GREENWICH, Conn.--(BUSINESS WIRE)--W. R. Berkley Corporation (NYSE:WRB) announced today that its Board of Directors has voted to increase the cash dividend to an annual rate of 48 cents per share, representing a 9% increase from the present rate. The first quarterly dividend at the new rate of 12 cents per share will be paid on July 1, 2015 to stockholders of record at the close of business on June 15, 2015.
In addition, the Board of Directors has increased the Company's share repurchase authorization to its previous level of 10 million shares of common stock. The 10 million share repurchase authorization represents approximately 8% of the Company's shares outstanding at March 31, 2015. Repurchases may be made by the Company from time to time at prevailing prices in the open market or in privately negotiated transactions, subject to market conditions and other factors.
Founded in 1967, W. R. Berkley Corporation is an insurance holding company that is among the largest commercial lines writers in the United States and operates in three segments of the property casualty insurance business: Insurance-Domestic, Insurance-International and Reinsurance-Global.