International General Insurance Holdings Ltd. (NASDAQ:IGIC), a global insurance provider, has announced the scheduling of its 2024 Annual General Meeting (AGM) of Shareholders. The notification, filed today with the Securities and Exchange Commission, states that the AGM will include the presentation of an Information Circular and a Form of Proxy Card.
The company, which specializes in insurance carriers not elsewhere classified, is incorporated and headquartered in Amman, Jordan. Pervez Rizvi, the Chief Financial Officer of IGI Holdings, signed the SEC filing, indicating that the report on Form 6-K, including Exhibit 99.1, will be incorporated by reference into the registration statements on Form F-3 and Form S-8, to the extent that it is not superseded by subsequent documents.
The notice regarding the availability of proxy materials was also provided under Exhibit 99.2 in the filing. These materials are crucial for shareholders as they contain information about the agenda items and issues to be voted on at the AGM. Shareholders typically use the proxy card to cast their votes if they cannot attend the meeting in person.
The announcement of the AGM is a routine disclosure for publicly traded companies, which are required to hold such meetings annually to keep shareholders informed and involved in important company decisions. The specific date and details of the resolutions to be proposed at the meeting were not included in the brief announcement.
This SEC filing ensures that IGI Holdings complies with U.S. securities laws by informing its shareholders and the public of its upcoming AGM and by making the related materials accessible for review. The information is based on a press release statement and adheres to the SEC's requirements for foreign private issuers.
IGI Holdings is listed under the SIC code 6399, which pertains to insurance carriers operating in various niches outside of standard classifications. The company's fiscal year ends on December 31st, as noted in the SEC filing.
In other recent news, American Coastal Insurance Corporation reported robust Q1 financials with a net income increase of 38% to $23.6 million from the previous quarter. The company's core return on equity was a strong 69.7%, supported by an underlying combined ratio of 57.8%. American Coastal also plans to divest personal lines operations, as evidenced by the sale of Interboro Insurance Company.
Recent developments include a projected increase in net written and earned premiums over the next 18 months, and a reduction of its external quota share anticipated in June 2024. The company also plans to increase overall protection and improve cost efficiency with its catastrophe reinsurance program, with an additional $265 million limit purchase from the private market.
While facing increased competition in the commercial lines business, American Coastal expects to maintain strong combined ratios and targets a 65% underlying combined ratio. The sale of Interboro is expected to close within 6 to 12 months. These recent updates provide insights into American Coastal's strategic adjustments to streamline its focus and enhance its financial resilience.
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