IGIC

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 9:00 a.m. ET Executive Chairman - Wasef Jabsheh President and Chief Executive Officer - Walid Jabsheh Chief Financial Officer - Pervez Rizvi Head of Corporate Relations - Robin Sidders Operator: Good day, and welcome to the International General Insurance Holdings Limited Second Quarter 2026 Financial Results Conference Call. . Please note that this event is being recorded. I would now like to turn the call over to Robin Sidders, Head of Corporate Relations. Please go ahead. Robin Sidders: Thanks, Liza, and good morning. Welcome to today's conference call. Today, we'll be discussing financial results for the second quarter and first half 2026. You will have seen the press release we issued after the market closed yesterday. And if you'd like a copy of it, it's on our website at www.iginsure.com. We've also posted a supplementary investor presentation, which can be found on our website in the Investor section on the main landing page. On today's call are Executive Chairman of IGI, Wasef Jabsheh; President and CEO, Walid Jabsheh; and Chief Financial Officer, Pervez Rizvi. As always, Wasef will begin the call with some high-level comments before handing over to Walid to talk through the key drivers of our results for the second quarter and first half and finish up with our views on market conditions and our outlook for the remainder of the year. At that point, we'll open the call up for Q&A. I'll just cover some customary safe harbor language to start with. Our speakers' remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words. We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates or expectations contemplated by us will, in fact, be achieved. These forward-looking statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those projected in the forward-looking statements due to a variety of factors, including the risk factors set out in the company's annual report on Form 20-F for the year ended December 31, 2025, the company's reports on Form 6-K and other filings with the SEC as well as our results press release issued last evening. We undertake no obligation to update or revise publicly any forward-looking statements, which speak only as of the date they are made. During this call, we will use certain non-GAAP financial measures. For a reconciliation of these measures to the nearest GAAP measure, please see our earnings release, which has been filed with the SEC and like I said, is available on our website. With that, I'll turn the call over to our Executive Chairman, Wasef Jabsheh. Wasef Jabsheh: Thank you, Robin, and good day, everyone. Thank you for joining us on today's call. IGI delivered excellent underwriting results, underlying results for both the second quarter and first half of 2026, and we continued to generate excellent returns for our shareholders. We delivered these results against a backdrop of war and conflict in the Middle East, global uncertainty and a softening market environment. Market conditions are currently more challenging and pricing has continued to decline in many lines. The pace of decline was quite rapid in some areas. The war related losses that we experienced in the first half of 2026 are in aggregate likely to represent one of the largest net loss events in IGI history. Our ability to withstand loss events of this scale and still achieve a very healthy level of profit clearly demonstrates the resilience, strength and stability we have at IGI and not only strength of our model, but the experience, focus and discipline of our people and the culture we have at IGI. Our purpose is to provide peace of mind in times of uncertainty. We support clients across many countries in the region. And our relationships here are some of the longest in our history. We are proud to be in a position of strength to support our clients and our people through these challenging times, not just in the Middle East, but across all our global markets. Our focus remains, as always, on risk-adjusted returns and active cycle management, no matter how volatile the world around us may be. For us, our strategy of having a diversified portfolio allows us to be more resilient and have plenty of optionality. This is what drives the consistency in our long-term track record of high-quality financial results and shareholder value creation. I will now hand over to Walid to discuss the numbers in more detail and talk about our outlook. And I will remain on the call for any questions at the end. Waleed Jabsheh: Thank you, Wasef. Good morning, everyone, and thank you all for joining us today. I'm also extremely pleased with our performance in Q2 and the first half of the year. In the face of sizable losses in one of our core regions, increasingly competitive market conditions and continued global uncertainty, our results clearly show that IGI is a strong, resilient and stable organization that can manage and mitigate volatility while continuing to execute our strategy and deliver excellent value for our stakeholders. The events of the first half of the year were unusual, not only because of the scale of the war-related losses, but because it affected Middle East and countries that have generally been viewed as comparatively safe from this type of conflict-related impact. As Wasef noted, for IGI, the war losses in aggregate for the first six months of the year represent what's possibly the largest net loss event in IGI's