Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Number of Holders
Our Class B common shares began trading on the NYSE under the symbol "HG" on November 13, 2023. Prior to that time, there was no public market for our common shares. As of February 20, 2025, there were approximately 2, 154 and 3 holders of record of our Class A, B and C common shares, respectively. These figures do not represent the actual number of beneficial owners of our common shares because shares are frequently held in "street name" by securities dealers and other financial institutions on behalf of our shareholders. Our Class A and Class C common shares are not listed or traded on any securities exchange and there is currently no established public trading market for our Class A or C common shares.
Dividends
We have not declared or paid any dividends on any class of our common shares to date. We anticipate that we will retain our future earnings to finance the further development and expansion of our business and do not intend to declare or pay cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our Board of Directors, subject to applicable laws, and will depend on our financial condition, results of operations, capital requirements, general business conditions and future agreements and financing instruments, business prospects, and such other factors that our Board of Directors deems relevant. Our ability to pay cash dividends on our Class B common shares may also be limited by the terms of the existing (or future) agreements governing our indebtedness as well as any future debt securities we may issue.
Performance Graph
The following graph compares the cumulative total shareholder return on our Class B common shares from November 13, 2023 to December 31, 2024, to the cumulative total return, assuming reinvestment of dividends, of (1) S&P 500 Composite Stock Index ("S&P 500") and (2) the S&P 500 Property & Casualty Insurance Index ("S&P 500 P&C"). The share price performance presented below is not necessarily indicative of future results.
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Issuer Repurchases of Equity Securities
Set forth below is information regarding securities issued or granted by us during the period covered by this Annual Report on Form 10-K that were not registered under the Securities Act.
Shares purchased under publicly announced repurchase program (1)
Other shares purchased (2)
Total shares purchased Maximum $ amount still available under repurchase program
($ in thousands, except per share information) Shares Average price per share Shares Average price per share Shares Average price per share
Available for repurchase $ 139,998
October 1 - 31, 2024 — $ — — $ — — $ — $ 139,998
November 1 - 30, 2024 251,595 $ 18.56 500,195 $ 17.80 751,790 $ 18.05 $ 135,328
December 1 - 31, 2024 704,169 $ 19.01 — $ — 704,169 $ 19.01 $ 121,942
Total 955,764 500,195 1,455,959 $ 121,942
(1) On August 7, 2024, the Board of Directors authorized the repurchase of the Company's common shares in the aggregate amount of $150 million (the “Authorization”). The Company may repurchase shares through open market repurchases and/or privately negotiated transactions. The Authorization will expire when the Company has repurchased the full value of shares authorized, unless terminated earlier by the Board of Directors. To the extent there is any repurchase activity under the Authorization, it is disclosed in Note 11, Share Capital . Repurchases under the Authorization totaled $18.1 million for the quarter ended December 31, 2024.
(2) Other shares purchased represents common shares repurchased and cancelled in respect of withholding tax obligations on vested awards.
Item 6. Reserved
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