Argo GroupInternational Holdings Ltd.'s board has authorized a sharerepurchase program and declared stock and quarterly cash dividends.
The new stock buyback plan authorizes the company torepurchase up to $150 million of its common stock. The program, which replacesthe previous $150 million buyback plan, does not have a set expiration.
Argo Group's board also announced a 10% stock dividend and aquarterly cash dividend of 22 cents per common share. The stock dividend ispayable June 15 to shareholders of record as of the close of business June 1.Shareholders will receive cash in lieu of fractional shares.
The quarterly cash dividend will be paid June 17, on apost-stock dividend basis, to shareholders of record as of the close ofbusiness June 1.
As a result of these actions, Argo Group's outstandingcommon shares will increase to 30.5 million shares from 27.7 million shares.