Insurance
First Mercury OKs Dividend, Share Buyback
SOUTHFIELD, Mich. (AP) — First Mercury Financial Corp. on Wednesday said its board declared a regular quarterly cash dividend of 2.5 cents per share.
The specialty commercial insurance underwriter also said its board authorized the company to repurchase up to 1 million shares of its common stock through Aug. 20, 2010. The authorized level represents about 6 percent of First Mercury's outstanding shares as of Aug. 7. A previous share buyback program, announced in August 2008, authorized the repurchase of up to 1.5 million shares. First Mercury fulfilled 100 percent of that authorization as of Aug. 7, buying back 1.5 million shares for about $19 million. The dividend announced Wednesday is to be paid Sept. 30 to shareholders of record as of Sept. 15. Shares of Southfield, Mich.-based First Mercury rose 28 cents, or about 2 percent, to $13.96 in morning trading.TheStreet Premium Services
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