history. So, in many ways, this was a real-life stress test of our strategy, of our underwriting model, of our risk management of our balance sheet. And I'm very pleased though not really surprised that we performed so well and that our model and strategy was designed to perform. I'd just like to make a few points before moving on to some of the specifics of the results for Q2 and H1. First, as we've already noted, the Middle East war-related losses in aggregate are likely to be looking like they'll be the largest single event loss in IGI's almost 25-year history now. We recorded net war losses in Q2 of almost $14 million, and for the first half of the first half, roughly $39 million, and that's both direct and indirect losses. These losses are predominantly in our PV book. We mentioned in Q1 of an indirect loss in our energy portfolio. And these are war-related physical damage and business interruption losses and predominantly stem from our exposures in the UAE, Saudi Arabia, Bahrain and to a lesser extent, Oman. As a reminder, and this should be fairly obvious, we don't have any exposure in countries that are sanctioned. Now the Middle East remains an important region for us served by our operations in both Oman and Dubai. As you're all aware, IGI originated in Jordan and the, of our 9 offices in Oman with almost 300 of our people and much of our operational support headquartered here. And it's where both Wasef and I are speaking to you from today. That said, I mean, this is the first time we've experienced major war losses in the Middle East, and I'm proud that we're able to support our clients in the region. Consistent with our disciplined approach, we've used the insights gained from these events to further reduce PV line sizes and exposures. But on the flip side, and as I said on last quarter's call, we've also taken advantage of the price correction in the Middle East to write new business at significantly improved pricing. Secondly, our ability to absorb shock losses was clearly demonstrated in the second quarter and half year financial results that we're discussing today. As I said at the outset, IGI today is a much larger, much stronger, more resilient and more stable company than even five years ago. So again, to be able to record one of, if not the single largest loss in our history in the first 6 months of the year, while posting a 92% combined ratio, a $42.5 million profit and returning over $72 million in capital to shareholders really speaks for itself. Lastly, and as we say this on most of these calls, we all know our business is very cyclical. But our view of success is never based on a quarter-to-quarter basis or even on a year-over-year basis. The market is constantly changing, but our philosophy and our values remain the same. Success for us, we've said many times in the past, is determined by long-term multiyear or over-the-cycle performance with some short-term volatility, which is the nature of our business and is in latent expected in our business as well. Now I'll talk more about specific market opportunities and our entry into the Indian market just a little bit later during the call. But turning specifically to the results of Q2 and H1 of the year, I'll focus on a few key points and the drivers behind the numbers. Now first, GWP was $201.7 million for Q2 and just under $400 million for the first half. This represents a 7.4% and 1.2% increase over the same period from last year. Now this primarily reflects the impact of around $10 million in new Indian business written subsequent to securing registration approval in June to open our office in GIFT City in India. As I said, I'll say a few more words about that in a moment. Underwriting income was $29.5 million for Q2 and just over $67 million for the first half, which represents about a 6.7% increase over the first half of 2025. We posted a combined ratio of 95.1% for Q2. Now that included about 18.8 points of CAT losses, out of which 11 points are related to the war. That led to an ex-CAT accident year combined ratio of 74.9%, below the 76% posted for Q2 of last year. Combined ratio of 92.2% for the first half included 19 points of CAT losses, out of which 12 points were related to the war itself. And that led to an ex-CAT accident year combined ratio of 86.2% compared to 84.1% for the first half of last year. I'd note again that the additional indirect war losses recorded in the first half of around $10 million do not sit in the CAT line, and those amount to about an additional 4.5 points on the combined and loss ratios. Now these results really show the strength and profitability of our underlying performance even in the face of these adverse conditions and competitive market conditions as well. Return on average equity was 12.6% and core operating return on average equity was 11.3% for the second quarter and then 12.3% and 12.5% for the first half, respectively. And these are broadly in line with our long-term averages. Total value per share was $16.04 at the end of Q2 which includes total capital return to shareholders of about $73 million in the first half of the year. Now that's made up of almost $55 million in dividends, including the special dividend declared in March of $1.15 and a further $18.2 million in share repurchases. Now those are the main highlights. I mean delving into the detail a little further. Net premiums earned were $125 million and $236.2 million for Q2 and H1 of the year, respectively. Those