International General Insurance Stock Price Increased Over 500% Pre-Market: Details About The Company

By Amit Chowdhry ● Apr 5, 2021
  • The stock price of International General Insurance Holdings Ltd (NASDAQ: IGIC) increased by over 500% pre-market. These are some details about the company you should know about.

The stock price of International General Insurance Holdings Ltd (NASDAQ: IGIC) increased by over 500% pre-market. These are some details about the company you should know about.

What does IGI do?

IGI is known as an international specialty risk commercial insurer and reinsurer that underwrites a diverse portfolio of specialty lines. The company — which launched in 2001 — has a worldwide portfolio of energy, property, general aviation, construction and engineering, ports and terminals, marine cargo, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, surety, marine trades, marine liability, and reinsurance treaty business. The company is registered in Bermuda and they have operations in Bermuda, London, Dubai, Amman, Labuan, and Casablanca.

Recent Company News

April 2

On April 2, Reuters issued a notice that said:

— International General Insurance Holdings filed for a stock shelf of up to 17.3 million common shares (SEC filing)

— International General Insurance Holdings filed a preliminary prospectus related to an offering of 38.9 million common shares by selling security holders.

April 1

On April 1, International General Insurance Holdings had announced that Richard Foster joined the company, based in its London office. As the Head of Property, Political Violence and Contingency, Foster is going to be responsible for the company’s property and political violence lines of business, and the newly created contingency insurance line of business. And the Company will be launching the contingency line of business to take advantage of the considerable opportunity in this line stemming from market dislocation caused by COVID-19.

Foster — who has 24 years of specialty lines underwriting experience — joins from London-based Agile Risk Partners, where he was Director of Underwriting. Previously, Foster was Head of Global Property, London for Zurich Insurance PLC and Brit Global Specialty, and prior to that held senior roles with Allied World (AWAC).

And the contingency line will primarily cover event cancellation, interruption or curtailment of events, non-appearance, and/or other contractual obligations.

March 25

On March 25, the company announced that its Board of Directors declared an ordinary common share dividend of $0.17 per share for the period July 1, 2020 – December 31, 2020. The dividend is payable on April 20, 2021, to shareholders of record at the close of business on April 5, 2021.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.