Hanover Insurance increases stock buyback program

AP News
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Posted: Dec 09, 2009 10:59 AM

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.