represented increases of 8.7% and 3.7%, respectively, over the same period last year. Combined ratio of 95.1% for Q2, as mentioned earlier, includes 18.8 points of CAT losses, mainly from the Middle East war and 1.4 points of unfavorable prior year reserve development, primarily related to our view of specific accounts or risks in our long-tail segment. Although I note here that there is nothing systematic about this. Combined ratio of 92.2% for the first half of the year, again, as mentioned earlier, includes 19 points of CAT losses, again, primarily as a result of the war and 13 points of favorable prior year reserve development. Now during Q2 and the first six months of the year, currency revaluation movements were not much of a feature really at all compared to the first half and second quarter of last year. So, all in, we delivered net income of just under $21 million or $0.49 per share for Q2 versus $34.1 million or $0.77 per share for Q2 of last year. For the first six months, we delivered net income of $42.5 million or $0.98 versus $61.4 million or $1.36 per share for the same period last year. Now specifically on to our Segment results. If we start with the short-tail. I mean, conditions continue to be very mixed in this segment with increases in some areas and decreases in others. But overall, written premiums were up in 2026 over both the second quarter and the first half of 2025, registering an increase of about 7% in Q2 over the same period last year. For the first half, gross premiums in this segment were up just over 2%. Net premiums earned were down slightly at 3% for Q2 but were up just over 4% for the first half. Now rates remain generally adequate overall, but there is a whole lot of variation in the level of adequacy from one line to another. Underwriting income for both Q2 and H1 was down substantially year-over-year due to the elevated level of loss activity, again, much related to the war, but still very healthy at $16 million for the second quarter and just over $25 million for the first half. And again, this really speaks about how we manage the risk or manage risk and the resilience we've built in our business. If we move on to the Reinsurance Segment, conditions are increasingly competitive in the business that we write, and underwriting income was impacted by the higher level of losses in the quarter. GWP was up for the quarter, largely due to the new Indian business written mentioned before. Net premiums written were also up by just under 6% to just over $25 million. For the first half, both gross written premiums and net earned premiums were down more so due to the nonrenewal of two sizable reinsurance programs in Q1, which we mentioned on last quarter's call. In the long-tail segment, gross premiums written in Q2 were fairly steady with the same period in 2025. But on a net earned basis, premiums were up by over 33%, leading to an underwriting income of $5.5 million versus an underwriting loss of just under $3 million for Q2 of last year. Similarly, for the first half, both gross written and net earned premiums were up 6.6% and 17.4%, driven by new business in most lines. Underwriting income for H1 increased substantially to just under $23 million versus an underwriting loss of just over $10 million for the same period in 2025. Now we remain cautiously optimistic about market conditions stabilizing somewhat in this segment after many sequential years of declining rates. Now over the past few quarters, with much better data and more experience driven by more than a decade now of writing this business, we've taken the opportunity to assess this portfolio and our view of the sale and have made some very modest adjustments. Our approach to long-tail business is always on the side of conservatism. So any minor changes in our philosophy really just adds to that. Consequently, the reserve strengthening you saw in our press release of modest $1.7 million or about 1.5 points in the combined ratio in Q2 was specific to this portfolio. Again, nothing systemic going on, purely us taking a more prudent view of the early years of this business. For the first half of '26, we released more than $30 million of prior year reserves across all our segments. Now turning to the balance sheet. Total assets were just under $2.2 billion. Total investments in cash were just under $1.3 billion. Our allocation to fixed income securities, which makes up about 78% of our investments in cash portfolio, generated $14.5 million in the second quarter of investment income and $28.6 million in the first half. That's with a yield of 4.5% at the end of Q2, and we held duration steady at 3.5 years. In Q2, we repurchased a little over 205,000 common shares average price per share of $24.82. At the end of Q2, we had 3.9 million common shares remaining under our existing $5 million common share repurchase authorization. Total equity was just below $670 million at the end of the quarter, and that includes almost $73 million in share repurchases and common share dividends, including that special dividend I mentioned earlier. That compares to a total equity of about $710 million at the end of 2025. So as I said at the outset, very strong fundamental results in Q2 and H1, especially considering the overall market softening and the heightened level of significant loss activity. Before turning to our view and outlook of the market, I wanted to reiterate that IGI is a purely technical