Duluth-based insurance firm Primerica said Thursday it would repurchase $60 million in shares held by private equity group Warburg Pincus, the company’s largest shareholder.
Primerica said it would acquire nearly 2.1 million shares of its common stock for $28.74 per share. The deal will reduce Warburg Pincus’ holdings to about 15 percent of Primerica’s outstanding common shares, and a little less than 21 percent of Primerica stock when factoring in warrants.
Primerica said in a news release the buybacks complete a $75 million share repurchase plan started during the third quarter.
“Accelerating our previously announced $75 million share repurchase program enhances shareholder value as we continue to follow-through with capital initiatives and business enhancements targeted to deliver strong financial and operating results,” Rick Williams, Primerica chairman and co-CEO, said in the release.
Primerica previously reacquired about $14.3 million in stock during the repurchase plan.