XL Group has gained clearance for a new buyback programme which allows the company to repurchase $1bn of common stock.
In a statement released today the company said a previous buyback programme, which had $349mn remaining, had been cancelled.
The announcement was made after the buyback programme was approved by the company's board of directors.
The purchases are expected to be funded with cash on hand, XL said.
Additionally, the carrier announced a quarterly dividend of $0.22 a share, an...
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