The Hanover Insurance Group Inc. said Wednesday its board increased the size of a share repurchase program by $100 million, and at the same time agreed to repurchase $100.6 million in common stock.
Hanover Insurance's repurchase plan now allows it to buy back up to $300 million in stock. Following the most recent deal, Hanover Insurance has about $91.4 million available under the plan.
The latest deal calls for Hanover Insurance to buy back 2.4 million shares of common stock at an average price of $41.34 per share.
Hanover Insurance had 50 million shares of stock outstanding as of Nov. 1.
Before this latest purchase, the Worcester, Mass.-based insurer had already bought back $108 million in stock under the plan it first launched in October 2007.
Shares of Hanover Insurance rose 25 cents to $41.59 in morning trading.