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
International 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.
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".