HCC Insurance Boosts Dividend, Announces New $500 Mln Stock Buyback Program

(RTTNews) - HCC Insurance Holdings, Inc. (HCC) said Wednesday that its Board of Directors has declared a regular cash dividend of $0.295 per share on the company's shares of $1.00 par value common stock, which represents a $0.07 per share or 31% increase in the quarterly dividend.

The dividend is payable on or about October 15 to stockholders of record on October 1.

The company also said its board has authorized a new share repurchase program that provides for the repurchase of up to an aggregate of $500 million of its common stock.

This authorization replaces an existing share repurchase program approved by the company's Board on August 23, 2012 that provided for the repurchase of up to $300 million of the company's common stock. The remaining $130.9 million of authorization under the previous program will not be used.