Chubb board OKs plan to buy back up to 25M shares

AP News
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Posted: Dec 03, 2009 3:32 PM

The Chubb Corp. on Thursday said its board authorized a plan to buy back up to 25 million shares of common stock, and declared a quarterly dividend.

The share repurchase program calls for stock to be bought from time to time on the open market or in privately negotiated deals. The program has no expiration date.

Chubb has about 341.6 million shares outstanding, according to Thomson Reuters.

The insurer's board also declared a quarterly dividend of 35 cents.

The dividend is payable Jan. 12 to shareholders of record as of Dec. 18.

Chubb shares slipped 6 cents to $49 in afternoon trading.