IGI Announces Active Capital Management Plan, including a New Quarterly Ordinary Common Share Dividend of $0.01 per Common Share and a New Share Repurchase Authorization of up to 5 Million Common Shares

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[{"type":"text","content":" HAMILTON, Bermuda--(BUSINESS WIRE)--\nInternational General Insurance Holdings Ltd. (“IGI” or the “Company”) (Nasdaq: IGIC) today 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.\n\nIGI 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.”\n\nOn 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”.\n\n---\n\nAbout IGI:\nIGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, surety, marine liability and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated “A” (Excellent)/Stable by AM Best and “A-”(Strong)/Stable by S&P Glo...

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