Arch Capital To Buy Back Up To $1B Of Its Stock

Arch Capital To Buy Back Up To An Additional $1 Billion Of Its Common Stock

(AP)  NEW YORK (AP) - Arch Capital Group Ltd. said Friday it will buy back up to an additional $1 billion of its common stock.

The insurance and reinsurance provider has $350.1 million still available under prior buybacks approved by its board.

Arch Capital, based in Bermuda, can repurchase stock under the new buyback through Dec. 31, 2011.

The company's stock added 60 cents to $68.54 in afternoon trading.