IGI Issues Notice of Redemption With Respect to its Outstanding Warrants

International General Insurance Holdings Ltd. (“IGI” or the “Company”) (Nasdaq: IGIC) announced today that it has issued a notice of redemption pursuant to which it will redeem for cash all of its outstanding warrants (“Warrants”) that were not tendered in its recently expired warrant tender offer. All untendered and unexercised Warrants will be redeemed on October 4, 2023 (the “Redemption Date”). The redemption price will be US$0.86 per Warrant (the “Redemption Price”).

Each Warrant entitles the holder thereof to purchase one common share, par value $0.01 per share (a “Common Share”), for a purchase price of $11.50 per Common Share, subject to adjustment. Any Warrants that were not tendered in the Company’s recently expired warrant tender offer may be exercised at any time until 5:00 p.m. Eastern Time on the Redemption Date. Any Warrants that remain unexercised at 5:00 p.m. Eastern Time on the Redemption Date will be void and no longer exercisable and their holders will have no rights with respect to those Warrants, except to receive the Redemption Price. Of the total of 17,250,000 Warrants that are outstanding, 16,552,030 Warrants were tendered in connection with the Company’s tender offer and 697,970 Warrants remain untendered and subject to redemption at the Redemption Price, unless exercised prior to the Redemption Date.

The Common Shares and Warrants are listed on The Nasdaq Stock Market LLC under the symbols “IGIC” and “IGICW,” respectively. On September 18, 2023, the last reported sale price of the Warrants was $0.97 and the last reported sale price of the Common Shares was $11.26.

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.