Shares of International General Insurance Holdings Ltd (IGIC) are soaring 7.05% in pre-market trading on Wednesday, as investors react positively to the company's announcement of a new share repurchase program. This significant uptick comes as the insurance holding company reveals its latest capital allocation strategy, which has sparked enthusiasm among market participants.

IGIC has authorized a new repurchase program for up to 5 million common shares, replacing the previous 7.5 million share program that has been fully utilized. Share repurchase programs are often viewed favorably by investors as they can indicate management's confidence in the company's financial health and future prospects. Additionally, such programs can potentially increase earnings per share by reducing the number of outstanding shares in the market.

The timing of this announcement, coming just before the market open, has contributed to the strong pre-market movement. As the trading session progresses, investors will be closely monitoring whether this upward momentum continues and how the company implements this new authorization in the coming months. The market's enthusiastic response suggests that investors see this move as a positive indicator for IGIC's valuation and long-term strategy.