Shares of International General Insurance Holdings Ltd (IGIC) soared 5.73% in pre-market trading on Wednesday, following the company's announcement of a new share repurchase program. This significant uptick comes as investors react positively to the company's latest capital allocation strategy.

The insurance holding company revealed that it has authorized a new repurchase program for up to 5 million common shares. This new authorization replaces the previous 7.5 million share program, which 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, as well as potentially increasing earnings per share by reducing the number of outstanding shares.

The timing of this announcement, coming just before the market open, has likely contributed to the strong pre-market movement. Investors will be watching closely to see if this upward momentum continues throughout the regular trading session and how the company implements this new authorization in the coming months.