Disciplined Underwriting & Risk Management

In Q3 2024 and Q4 2024, IGI repeatedly stressed selectivity, cycle management, and strict adherence to risk tolerances to secure profitability. " " " "

In Q1 2025, IGI continued to emphasize disciplined underwriting, rate adequacy, and diversified risk management as central to their strategy. " " "

Consistent focus with an enhanced emphasis on discipline amid changing market conditions and heightened volatility.

Combined Ratio Performance & FX Adjustments

In Q4 2024, the combined ratio was very favorable (77.8%) with little discussion on FX, while Q3 2024 noted an 86% ratio with FX movements contributing 10–12 points. " " "

In Q1 2025, a combined ratio of 94.4% was reported with significant FX adjustment impacts (e.g. a 10-point revaluation impact on reserves), highlighting a deterioration driven by adverse currency effects. " " "

Worsening sentiment as FX adjustments now weigh more heavily, leading to a notable deterioration in combined ratio performance.

Growth in the Reinsurance Segment

Q4 2024 noted strong growth with over 36% uplift in gross premiums and solid full‐year performance, while Q3 2024 mentioned mixed premium timing issues though overall optimism remained. " " " "

Q1 2025 delivered robust top‐line growth of almost 44% in the reinsurance treaty segment with significant gains in earned premium and underwriting income. " " "

Accelerating positivity with stronger growth figures and a more selective approach driving improved outcomes in reinsurance.

U.S. Market Expansion & Geographic Growth

Both Q3 2024 and Q4 2024 emphasized the U.S. as the largest growth area—with cautious expansion due to domestic retention—and highlighted European, MENA, and Asia Pacific opportunities. " " " " "

Q1 2025 continued to focus on the U.S. market as a major growth area while reiterating caution amid high competition, and maintained the global expansion narrative across Europe, MENA, and Asia Pacific. " "

Steady outlook: Ongoing emphasis on geographic diversification with cautious optimism given competitive pressures.

Opportunities in Niche Segments (Construction & Engineering)

Q3 2024 and Q4 2024 described bright spots in construction and engineering with strong momentum, healthy opportunities, and rate stability across key regions. " " " "

Q1 2025 highlighted that the construction and engineering portfolio is performing exceptionally well, with significant Q1 growth driven by opportunities across the U.S., MENA, and Asia Pacific. " "

Sustained positive momentum with consistent and even growing optimism in niche segments across multiple regions.

Competitive Pressures in U.S. & European Markets

Q3 2024 and Q4 2024 detailed heightened competition in the U.S. (e.g. domestic players retaining business) and noted a challenging European environment with rate pressures and tough local competitors. " " " " " "

In Q1 2025, competitive pressures were again highlighted—particularly the U.S. market’s intense competition and high concentration of catastrophe risk—while the European market remained important but less detailed. " "

Persistent concern: Competitive pressures continue unabated, prompting a cautious yet opportunistic approach without dramatic sentiment shifts.

Aviation Segment Challenges & Volatile Long-Tail Lines

In Q3 2024 and Q4 2024, aviation was described as struggling with prolonged rate declines leading to significant book contraction, while long-tail segments faced rate pressure and volatility with reserve strengthening actions taken. " " " "

In Q1 2025, while the aviation segment has been reduced and shows solid profitability from disciplined underwriting, the long-tail segment is under pressure—with notable underwriting losses driven by FX impacts and increased loss activity. " " "

Mixed results: Improvement in aviation contrasts with increased challenges in long-tail segments, highlighting an area of growing concern.

Underperformance in the Professional Indemnity Portfolio (UK E&O)

Q3 2024 discussions flagged underperformance in the Professional Indemnity portfolio, noting reserve strengthening and FX impacts but with no systemic issues. "

Q1 2025 saw explicit address of underperformance in the UK E&O segment, with management considering a potential shutdown if performance does not improve. " "

Increased negativity: Concerns have deepened with a more decisive stance on possibly discontinuing this business due to ongoing underperformance.

Declining Premiums & Flat Net Investment Income

Q3 2024 provided detailed commentary on declining gross premiums across segments and flat net investment income owing to a peaking interest rate environment. " " " "

There is no mention of declining premiums or flat net investment income in Q1 2025, with emphasis instead on growth in gross written premiums, particularly in reinsurance. " "

No longer a focus: The absence of these topics in Q1 2025 suggests improvement or a shift in emphasis away from premium declines and stagnant income.

Risk-Averse Growth Strategy Limiting Aggressive Expansion

Q3 2024 and especially Q4 2024 featured explicit discussion of a risk-averse growth strategy, emphasizing disciplined underwriting and prioritizing profitability over rapid expansion. " " "

Q1 2025 does not explicitly mention a risk-averse growth strategy, though the overall tone of disciplined and selective growth continues. " "

Reduced explicit focus: While discipline remains core, the explicit discussion of risk-aversion is absent in Q1 2025, possibly indicating a normalized approach.