Delphi Financial Announces $50 Million Share Repurchase Authorization and Declares Regular $0.12 Per Share Cash Dividend
August 04 2011 - 8:43AM
Business Wire
Delphi Financial Group, Inc. (NYSE: DFG) announced today that
its Board of Directors has authorized repurchases of the Company’s
outstanding Class A common stock in a total amount of up to $50
million. These repurchases may be made from time to time on the
open market or in privately negotiated transactions, subject to
market conditions and applicable legal requirements. This new
authorization replaces an existing share repurchase authorization
which had 1.0 million shares remaining.
Robert Rosenkranz, Chairman and Chief Executive Officer, said,
"This new share repurchase authorization reflects our confidence in
Delphi’s strong capital position, and will enable us to take
advantage of opportunities to build shareholder value by
repurchasing our shares at attractive valuations.”
Delphi Financial also announced that its Board of Directors
declared a cash dividend of $0.12 per share on the Company’s common
stock for the third quarter of 2011. Such dividend will be payable
on August 31, 2011 to shareholders of record at the close of
business on August 17, 2011.
About Delphi Financial Group, Inc.
Delphi Financial Group, Inc. is a financial services company
focused on specialty insurance and insurance-related businesses.
Delphi is a leader in managing all aspects of employee absence to
enhance the productivity of its clients and provides the related
group insurance coverages: long-term and short-term disability,
life, excess workers’ compensation for self-insured employers,
large casualty programs including large deductible workers’
compensation, travel accident, dental and limited benefit health
insurance. Delphi’s asset accumulation business emphasizes
individual annuity products. Delphi’s common stock is listed on the
New York Stock Exchange under the symbol DFG and its corporate
website address is www.delphifin.com.
Cautionary Note Regarding Forward-Looking Statements
In connection with, and because it desires to take advantage of,
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995, Delphi cautions readers regarding certain
forward-looking statements in the foregoing discussion and in any
other statements made by, or on behalf of, Delphi, whether in
future filings with the Securities and Exchange Commission or
otherwise. Forward-looking statements are statements not based on
historical information and which relate to future operations,
strategies, financial results, prospects, outlooks or other
developments. Some forward-looking statements may be identified by
the use of terms such as “expects,” “believes,” “anticipates,”
“intends,” “judgment,” “outlook,” “effort,” “attempt,” “achieve,”
“project,” or other similar expressions. Forward-looking statements
are necessarily based upon estimates and assumptions that are
inherently subject to significant business, economic, competitive
and other uncertainties and contingencies, many of which are beyond
Delphi’s control and many of which, with respect to future business
decisions, are subject to change. Examples of such uncertainties
and contingencies include, among other important factors, those
affecting the insurance industry generally, such as the economic
and interest rate environment, federal and state legislative and
regulatory developments, including but not limited to changes in
financial services, employee benefit and tax laws and regulations,
changes in accounting rules or interpretations thereof, market
pricing and competitive trends relating to insurance products and
services, acts of terrorism or war, and the availability and cost
of reinsurance, and those relating specifically to Delphi’s
business, such as the level of its insurance premiums and fee
income, the claims experience, persistency and other factors
affecting the profitability of its insurance products, the
performance of its investment portfolio and changes in Delphi’s
investment strategy, acquisitions of companies or blocks of
business, and ratings by major rating organizations of Delphi and
its insurance subsidiaries. These uncertainties and contingencies
can affect actual results and could cause actual results to differ
materially from those expressed in any forward-looking statements
made by, or on behalf of, Delphi. Forward-looking statements
contained in the foregoing discussion are made as of the date of
this press release and Delphi disclaims any obligation to update
these or any other forward-looking statements.
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