BEDFORD, Texas, Nov. 22, 2016 /PRNewswire/ -- State National
Companies, Inc. (NASDAQ: SNC), a leading specialty provider of
property and casualty insurance services, today announced that its
Board of Directors has approved an extension of the Company's
on-going stock repurchase program. The repurchase program,
which originally authorized the repurchase of up to $50 million of the Company's common stock through
December 31, 2016, has been extended
through December 31, 2017. As
of November 22, 2016, $22.8 million remains available under the plan
for repurchases.
Under the terms of the stock repurchase program, the Company is
authorized to repurchase shares from time to time on the open
market at prevailing market prices or in negotiated transactions in
accordance with applicable securities rules and regulations.
Repurchases may also be made under a plan in accordance with the
guidelines specified under Rule 10b5-1 under the Securities
Exchange Act of 1934, as amended. The stock repurchase
program may be suspended, modified or discontinued at any time, and
does not obligate the Company to purchase any specific number of
shares.
"We are pleased with the Board's decision to approve the
extension of our existing stock repurchase plan," said Terry Ledbetter, State National's Chairman and
Chief Executive Officer. "Our management team and Board of
Directors believe in our long-term growth prospects as well as our
ability to generate strong profits and cash flow through our very
capital efficient business model. The extension of the stock
repurchase program represents our continued commitment to creating,
enhancing and returning value to shareholders."
About State National Companies, Inc.
State National Companies, Inc. (NASDAQ: SNC) is a leading
specialty provider of property and casualty insurance services
operating in two niche markets across the
United States. In its Lender Services segment, the Company
specializes in providing collateral protection insurance, which
insures personal automobiles and other vehicles held as collateral
for loans made by credit unions, banks and specialty finance
companies. In its Program Services segment, the Company leverages
its "A" (Excellent) A.M. Best rating, expansive licenses and
reputation to provide access to the U.S. property and casualty
insurance market in exchange for ceding fees. To learn more, please
visit www.statenational.com. State National routinely posts
important Company information on its website.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS
Various statements contained in this press release are
forward-looking statements made pursuant to the Safe Harbor
Provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include projections and
estimates concerning the timing and success of specific projects
and our future production, revenues, income and capital spending.
Our forward-looking statements are generally, but not always,
accompanied by words such as "estimate," "believe," "expect,"
"will," "plan," "target," "could" or other words that convey the
uncertainty of future events or outcomes.
There can be no assurance that actual developments will be
those anticipated by us. Actual results may differ materially from
those expressed or implied in these statements as a result of
significant risks and uncertainties, including, but not limited to,
our ability to recover from our capacity providers, the cost and
availability of reinsurance coverage, challenges to our use of
issuing carrier or fronting arrangements by regulators or changes
in state or federal insurance or other statutes or regulations, our
dependence on a limited number of business partners, potential
regulatory scrutiny of collateral protection insurance, level of
new car sales, availability of credit for vehicle purchases and
other factors affecting automobile financing, our ability to
compete effectively, a downgrade in the financial strength ratings
of our insurance subsidiaries, our ability to accurately underwrite
and price our products and to maintain and establish accurate loss
reserves, changes in interest rates or other changes in the
financial markets, the effects of emerging claim and coverage
issues, changes in the demand for our products, the effect of
general economic conditions, breaches in data security or other
disruptions with our technology, and changes in pricing or other
competitive environments.
Forward-looking statements involve inherent risks and
uncertainties that are difficult to predict, many of which are
beyond our control. Additional information about these risks and
uncertainties is contained in our filings with the Securities and
Exchange Commission. The forward-looking statements in this press
release speak only as of the date of this release, and we undertake
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by
law.
CONTACTS:
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State National
Companies, Inc.
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David Hale, COO &
CFO
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817-265-2000
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Dennard ▪ Lascar
Associates
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Rick Black
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713-529-6600
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SOURCE State National Companies, Inc.