IGI announces repurchase authorisation for common shares and warrants
International General Insurance Holdings Ltd. has announced that its Board of Directors has approved a repurchase authorization, under which the Company may repurchase its common shares and/or warrants for an aggregate consideration of up to $5 million.
The timing and volume of any repurchases under this authorization will be determined by IGI at its discretion and pursuant to the Company's capital management strategy. The repurchase authorization does not obligate the Company to repurchase any minimum number of securities and may be modified, suspended, or discontinued at any time.
Repurchases, which are subject to market conditions, other business considerations and applicable legal requirements, may be made in the open market, in privately negotiated transactions, block trades, or other transactions.
Separately, the Company announced that Chairman and CEO Wasef Jabsheh purchased an aggregate of 363,278 common shares of the Company for approximately $2.4 million in open market transactions during June, August and September of 2020.
Authored by IGI
About 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.