IGI announces active capital plan
Including a new quarterly ordinary common share dividend of $0.01 per common share and a new share repurchase authorisation of up to 5 million common shares
International General Insurance Holdings Ltd. (“IGI” or the “Company”) has announced that its Board of Directors has approved a capital management plan that includes a new ordinary common share dividend to be paid quarterly and an increased share repurchase authorization.
IGI Chairman and CEO Mr. Wasef Jabsheh said, “This is an important step forward for IGI in fulfilling its commitment to maximizing total value creation (growth in tangible book value per share plus dividends) driven by our ‘underwriting first’ culture. As IGI today is strongly capitalized, the plan provides flexibility to actively manage excess capital through the use of further growth in ordinary dividends, extraordinary dividends and meaningful share repurchases.”
On May 19, 2022, the IGI Board of Directors declared an ordinary common share dividend of $0.01 per common share for the period January 1, 2022 to March 31, 2022. The dividend is payable on June 22, 2022, to shareholders of record at the close of business on June 6, 2022, with the stock trading ex-dividend on June 5, 2022. The Company further announced a repurchase authorization of up to 5 million of its issued and outstanding common shares. This authorization, which does not have an expiration date, replaced the Company’s prior authorization of an aggregate consideration of up to $5 million, which was terminated. The timing and actual number of shares to be repurchased will depend on a variety of factors, including the factors described below under “Forward-Looking Statements”.
Authored by IGI
Established in 2001, International General Insurance (IGI) is a global privately-owned specialist commercial insurer and reinsurer. Our vision is to be the company of choice for clients and brokers through market-leading service and our reputation for stable management and capital security.
A diverse and highly experienced team of underwriters operates our office in London. We also have offices in Dubai, Amman, Casablanca and Kuala Lumpur.
Our diverse portfolio of specialty lines includes Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, Aviation, Professional Indemnity, Political Violence, Legal Expenses, D&O, Casualty, Forestry and Treaty Reinsurance.
Standard and Poor’s upgraded our financial strength rating to “A- “, with a Stable outlook. A.M. Best rated the company A- (Excellent), with a Positive outlook, stating, “the revised outlook reflects IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework.”
We take pride in providing proactive claims management, coupled with open communication, leading to the efficient handling of claims. We endeavour to act fairly and honourably in our relations with clients and brokers.
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