IGI executes repurchase of approximately 2.3 million common shares
International General Insurance Holdings Ltd has announced (30 January 2023) that it has repurchased 2,271,775 common shares in a privately-negotiated transaction.
The shares were repurchased at a price of $8.60 per share, for a total cost of approximately $19.5 million.
The Company has approximately 2.4 million common shares remaining under its current common share repurchase authorization of up to 5 million shares, approved by the Board of Directors in May 2022. At September 30, 2022, IGI had 49,158,000 common shares issued and outstanding.
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.