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Third Point Re's board expands share repurchase program

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Third Point Re's board expands share repurchase program

Third Point Reinsurance Ltd.'s board approved the repurchase of an additional $148.3 million in common shares.

Combined with the remaining shares under the repurchase program, the company can now repurchase up to $200 million more outstanding common shares.

The company may repurchase shares from time to time in privately negotiated transactions or in open-market purchases. Third Point Re expects to finance any repurchases from a combination of cash on hand and cash provided by operating activities.

The company in 2017 repurchased 3,300,152 common shares in the open market for $40.9 million at a weighted average cost of $12.38 per share.