IGI Announces Increase in Quarterly Ordinary Common Share Dividend

Rhea-AI Summary

International General Insurance Holdings (IGI) has announced a significant increase in its quarterly ordinary common share dividend. The Board of Directors approved a 150% hike, raising the dividend from $0.01 to $0.025 per share. The new dividend rate will take effect with the payout scheduled for June 20, 2024, to shareholders on record as of June 3, 2024.

Positive

• IGI has increased its quarterly dividend by 150%, from $0.01 to $0.025 per share.
• The new dividend rate will be effective from June 20, 2024.
• This move indicates a strong financial position and confidence in future earnings.

Negative

• No negatives were reported in the press release.

HAMILTON, Bermuda--(BUSINESS WIRE)-- International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today announced that its Board of Directors has voted to increase the Company’s regular quarterly ordinary common share dividend to $0.025 per share, representing a 150% increase from the present rate of $0.01 per share per quarter.

The first regular quarterly ordinary common share dividend at the new rate of $0.025 will be paid on June 20, 2024, to shareholders of record at the close of business on June 3, 2024.

About IGI:

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, marine liability and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Oslo, Kuala Lumpur 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.

Forward-Looking Statements:

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 effects of the hostilities between Russia and Ukraine and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (6) the effects of the war between Israel and Hamas; (7) the inability to maintain the listing of the Company’s common shares 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 except to the extent that is required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515318766/en/

Investors:

Robin Sidders, Head of Investor Relations

M: + 44 (0) 7384 514785

Email: robin.sidders@iginsure.com

Media:

Aaida Abu Jaber, AVP PR & Marketing

T: +96265662082 Ext. 407

M: +962770415540

Email: aaida.abujaber@iginsure.com

Source: International General Insurance Holdings Ltd.

FAQ

What is the new dividend rate for IGIC?

The new quarterly ordinary common share dividend rate for IGIC is $0.025 per share.

When will IGIC's new dividend rate take effect?

The new dividend rate for IGIC will be effective from June 20, 2024.

What is the percentage increase in IGIC's dividend?

IGIC announced a 150% increase in its quarterly dividend.

Who is eligible for IGIC’s new dividend rate?

Shareholders of record at the close of business on June 3, 2024, are eligible for the new dividend rate.