|[May 23, 2022]
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".
IGI 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. Registeredin 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 Global Ratings. For more information about IGI, please visit www.iginsure.com.
This press release contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "commitment," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI's services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably and IGI's ability to retain its key employees; (3) changes in applicable laws or regulations; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) the potential effects of the COVID-19 pandemic and emerging variants; (6) the effects of the hostilities between Russia and Ukraine and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the inability to maintain the listing of the Company's common shares or warrants on Nasdaq; and (8) other risks and uncertainties indicated in IGI's filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI's financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
View source version on businesswire.com:
[ Back To TMCnet.com's Homepage ]