2023-06-12 16:30:06 ET
- Property and casualty insurance firm Chubb ( NYSE: CB ) on Monday said its board had authorized a new $5B share buyback program.
- CB stock was marginally higher by 0.7% to $192 after hours.
- CB said the new buyback would be effective July 1 and had no expiration date.
- CB added that its existing share repurchase authorization will remain effective through June 30.
- "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," CB CFO Peter Enns said in a statement .
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Chubb authorizes new $5B share buyback