An insurer is arranging to invest in its own stock more quickly.
Unum Group Corp., Chattanooga, Tenn., says it has entered into an accelerated stock repurchase agreement with a London affiliate of Deutsche Bank A.G., Frankfurt am Main.
Unum plans to use the agreement to buy back $350 million more of its common stock, the company says.
During the first quarter, Unum used an earlier accelerated repurchase program to buy back another $350 million of its stock.
Unum’s board has authorized the company to buy back $700 million shares of stock. The new repurchase agreement will use up that authorization, the company says.