CHICAGO–(BUSINESS WIRE)–Nov. 1, 2000–Unitrin, Inc. (Nasdaq:UNIT) announced today that its Board of Directors has declared a quarterly dividend of $0.375 per share payable to its shareholders of record as of November 14, 2000. The dividend will be paid to shareholders on November 30, 2000.
In addition, Unitrin announced that its Board of Directors has increased the Company’s authority to repurchase shares of the Company’s common stock by 4.0 million shares. This increase is in addition to approximately 0.86 million shares remaining under the Board’s previous authorization. On a split-adjusted basis, Unitrin has repurchased approximately 53.3 million shares since 1990, or about 48% of the Company’s shares originally outstanding in 1990.
Repurchases may be made from time to time at prevailing prices in the open market or in privately-negotiated transactions, subject to market conditions and other factors. Repurchases will be financed through Unitrin’s general corporate funds. Depending upon the amount of repurchases and other factors, Unitrin may also borrow funds under an existing bank credit agreement.
Unitrin’s subsidiaries are engaged in three businesses: property and casualty insurance, life and health insurance and consumer finance.
CONTACT: Unitrin, Inc.
Scott Renwick, 312/661-4930