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Delphi Financial Announces $50 Million Share Repurchase Authorization and Declares Regular $0.12 Per Share Cash Dividend

^{Published on 2011-08-04 21:21:27 - Market Wire}
 

WILMINGTON, Del.--([ BUSINESS WIRE ])--Delphi Financial Group, Inc. (NYSE: DFG) announced today that its Board of Directors has authorized repurchases of the Companya™s outstanding Class A common stock in a total amount of up to $50 million. These repurchases may be made from time to time on the open market or in privately negotiated transactions, subject to market conditions and applicable legal requirements. This new authorization replaces an existing share repurchase authorization which had 1.0 million shares remaining.

"This new share repurchase authorization reflects our confidence in Delphia™s strong capital position, and will enable us to take advantage of opportunities to build shareholder value by repurchasing our shares at attractive valuations."

Robert Rosenkranz, Chairman and Chief Executive Officer, said, "This new share repurchase authorization reflects our confidence in Delphia™s strong capital position, and will enable us to take advantage of opportunities to build shareholder value by repurchasing our shares at attractive valuations.a

Delphi Financial also announced that its Board of Directors declared a cash dividend of $0.12 per share on the Companya™s common stock for the third quarter of 2011. Such dividend will be payable on August 31, 2011 to shareholders of record at the close of business on August 17, 2011.

About Delphi Financial Group, Inc.

Delphi Financial Group, Inc. is a financial services company focused on specialty insurance and insurance-related businesses. Delphi is a leader in managing all aspects of employee absence to enhance the productivity of its clients and provides the related group insurance coverages: long-term and short-term disability, life, excess workersa™ compensation for self-insured employers, large casualty programs including large deductible workersa™ compensation, travel accident, dental and limited benefit health insurance. Delphia™s asset accumulation business emphasizes individual annuity products. Delphia™s common stock is listed on the New York Stock Exchange under the symbol DFG and its corporate website address is [ www.delphifin.com ].

Cautionary Note Regarding Forward-Looking Statements

In connection with, and because it desires to take advantage of, the asafe harbora provisions of the Private Securities Litigation Reform Act of 1995, Delphi cautions readers regarding certain forward-looking statements in the foregoing discussion and in any other statements made by, or on behalf of, Delphi, whether in future filings with the Securities and Exchange Commission or otherwise. Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results, prospects, outlooks or other developments. Some forward-looking statements may be identified by the use of terms such as aexpects,a abelieves,a aanticipates,a aintends,a ajudgment,a aoutlook,a aeffort,a aattempt,a aachieve,a aproject,a or other similar expressions. Forward-looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic, competitive and other uncertainties and contingencies, many of which are beyond Delphia™s control and many of which, with respect to future business decisions, are subject to change. Examples of such uncertainties and contingencies include, among other important factors, those affecting the insurance industry generally, such as the economic and interest rate environment, federal and state legislative and regulatory developments, including but not limited to changes in financial services, employee benefit and tax laws and regulations, changes in accounting rules or interpretations thereof, market pricing and competitive trends relating to insurance products and services, acts of terrorism or war, and the availability and cost of reinsurance, and those relating specifically to Delphia™s business, such as the level of its insurance premiums and fee income, the claims experience, persistency and other factors affecting the profitability of its insurance products, the performance of its investment portfolio and changes in Delphia™s investment strategy, acquisitions of companies or blocks of business, and ratings by major rating organizations of Delphi and its insurance subsidiaries. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Delphi. Forward-looking statements contained in the foregoing discussion are made as of the date of this press release and Delphi disclaims any obligation to update these or any other forward-looking statements.