You might also like
International General Insurance Holdings Ltd. (IGIC) is a global provider of specialty insurance and reinsurance solutions, operating in over 200 countries and territories. The company underwrites a diversified portfolio of specialty risks, offering tailored insurance and reinsurance products to meet the needs of various industries. IGIC focuses on disciplined underwriting and risk management to deliver profitable and sustainable growth.
- Specialty Short-tail - Covers risks in energy (upstream, downstream, power, and renewable), property, construction and engineering, political violence, ports and terminals, marine cargo, contingency, and general aviation.
- Specialty Long-tail - Includes professional lines (non-U.S.), financial institutions, marine liability, and inherent defects insurance, with claims often reported and settled years after loss events.
- Reinsurance - Provides inward treaty reinsurance solutions for various specialty risks.
- Corporate and Other - Manages investment activities, general administrative expenses, and financial items such as investment income and foreign exchange gains/losses.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Walid Wasef Jabsheh ExecutiveBoard | Chief Executive Officer | Walid Wasef Jabsheh is the Chief Executive Officer of International General Insurance Holdings Ltd (IGIC) since July 1, 2023. He has also been a Director on the board since March 17, 2020 and previously served as President from March 17, 2020 to June 30, 2023. | View Report → | |
Wasef Salim Jabsheh ExecutiveBoard | Executive Chairman of the Board | Wasef Salim Jabsheh has been the Executive Chairman of the Board at IGIC since July 1, 2023. He previously served as CEO from March 17, 2020 to June 30, 2023 and founded the company in 2001. | ||
Andreas Loucaides Executive | Chief Executive Officer of IGI UK | Andreas Loucaides has served as the Chief Executive Officer of IGI UK since 2015. He has a long career in the insurance industry, having held leadership roles at Catlin UK, Jubilee Group, and as the founder and CEO of PRI Group Plc. | ||
Christopher Jarvis Executive | Chief Underwriting Officer | Christopher Jarvis is the Chief Underwriting Officer at IGIC since October 3, 2022, with 30 years of industry experience. He previously held underwriting positions at various Lloyd’s syndicates and London market re/insurers such as AmTrust Syndicates Ltd. and ANV Managing Agency. | ||
Hatem Wasef Jabsheh Executive | Chief Operating Officer | Hatem Wasef Jabsheh has served as Chief Operating Officer of IGIC since March 17, 2020, and he has also held executive roles as Group Chief Operating Officer since 2017 and Chief Investment Officer since 2010, contributing significantly to innovation in asset management and reinsurance. | ||
Pervez Rizvi Executive | Chief Financial Officer | Pervez Rizvi is the Chief Financial Officer of IGIC since March 17, 2020, and previously served as Group Chief Financial Officer of IGI Dubai from 2015, bringing over 39 years of experience in the insurance and banking sectors. | ||
David Anthony Board | Director | Independent Insurance Consultant since June 2018 | David Anthony has served as a Director at IGIC since March 17, 2020 and is an independent non-executive director on the Board. He previously served as a Non-Executive Director on the board of IGI Dubai from July 2018 to March 2020 and brings over 35 years of experience in the global insurance industry. |
- Based on your comments regarding the underperformance in the professional indemnity portfolio, can you clarify whether the issues mirror the remediation efforts from Q3 2024 or represent a distinct challenge, and what specific corrective actions are being considered?
- With the combined ratio showing a headline deterioration of around 20 points that reduces to 6–7 points on an apples-to-apples basis, could you detail which segments are driving this adjusted deterioration and what measures are in place to address these pressures?
- The transcript highlighted a significant FX impact affecting non-U.S. dollar reserves by approximately 10 points; can you explain the hedging strategies being employed to mitigate such currency volatility in future quarters?
- Given the notable influence of reinstatement premiums on net earned premium and underwriting income this quarter, what initiatives are under consideration to control these costs amid ongoing market volatility?
- In light of the higher loss activity reported in the reinsurance and short-tail segments, could you provide more granularity on the current accident year loss ratios by segment and explain how this detailed exposure is shaping your underwriting and risk appetite strategies for the rest of the year?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Energy Insurance Oslo AS | 2023 | Completed on March 15, 2023, this acquisition involved a Norway-based managing general agency known for its energy and construction portfolio. Although the purchase consideration was not material to IGI’s financials, the deal strategically expanded IGI's Nordic presence, led to the renaming of EIO to IGI Nordic AS, and prompted significant integration initiatives in underwriting, IT, operations, and investments. |
Recent press releases and 8-K filings for IGIC.
- Q1 2025 Performance: Gross Written Premium increased to $206.5 million (up from $181.6 million), driven by robust reinsurance growth and a nearly 44% surge in new treaty business .
- Combined Ratio: Stood at 94.4%, reflecting challenges from elevated loss activity, catastrophic events, and FX headwinds .
- Profitability Declines: Underwriting Income dropped to $27.9 million (down 46.3%) and Net Income to $27.3 million (down 28%) .
- Cost Management: Maintained cost discipline with an improved G&A expense ratio and solid underwriting practices despite a challenging environment .
- Shareholder Returns: Delivered a total of $43.5 million back to shareholders via a special dividend of $0.85 per share and share repurchases of almost 160,000 common shares at an average price of $23.80 .
- Strategic Focus: Continues to emphasize an underwriting-first strategy, reinforced by ongoing share buybacks and dividend payments to uphold capital strength and drive long-term value creation .
- IGI reported unaudited Q1 2025 results with gross written premiums of $206.5M, net premiums earned of $112.8M, and net income of $27.3M .
- Underwriting income dropped to $27.9M (down from $52.0M) with a combined ratio of 94.4% versus 74.1% last year, reflecting higher loss activity and CAT losses .
- The Q1 2025 presentation highlighted a 13.7% premium growth driven by specialty treaty reinsurance, despite declines in underwriting and net income compared to Q1 2024 .
- The company emphasized prudent capital management by returning $43.5M to shareholders through dividends and share repurchases (including $39.7M in quarterly dividends) .
- Extraordinary cash dividend of $0.85 per common share and a regular dividend of $0.025 per common share were declared for Q4 2024, totaling $0.875 per share.
- The dividends will be paid on April 22, 2025, with shareholders recorded as of April 4, 2025.
- Record Core Operating Income of $40.9 million and a healthy Combined Ratio of 77.8% in Q4 2024
- Underwriting Income rose by 12.2% to $48.8 million while Gross Written Premium increased by 5.9% to $174.6 million in Q4 2024
- Full-year Net Income exceeded $135 million with total assets growing nearly 11% to over $2 billion and equity up 21.1%
- Q4 Net Income declined by 9.1% to $30.0 million, primarily due to adverse FX revaluation impacts
- Continued market expansion in key regions supports future growth
- IGI posted Q4 2024 net income of $30.0M and full year net income of $135.2M (up 14.4% from 2023) .
- Improved underwriting performance led to a Q4 combined ratio of 77.8% versus 81.8% in Q4 2023 .
- Q4 core operating income reached $40.9M with nearly 20% growth in book value per share, bolstered by approximately $50M in share repurchases and dividend distributions .
- The investor update highlighted forward-looking statements while addressing market risks and evolving business conditions .
- Key financial metrics emphasized improved underwriting income, a better combined ratio, and a diversified global portfolio across multiple lines and geographies .
- IGI underscored its prudent capital management strategy through ongoing initiatives, including share repurchases and dividend payments to support shareholder value .