underwriting business. We generate returns through underwriting discipline, active capital management, cycle management. We don't rely on investment portfolio to support returns when the underwriting cycle softens. Instead, our strategy relies on the significant diversification that we talk about all the time of our underwriting portfolio and our ability to execute through all market conditions and all stages of the market cycle. That's how we endure. And as we approach our 25th anniversary year, it's fair to say the strategy has served us well. Now turning to opportunities and market conditions and starting with the Middle East. We've taken advantage of the significantly improved pricing and terms and grown our PV book by about 45% in Q2. Now the vast majority of this increase is down to significant pricing improvement, especially on the Middle East portfolio, but we've also written a lot of new business in these countries as well. As always, we're being very selective in what we're willing to write. And as I said earlier, we've adjusted PV gross lines or gross line sizes leading to reduced exposure in the region, and that's a continuous process for us. On a positive note, we're definitely seeing more in the market there. Now we've said this before, our pricing correction has been long overdue in the PV line. And we're not only seeing that on a direct basis, but also on a reinsurance basis, albeit that's to a lesser extent. So, we're optimistic that the improved pricing and the policy structures will hold. New opportunities in the Middle East are focused predominantly on PV and marine more lines and to a lesser extent, reinsurance. Now to India. Now this is a whole sort of new market opportunity for us, one that we see as being long term in one of the fastest-growing economies in the world, and we're really excited about developing our presence there. In June, we announced that we secured registration approval for the setup of a branch office in GIFT City, which is India's first and only operational international financial services center. So, we're currently in the process of setting up and staffing the office there. And this is a meaningful milestone for IGI as it expands our global footprint, strengthens our presence in the Indian subcontinent and furthers our diversification and our strategy of having physical presence with local talent in our key regions around the world. As I mentioned earlier, we've already written around $10 million of GWP of new Indian business and most of that predominantly in our treaty reinsurance book, which is mainly focused on specific niches like cyber and surety. In other geographic regions, U.S., Europe, Asia Pac story is similar to what we said on prior calls, and we continue, as always, to leverage our presence, experience and relationships for new opportunities. I would add that we're working on a number of opportunities and initiatives that if and/or when they're in place will provide us with more noncorrelated diversified and profitable growth. And this is where the benefits of our upgrade from S&P last year to our full A really makes or can make a difference for us. Now turning to specific lines of business, starting with the treaty reinsurance portfolio. Margins are still healthy, but competitive pressures are definitely becoming increasingly prevail. The opportunities here are more concentrated in specialty treaty lines like marine, energy, PV, tariff. And these are areas where there's been significant risk and wars. So we did see continued softening at 1.7. What happens at 1.1, I mean, and whether we'll see that further pressure continue will really depend on the loss activity for the remainder of the year. In our long-tail segment, we're seeing some new opportunities and good deal flow, and we saw that in the first half of the year, especially in the more niche segments of the business-like marine liability. Now this is very clearly an opportunity for us to capitalize on improved pricing and demand for capital that resulted from the Baltimore bridge loss. So, we expect to grow and expand our direct marine liability book. Now we've already seen some of that in '26, and it's widely expected that renewal rates for the remainder of this year and into next year will continue to improve. Moving to the short-tail portfolio. I've already covered PV. And as I said a moment ago, we're also seeing opportunities in certain marine lines like cargo, specifically cargo war and war on land arising from the conflict. While the opportunity so far isn't significant or as significant as we anticipated at this stage, we have taken advantage where appropriate. Our energy book in certain areas of our property book, which are two of our largest lines are definitely much tougher than a year ago and even since the beginning of this year. We've seen those competitive pressures further increase to the point of being quite irrational in some cases. That said, we are cautiously holding out some optimism that we will see some steady in elements of our energy book, especially following some quite sizable losses and especially in the downstream energy space. Now having said that, we continue to see relatively healthy conditions in the more specialist lines like construction engineering with healthy levels of deal flow, particularly with increase in infrastructure projects globally. I'd like to note though that in the Middle East, direct symptoms or results of war and