Limited (NYSE: CB) announced that its Board of Directors has authorized a new $5 billion share repurchase program. This program is effective July 1, 2023 and has no expiration date. The company’s existing share repurchase authorization will remain effective through June 30, 2023.
“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,” said Peter Enns, Chief Financial Officer, Chubb Limited.
The timing and volume of any share repurchases under this authorization will be determined by management at its discretion. Share repurchases, which are subject to market conditions, other business considerations and applicable legal requirements, may be made in the open market, in privately negotiated transactions, block trades, accelerated repurchases or through option or other forward transactions
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