Chubb unveils $5bn share buyback plan to boost flexibility

Global property and casualty insurer  Chubb’s board of directors has authorised a new $5 billion share repurchase programme.

The programme is effective July 1, 2023 and has no expiration date. The company’s existing share repurchase authorisation will remain effective through June 30, 2023.

The timing and volume of the share repurchase 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.

“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 of Chubb.

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