COLUMBUS, Ohio, Aug. 17, 2007 (PRIME NEWSWIRE) -- ProCentury Corporation (Nasdaq:PROS), a specialty property and casualty insurance holding company, today announced that its Board of Directors has authorized a $10 million share repurchase program.
The share repurchase program authorizes the company to repurchase up to $10 million of the company's outstanding common shares, and will expire on August 15, 2008. The share repurchase program will be conducted under the provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
Purchases may be made in the open market or in privately negotiated transactions from time to time, as market conditions warrant. The company may also implement all or part of the share repurchase program pursuant to a plan meeting the conditions of Rule 10b5-1 under the Exchange Act.
About ProCentury Corporation
ProCentury Corporation (Nasdaq:PROS) is a specialty property and casualty insurance holding company. Its subsidiary, Century Surety Company, underwrites general liability, commercial property, and multi-peril insurance for small and mid-sized businesses. Century Surety Company primarily writes excess and surplus lines insurance and markets its products through a select network of general agents.
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