The board of insurance holding company Unico authorized a stock repurchase program to acquire up to 500,000 shares of its outstanding common stock. This repurchase is in addition to the stock repurchase program Woodland Hills-based Unico previously adopted, which it gives it the authority to buy back approximately 17,000 shares. “Our first priority is always to maintain a solid capital position, especially during a period of unprecedented market volatility and uncertainty,” stated Unico President Erwin Cheldin. “Our buyback program will be executed to provide maximum flexibility to respond to changing market conditions and the management and Board’s views of the benefits from alternative uses of our capital.” According to Unico, the timing of both repurchases will depend upon many factors, including the market price of the company’s securities, the company’s capital position and consideration of the effect of any repurchases on the company’s financial strength or ratings. The repurchase program may be changed or terminated by the Unico board at any time.
