Non-life insurance company Solid Försäkring has decided to initiate a share buyback program, acting on the authorization granted at the Annual General Meeting on April 27, according to a press release.

The program allows for the repurchase of up to 5 percent of the company's total outstanding shares. The objective is to optimize the capital structure and facilitate the delivery of shares for incentive schemes. Shares not utilized for incentive programs are intended to be canceled at future general meetings.

Solid Försäkringsaktiebolag currently holds 411,117 treasury shares. Of these, 249,150 are slated for cancellation, which will bring the total number of shares in the company to 17.87 million.