Worcester’s The Hanover Insurance Group Inc. has initiated an accelerated share repurchase program to effect the immediate repurchase of 2.3 million shares of the company’s common stock at a price per share of approximately $43.19 for a total purchase price of approximately $100.9 million.
The company has repurchased the shares under a share repurchase program previously authorized by the company’s board of directors, allowing for the repurchase of up to $400 million of the company’s outstanding common stock.
As of today and after the execution of the ASR agreement, the company has utilized a total of approximately $335 million of the $400 million authorization, according to a statement.
