LaSalle Re Holdings Ltd. said yesterday it plans to repurchase up to $50 million of its common shares.

The company said it will buy back the shares from time to time in open market or privately negotiated transactions beginning early next year.

The announcement came three days after the company said it plans a secondary public share offering to be worth $75 million to $100 million.

LaSalle Re chief financial officer Andrew Cook said the moves serve various purposes.

Under the buyback, shares can be repurchased from time to time, "ensuring the company's capital is maximised,'' he said.