IGI authorises $5m share repurchase plan

International General Insurance Holdings (IGI) plans to repurchase its common shares and/or warrants for an aggregate consideration of up to $5 million.

The repurchase may be made in the open market, in privately negotiated transactions, block trades, or other transactions. They will be subject to market conditions and other business considerations.

IGI has discretion regarding the timing and volume of its repurchases under the authorisation approved by its board of directors. It is not obligated to repurchase any minimum number of securities and the repurchases may be modified, suspended, or discontinued at any time.

Wasef Jabsheh, IGI’s chairman and chief executive, purchased an aggregate of 363,278 common IGI shares for approximately $2.4 million in open market transactions during June, August and September of 2020, the insurer said.