Faced with a plummeting share price Bermuda-based Stirling Cooke Brown Holdings Ltd. has announced a repurchase programme of up to 250,000 of its ordinary shares.

Stirling Cooke's share price has fallen from a high of $30 in April to about $11, a 63 percent decline. Stirling Cooke chairman and chief executive office Mark Cooke stated in a press release that the downturn in the markets has made the company's stock an attractive buy.

"In light of the recent market turmoil and the current price level of Stirling Cooke stock, we believe that this programme represents an attractive investment,'' he stated in a press release. "The company believes that utilising excess capital to repurchase its shares is consistent with the best interests of its shareholders and provides management with an additional tool for enhancing shareholder value.'' The repurchases, which will be effected from time to time, will be done by a Stirling Cooke subsidiary. The holding company, though its subsidiaries, provides risk management services mainly to US-based small and mid-sized businesses.