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Today,Exel reported that its Board of Directors authorized the repurchase of up to $500 million of its shares as a result of a shift in business conditions, including potentially reduced rating agency capital charges for certain segments of the Company's business.

The share repurchases will be financed through a combination of internal resources and debt. In addition, the Board increased the quarterly dividend payable by $0.01 per share to $0.45 per share, payable on March 2, 2000 to holders of record on February 15, 2000.

Click on the news link above to read the full press release.

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