Dividend Policy

Dividend Policy



Beginning in 2019, we initiated a regular quarterly common share dividend. Each quarter, the Board of Directors will decide, based on relevant facts and circumstances, whether or not to declare a quarterly dividend and, if the Board determines that a dividend is appropriate, the amount of the dividend. The quarterly dividend typically will be declared by the Board of Directors of the Company each quarter and paid early in the subsequent quarter.


In addition to regular quarterly common share dividends, the Board will consider a variable dividend payment at least annually. Our annual variable dividend policy is intended, along with other tools that we use, to regulate our accumulation of capital beyond what we need to support our business objective of profitable growth and to return capital to shareholders when it is most appropriate to do so.

While the Board will have the discretion to implement such a payment at any time, we anticipate that the first quarter of the year will be targeted as the regular time for this discussion, following their review of the previously completed year’s results, beginning with the first quarter of 2021 related to 2020 results. The total amount paid under our dividend policy will be determined by the Board after considering our capital position, existing capital resources, and expected current and future capital needs. Among the factors considered by the Board when deciding whether or not to declare dividends include:

  • - Growth and profitability and related regulatory and rating agencies' capital requirements
  • - The performance of our investment portfolios
  • - The amount of capital already distributed to shareholders in the form of regular quarterly dividends or deployed for common share repurchases
  • - Other potential uses for our capital, such as share repurchases/redemptions and strategic investments
  • - Significant external events or disruptions in capital markets

Although we currently anticipate that each year, we will pay quarterly dividends and an annual variable dividend, the Board retains full discretion to not declare any dividends and to act in the best interest of the company and our shareholders.