XL gains board go-ahead for $1bn buyback

XL Group has gained clearance for a new buyback programme which
allows the company to repurchase $1bn of common stock.
In a statement released today the company said a previous
buyback programme, which had $349mn remaining, had been
cancelled.
The announcement was made after the buyback programme was
approved by the company's board of directors.
The purchases are expected to be funded with cash on hand, XL
said.
Additionally, the carrier announced a quarterly dividend of
$0.22 a share, an...