general uncertainty, we are seeing some instances where projects are either being delayed and in some cases, canceled altogether. And elsewhere in the portfolio continues, contingency continues to be a bright spot, which has been for many quarters now. So, there are opportunities out there even in the current environment. And this is where our strategy and our strengths matter most. Our significant diversification, the experience of our people and the relationship network provide us with a lot of optionality and several levers to work with. Our business continues to be very much a people business where relationships do matter. So, we look forward to what's to come for the rest of this year and 2027, and we remain steadfastly focused on technical expertise and underwriting, strong execution of our strategy and capitalizing on the many opportunities that our strategy provides. Our performance in the first half of 2026 tells a very clear story, more than $42 million in net income, healthy core margins, over $72 million returned to shareholders, a new operation launched in India. These results demonstrate clearly that even amid a softening market and extraordinary, unexpected loss events, this business continues to show real earnings power and genuine resilience. This is the foundation we built on, and we remain committed to delivering peace of mind for our customers and superior value for our shareholders. So I'm going to pause here, and we're ready to turn it over for questions. Operator, we're ready to take the first question, please. Operator: Your first question comes from Rowland Mayor from RBC Capital Markets. Rowland Mayor: I wanted to quickly start on the Middle East growth opportunity during the conflict. Do you think the market has responded appropriately or some of the global competitive pressures limited the pricing response in your opinion? Waleed Jabsheh: Thanks for the question. I mean the war hasn't really impacted lines outside of those exposed to war. So PV, definitely, there's been a huge reaction. I mentioned on last quarter's call that we're seeing rate increases in some cases in the thousands of percent. I think the market overall has reacted well, but not necessarily that consistently honestly. I think when the ceasefire was announced, I think there were some elements of the market that took a different approach and maybe eased their underwriting requirements. But I think what's happened since then has hopefully reemphasized to everyone that there is definitely still a large element of uncertainty and volatility that persists in the environment. And the business needs to be underwritten with that in mind. And that's exactly the way we've been doing it. Thankfully, we don't have the exposure to those marine war losses, which based on the most recent articles I've read that estimated between $1.5 billion to $2 billion. I think that's the trickiest part of the book or the war exposed book at the moment. Up until today, you're hearing of vessels being targeted. So has the reaction been positive? Definitely. Has it been enough? In some cases, yes, in some cases, no. But we will stick to our guns, and we will continue to underwrite the book and manage the exposures in the best way we see fit for us regardless of what the others do. In terms of its impact on other lines of business such as property, construction, it has had absolutely no effect on those other lines whatsoever. People are just focusing on those exposures that the war impacts. Rowland Mayor: That's great. And then it appears it's been kind of 18 or 19 points of CAT losses a quarter. Have there been any larger losses in the third quarter? Or is it kind of a linear CAT loss expectation as the conflict continues? Waleed Jabsheh: Not to our knowledge. I mean, I think ever since, despite there being we call targeted attacks since the ceasefire was announced and the MOU was agreed. There hasn't been that state of losses, definitely not that state of severe losses that you saw in essentially March and April. That's practically where all of our reported losses have emanated from so far this year. It's not to say the situation can't deteriorate to levels we saw in March and April. But it's been fairly quiet on the loss front since then. Rowland Mayor: And then if I could sneak in just one more. We, I wanted to ask on your approach to capital return here and if at the current valuation, whether you start to shift some of the buybacks towards dividends due to the valuation. Waleed Jabsheh: I mean Rowland is something that, I mean, we've got the authorization, the repurchase authorization in place. Obviously, how much we buy, when we buy it at what price all depends on various factors. But the authorization is there, and we will exercise it, whenever we see fit. There will be an element at some point where we're probably not big fans of buying at certain levels. But, and if that's the case, then yes, we will look to distribute similar returns, whether they be in the form of buybacks or dividends. And that's obviously dependent on the level of performance of the business. Operator: And your next question comes from Rowland Mayor from RBC Capital Markets. Rowland Mayor: I was going to let someone ask a question, but I'm back. Just quickly on the reserving action. Could you help us understand the lines of business impacted and whether there is a change to the current year loss pick associated with it? Waleed Jabsheh: