HAMILTON, Bermuda - International General Insurance Holdings Ltd. (NASDAQ: IGIC), a global specialty risks insurer and reinsurer, has announced an increase in its regular quarterly dividend. The company's Board of Directors has approved a hike to $0.025 per share, up 150% from the previous $0.01 per share.
Shareholders on record by the close of business on June 3, 2024, will be eligible for the first dividend at the new rate, which is scheduled for payment on June 20, 2024. This move reflects a significant step in the company's commitment to delivering shareholder value.
IGI has established a diverse portfolio since its inception in 2001, underwriting specialty lines such as energy, property, and marine cargo, among others. With operations spanning several continents, including Bermuda, London, and Dubai, the company has built a reputation for service excellence in the insurance industry. IGI holds a rating of A (Excellent) with a stable outlook from AM Best and A- (Strong) with a stable outlook from S&P Global Ratings.
While this dividend increase is positive news for shareholders, it is important to note that the company's forward-looking statements involve risks and uncertainties. Factors such as changes in market demand, global economic conditions, and competition could impact future financial results. Additionally, broader geopolitical events, such as the conflict between Russia and Ukraine and the hostilities between Israel and Hamas, could have unforeseen effects on the company's performance.
The information regarding the dividend increase is based on a press release statement from IGI. Investors are advised to consider the company's latest SEC filings and other public disclosures when evaluating its financial position and future prospects.
InvestingPro Insights
International General Insurance Holdings Ltd. (IGIC) has demonstrated a robust financial performance according to recent data from InvestingPro. The company's market capitalization stands at a solid $641.11 million, and it boasts a favorable price-to-earnings (P/E) ratio of 5.33. This metric is particularly interesting as it suggests that the company is trading at a low earnings multiple relative to its near-term earnings growth, which is a point of consideration for value-oriented investors.
In terms of growth, IGIC has reported a healthy revenue increase of 6.81% over the last twelve months as of Q1 2024, with a notable quarterly revenue growth of 10.25% in Q1 2024. This indicates a positive trend in the company's earning capability. Furthermore, the gross profit margin stands at an impressive 46.02%, underscoring the company's efficiency in managing its cost of goods sold and maintaining profitability.
An InvestingPro Tip that may be of interest to shareholders and potential investors is the company's consistent dividend payments over the past five years. This consistency, combined with the newly announced dividend increase, may signal a stable and shareholder-friendly policy. Additionally, the company has been trading near its 52-week high, with a price that is 98.44% of this peak, reflecting strong market confidence in IGIC.
For those looking for more in-depth analysis and additional tips, InvestingPro offers a comprehensive list of 9 other InvestingPro Tips for IGIC, which can be accessed at https://www.investing.com/pro/IGIC. To enhance your investment research experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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