Share Repurchase Authorization

3 Months Ended

Mar. 31, 2013

Share Repurchase Authorization disclosure

Share Repurchase Authorization disclosure [Text Block]

7.             SHARE REPURCHASE AUTHORIZATION

The Company’s board of directors has approved common share repurchase authorizations under which repurchases may be made from time to time in the open market, pursuant to pre-set trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, in private transactions or otherwise.  The authorizations do not have a stated expiration date. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the Company’s financial position, earnings, share price, catastrophe losses, maintaining capital levels commensurate with the Company’s desired ratings from independent rating agencies, funding of the Company’s qualified pension plan, capital requirements of the Company’s operating subsidiaries, legal requirements, regulatory constraints, other investment opportunities (including mergers and acquisitions), market conditions and other factors. During the three months ended March 31, 2013, the Company repurchased 3.7 million shares under its share repurchase authorization, for a total cost of $300 million. The average cost per share repurchased was $81.01. At March 31, 2013, the Company had $1.86 billion of capacity remaining under the share repurchase authorization.