Worcester-based The Hanover Insurance Group Inc. announced its board of directors has authorized a $100 million increase to the company’s existing share repurchase program.

With this authorization, as of Feb. 25, the company has approximately $181 million remaining under its aggregate authorization of $400 million.

The board of directors also declared a dividend of 25 cents per share on the issued and outstanding common stock of the company, payable March 22 to shareholders of record at the close of business on March 8.

This dividend is the first under a new quarterly dividend schedule, announced on Oct. 20, 2009. On an annualized basis, this dividend represents a 33 percent increase over the annual dividend of 75 cents, paid in December 2009, according to a statement.

"This stock repurchase authorization and the dividend increase are driven by our commitment to deliver significant value to our shareholders," said Frederick H. Eppinger, chief executive officer at The Hanover. "At the same time, they demonstrate the board’s confidence in our strong capital position, overall financial strength and our prospects for the future."