The company will fund the share buyback plan by issuing a like amount of subordinated debentures to be issued over the next year.
"Repurchasing stock at today's low multiples by issuing securities with equity-like terms takes advantage of historically low yields in the market and reduces our cost of capital," said
Wilson noted that the company remains financially strong, with all of its insurance subsidiaries appropriately capitalized and
The company said it will buy shares under the new buyback plan on the open market, and may launch additional share buyback programs as the new
|Copyright:||(c) 2012 The Associated Press. All rights reserved.|