Insurance companies are buying back their own stock in hordes. Maybe they shouldn’t
On May 21, following its annual meeting Chubb announced that its board authorized a new $7.5 billion share repurchase program. In January, Travelers authorized a $5 billion share buyback, bringing its share repurchase capacity to $7 billion. The Hartford and broker W.R. Berkley are also embarking on a program to purchase their own shares. Insurers …