A meeting of shareholders is set to take place on Jan. 14 to approve the distribution. Paris Re said the payout would be conditional upon a successful issuance of subordinated debt in early 2008.
Under the share buy-back program, the maximum price is set at €20 ($29.4) per share and the number of shares to be acquired will not exceed one million, which represents 1.2% of Paris Re’s authorized share capital, the reinsurer said in a statement.
Objectives of the buy-back include making shares available to corporate officers, directors and officers of Paris Re or of companies within the Paris Re Group as part of the reinsurer’s equity incentive plans, according to the statement.