Sonae ups investment in Cooper Gay; Chubb buys back shares
Sonae ups Cooper stake
Sonae, the Portugese corporation, has more than doubled its investment in broking group Cooper Gay. Sonae’s stake in Cooper Gay has increased from 13.68% to 32.12%, the broker revealed this week. The terms of the additional investment were not disclosed. Sonae first acquired a minority share in Cooper Gay 18 months ago. The broker secured a £31.6m senior debt financing facility with National Australia Bank in July. Cooper Gay has been expanding its operation through the acquisition of teams and businesses in the London market. It recently picked up 10 members of the wholesale and direct aviation team from Benfield.
Chubb to buy back shares
US insurer Chubb is to buy back 20m shares, the company announced this week. It also confirmed a quarterly dividend of 33 cents, in line with the past two quarters. The company did not set a date for buying back the shares. John Finnegan, chairman, president and chief executive, said: “Today’s actions reflect the board’s continued confidence in Chubb’s strong financial condition as well as an ongoing commitment to the importance of our capital management strategy.”