Yes. I mean, as I said on the call, Rowland, it was purely down now that the more experience we have and data we have internally on specific lines, especially in the long-tail lines, the more concerted decisions we can make on reserving and the more cautiousness we can apply as well. Again, it's rather insignificant in the large scheme of things, but we felt it was more prudent to just put some reserve back in after looking at the tail. Now the book overall, as I said on the call, I mean, we've released more than $30 million of prior year reserves so far this year. And for the long-tail segment in and of itself is pretty flat and in line with where we were at the end of last year. So there's nothing specific to it. Just a couple of losses that we felt prudent to take a more cautious approach. Rowland Mayor: And I'm assuming that's all IBNR at this point? Waleed Jabsheh: Pretty much, yes. Operator: This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks. Please go ahead. Waleed Jabsheh: Just a quick thank you for all of you for joining us today, and thanks for your continued support. As always, if you've got any additional questions, you can contact Robin and she'll be happy to assist. And we look forward to speaking to you on next quarter's call. Have a good day, everyone. Thank you. Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. 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This article first appeared on GuruFocus. Net Income (Q2): Just under $21 million, or $0.49 per share, versus $34.1 million ($0.77 per share) in Q2 2025. Net Income (H1): $42.5 million, or $0.98 per share, versus $61.4 million ($1.36 per share) in H1 2025. Gross Written Premiums (GWP): $201.7 million for Q2 and just under $400 million for H1, up 7.4% and 1.2% year-over-year, respectively. Net Premiums Earned: $125 million for Q2 and $236.2 million for H1, up 8.7% and 3.7% year-over-year, respectively. Combined Ratio (Q2): 95.1%, including 18.8 points of CAT losses (11 points related to war) and 1.4 points of unfavorable prior-year reserve development. Combined Ratio (H1): 92.2%, including 19 points of CAT losses (12 points related to war) and 1.3 points of favorable prior-year reserve development. Ex-CAT Accident Year Combined Ratio (Q2): 74.9%, below the 76% reported in Q2 2025. Ex-CAT Accident Year Combined Ratio (H1): 86.2%, compared to 84.1% in H1 2025. War-Related Net Losses: Almost $14 million in Q2 and roughly $39 million for H1, predominantly in the PV book. Return on Average Equity (Q2): 12.6%; core operating return on average equity was 11.3%. Return on Average Equity (H1): 12.3%; core operating return on average equity was 12.5%. Total Value Per Share: $16.04 at the end of Q2. Capital Returned to Shareholders (H1): About $73 million, comprising almost $55 million in dividends (including a $1.15 special dividend) and $18.2 million in share repurchases. Investment Income: $14.5 million in Q2 and $28.6 million in H1, with a yield of 4.5% and duration of 3.5 years. Total Equity: Just below $670 million at the end of Q2, compared to about $710 million at the end of 2025. Long-Tail Segment Underwriting Income: $5.5 million in Q2 versus an underwriting loss of just under $3 million in Q2 2025; just under $23 million for H1 versus a loss of just over $10 million in H1 2025. Reserve Strengthening (Q2): Modest $1.7 million, or about 1.5 points in the combined ratio, specific to the long-tail portfolio. Prior-Year Reserve Releases (H1): More than $30 million of IBNR reserves released across all segments. Share Repurchases (Q2): A little over 205,000 common shares at an average price of $24.82 per share. Warning! GuruFocus has detected 7 Warning Sign with IGIC. Is IGIC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. International General Insurance Holdings Ltd (NASDAQ:IGIC) delivered a robust 92.2% combined ratio for H1 2026 despite recording its largest net loss event in history, demonstrating strong underlying business resilience. The company generated solid net income of $42.5 million and a 12.3% return on average equity for the first half of 2026, showcasing its ability to maintain profitability under adverse conditions. International General Insurance Holdings Ltd (NASDAQ:IGIC) successfully returned over $72 million to shareholders in H1 2026 through dividends and share repurchases, reflecting strong capital management. The company capitalized on the Middle East pricing correction by growing its PV book by 45% with significantly improved pricing and terms, positioning for future profitability. International General Insurance Holdings Ltd (NASDAQ:IGIC) secured registration approval to open a branch office in Gift City, India, expanding its global footprint and diversifying its portfolio with new business opportunities. The long-tail segment showed strong improvement, with underwriting income increasing to just under $23 million in H1 2026 from a loss of $10 million in the prior year period. International General Insurance Holdings Ltd (NASDAQ:IGIC) experienced its largest net loss event in its 25-year history due to Middle East war-related losses, totaling roughly $39 million in H1 2026. The company faces a challenging and softening market environment, with pricing declining rapidly in many lines, particularly in its energy and property books where competition has become 'quite irrational'. International General Insurance Holdings Ltd (NASDAQ:IGIC) recorded a modest $1.7 million reserve