Reuters: Private Equity: UPDATE 1-Primerica to buy back $150 mln of shares from Warburg

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UPDATE 1-Primerica to buy back $150 mln of shares from Warburg Apr 18th 2012, 13:20 Wed Apr 18, 2012 9:20am EDT April 18 (Reuters) - Life insurer Primerica Inc said it will buy back $150 million of its common stock owned by private equity firm Warburg Pincus to shore up its earnings. Primerica will buy back 5.7 million shares held by Warburg Pincus Private Equity X LP and Warburg Pincus X Partners LP at $26.15 per share, matching Primerica's share closing price on the New York Stock Exchange on Tuesday. "This (repurchase) completes the capital actions announced with our recent redundant reserve financing transaction," Rick Williams, Co-CEO of Primerica said in a statement. After the deal, Warburg Pincus will own a 17.9 percent stake in Primerica, which was spun-off from Citigroup Inc in an initial public offering in 2010. Citigroup sold its remaining stake in Primerica last December.

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