By Adriano Marchese

Intact Financial said Thursday that it has gotten approval from the Toronto Stock Exchange to launch a share repurchase program for about 3% of its issued and outstanding common shares.

The Canadian insurer plans to repurchase up to 5.3 million common shares over the course of a one year period by way of a normal course issuer bid.

Shares have been pushing higher so far in the year, climbing 9.6% in 2024 and closing on Wednesday at 223.46 Canadian dollars ($164.97).

At Wednesday's closing price, the value of the shares would be worth around C$1.2 billion.

Intact's one-year repurchase period begins on Feb. 17.

In the company's previous normal course issuer bid, which expired on Feb. 7, it repurchase 2,000 shares of a possible maximum of the approved 5.3 million shares at an average price of C$193.33 apiece.

Write to Adriano Marchese at

(END) Dow Jones Newswires

02-15-24 0757ET