ZURICH, June 12, 2023 /PRNewswire/ -- Chubb Limited (NYSE: CB) announced today that its Board of Directors has authorized a new $5 billion share repurchase program. This program is effective July 1, 2023 and has no expiration date. The company's existing share repurchase authorization will remain effective through June 30, 2023.
"This new open-ended program does not represent any change in our capital management strategy, nor our expected amount of stock bought back over time, however, it does increase our execution flexibility," said Peter Enns, Chief Financial Officer, Chubb Limited.
The timing and volume of any share repurchases under this authorization will be determined by management at its discretion. Share repurchases, which are subject to market conditions, other business considerations and applicable legal requirements, may be made in the open market, in privately negotiated transactions, block trades, accelerated repurchases or through option or other forward transactions.
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com.
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as statements regarding share repurchases, and our expectations and intentions and other statements that are not historical facts, reflect the company's current views with respect to future events and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. Additional information regarding factors that could cause differences from these forward-looking statements appears in the company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Chubb Limited