HAMILTON, Bermuda--(BUSINESS WIRE)--Argo Group International Holdings, Ltd. (NASDAQ: AGII), an international underwriter of specialty insurance and reinsurance products, announced today its board of directors has taken the following actions:
- Authorized the Company to repurchase up to $150 million of the Company’s common stock. The program allows the Company to repurchase its shares opportunistically from time to time when it believes that doing so would enhance long-term shareholder value. The repurchase authorization does not have a fixed expiration.
- Declared a 10% stock dividend. The stock dividend is payable on June 15, 2016, to shareholders of record at the close of business on June 1, 2016. Shareholders will receive cash in lieu of fractional shares.
- Declared a quarterly cash dividend of $0.22 per share on the company's common stock. The cash dividend will be paid on June 17, 2016, on a post-stock dividend basis, to shareholders of record at the close of business on June 1, 2016.
As a result of the Board's action, the outstanding shares of the Company's common stock will increase by approximately 2.8 million shares, from 27.7 million shares outstanding to 30.5 million shares outstanding.
Share purchases may be effected through one or more open market transactions, privately negotiated transactions, transactions with financial institutions or a combination of the foregoing. This stock repurchase authorization replaces the previous $150 million stock repurchase authorization, approved by the Board of Directors in November 2013.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com.