CII Financial Inc. Begins Repurchasing Its Stock
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CII Financial Inc., a Burbank-based provider of workers’ compensation insurance, said it has begun repurchasing its stock under a previously approved authorization by its board to buy back up to $10 million of its securities.
At CII’s price of $3.75 a share in midday trading Monday, a buyback totaling $10 million would involve about 2.7 million shares, or 37% of CII’s 7.2 million common shares outstanding.
“We have initiated common-stock repurchases at this time in light of current market prices,” CII Chairman Joseph G. Havlick said in a statement. The stock, which traded as high as $20.25 a share during the past year, has been under pressure in recent months because of financial problems at the company.
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