Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity and Use of Proceeds
Items 2. (a) and (b) are not applicable.
2. (c) Share Repurchases
Common Shares
On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100.0 million of the Company's common shares from time to time at market prices. The Company has a remaining authorization of $74,245 for share repurchases at September 30, 2021. There were no share repurchases during the three months ended September 30, 2021 under the share repurchase authorization.
Subsequent to the three months ended September 30, 2021 and through the period ended November 9, 2021, the Company did not repurchase any additional common shares which represent tax withholding in respect of tax obligations on the vesting of performance based shares.
Preference Shares
On March 3, 2021, our Board approved the repurchase (including the repurchase by Maiden Reinsurance in accordance with its investment guidelines) of up to $100.0 million of our preference shares from time to time at market prices in open market purchases or as may be privately negotiated.
On May 6, 2021, the Company's Board of Directors approved the additional repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines (as may be amended), of up to $50,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated.
The following table shows the summary of repurchases made of the Company's preference shares pursuant to the 2021 Preference Share Repurchase Program during the three and nine months ended September 30, 2021:
For the Three Months Ended September 30, 2021 For the Nine Months Ended September 30, 2021
Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased
Series A 135,353 $ 13.51 3,519,093 $ 14.74
Series C 241,466 13.42 2,917,244 14.44
Series D 181,817 13.34 2,639,336 14.45
Total 558,636 13.42 9,075,673 14.56
Total price paid (in millions) $ 7.5 $ 132.2
Gain on purchase (in millions) $ 6.0 $ 87.2
As of September 30, 2021 , the Company had a remaining authorization of $17.8 million for preference share repurchases.
Subsequent to September 30, 2021, under the Rule 10b5-1 plan, the Company repurchased via the open market (i) 29,502 shares of the Company's 7.125% Non-Cumulative Preference Shares Series C at an average price of $12.33 per share, and (ii) 14,637 shares o f the Company's 6.7% Non-Cumulative Preference Shares Series D at an average price of $12.33 per share for a total amount of $544. The acquisition by Maiden Reinsurance of these preference shares were made in compliance with the Company's investment guidelines previously approved by the Vermont DFR. These purchases will result in a gain on purchase
70
of approximately $0.5 million in the fourth quarter of 2021. The Company has a remaining authorization of $17.3 million for preference share repurchases.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.