PartnerRe board authorizes buy-back plan for up to 7 million shares

PartnerRe to buy back up to 7 million shares

NEW YORK — Reinsurance company PartnerRe Ltd. on Wednesday said its board approved a new share repurchase authorization for up to 7 million common shares.

The approval replaces the company’s previous buyback plan of 8 million shares, announced in February.

To date this year, the company has repurchased about 8.7 million shares under prior authorizations. It has about 75.6 million shares outstanding, according to Thomson Reuters.

PartnerRe shares closed Wednesday trading up 87 cents at $76.39. The stock has moved between $69.13 and $81.80 in the past 52 weeks.