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Share buybacks up sharply in first half
09 September 2010
With industry capacity at all-time highs and rates continuing to fall, it is likely the trend for share buybacks will continue, especially if the Atlantic hurricane season is quiet, according to Moody's Rating Services.
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moody's
With industry capacity at all-time highs and rates continuing to fall, it is likely the trend for share buybacks will continue, especially if the Atlantic hurricane season is quiet, according to Moody's Rating Services.
During the first six months of 2010, reinsurers repurchased $4.9bn in shares compared with $2.3bn for all of 2009. Remaining share repurchase authorisations total about $5.8bn.
However, according to Kevin Lee, vice-president and senior credit officer for Moody's: "These numbers are a drop in the bucket when you consider that the industry reported first half net income of...
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