Munich Re Co.'s board has authorized the repurchase of up to 11 million of the company's shares for a maximum total purchase price of €1 billion.

Munich Re will buy back shares via the stock exchange in the period between April 26 and the annual general meeting to be held April 30, 2019.

The program will be carried out in several tranches. A second tranche with a maximum total purchase price, excluding incidental expenses, of up to €520 million will be carried out between Oct. 5 and Feb. 6, 2019.

The board may stop the share buyback program and resume it at any time.