strengthening in Q2 2026 for its long-tail portfolio, reflecting a more cautious view of early years of this business. The company's combined ratio for H1 2026 was impacted by 19 points of CAT losses and an additional 4.5 points from indirect war losses, pressuring overall underwriting profitability. International General Insurance Holdings Ltd (NASDAQ:IGIC) noted that some infrastructure projects in the Middle East are being delayed or cancelled due to war and general uncertainty, potentially limiting growth in that region. The reinsurance segment faces increasingly competitive conditions, with GWP and net earned premiums down for the first half due to non-renewals and market pressures. Q: Do you think the market has responded appropriately to the Middle East conflict, or have global competitive pressures limited the pricing response?A: Waleed Jabsheh, CEO, stated that the war has significantly impacted war-exposed lines like Political Violence (PV), with rate increases in some cases reaching thousands of percent. While the market has reacted well overall, it hasn't been entirely consistent, with some easing after the ceasefire announcement. He emphasized that IGI remains disciplined, sticking to its underwriting standards regardless of market actions, and noted that the war has had no effect on other lines like property and construction. Q: Have there been any larger losses in the third quarter, or is it a linear CAT loss expectation as the conflict continues?A: Waleed Jabsheh, CEO, confirmed that there have been no significant losses since the ceasefire and MOU were agreed, despite targeted attacks. The severe losses experienced in March and April have not recurred, and the situation has been fairly quiet on the loss front, though he acknowledged the potential for deterioration. Q: Given the current valuation, will you start to shift some of the buybacks towards dividends?A: Waleed Jabsheh, CEO, explained that the repurchase authorization is in place and will be exercised whenever the company sees fit. He noted that if the share price reaches levels where buybacks are less attractive, IGI would look to distribute similar returns through dividends instead, depending on business performance. Q: Could you help us understand the lines of business impacted by the reserving action and whether there is a change to the current year loss pick associated with it?A: Waleed Jabsheh, CEO, clarified that the modest reserve strengthening of $1.7 million was specific to the long-tail portfolio, driven by more experience and data. He emphasized it was a prudent decision to add reserves back after reviewing the tail, with nothing systemic. The overall book has released more than $30 million of prior year reserves in the first half, and the long-tail segment remains flat and in line with year-end levels. Q: Is the reserving action all IBNR at this point?A: Waleed Jabsheh, CEO, confirmed that the reserve strengthening is essentially all IBNR (Incurred But Not Reported) reserves. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in International General Insurance Holdings Ltd.? Here are five stocks we like better. War-related losses significantly reduced earnings: IGI recorded nearly $14 million in net war losses in Q2 and roughly $39 million in the first half, contributing to a 95.1% quarterly combined ratio and net income declines to $21 million and $42.5 million, respectively. Underlying underwriting remained resilient amid premium growth: Gross written premiums rose 7.4% year over year in Q2, supported by about $10 million of new business from the company’s India launch, while first-half underwriting income increased 6.7% to more than $67 million. IGI continued returning capital while pursuing selective growth: The insurer returned approximately $73 million to shareholders in the first half through dividends and repurchases, while reducing war exposure and targeting specialty opportunities despite increasingly competitive pricing in reinsurance, energy and property markets. International General Insurance (NASDAQ:IGIC) reported second-quarter and first-half 2026 results that reflected sizable war-related losses in the Middle East, while management said underwriting profitability, capital returns and new business growth demonstrated the insurer’s resilience amid softening market conditions. Executive Chairman Wasef Jabsheh said the company operated against a backdrop of conflict in the Middle East, broader global uncertainty and declining pricing in many insurance lines. He described the war-related losses recorded during the first half as likely among the largest net loss events in IGI’s history. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control “Our ability to withstand loss events of this scale and still achieve a very healthy level of profit clearly demonstrates the resilience, strength, and stability we have at IGI today,” Wasef Jabsheh said. President and CEO Waleed Jabsheh said IGI recorded nearly $14 million of net war losses in the second quarter and roughly $39 million in the first half. The losses included direct and indirect claims, predominantly in the company’s political violence, or PV, portfolio, along with an indirect loss in its energy portfolio previously disclosed in the first quarter. → 3 Drone Stocks That Should Soar After the Summer Slump The physical-damage and business-interruption losses primarily stemmed from exposures in the United Arab Emirates, Saudi Arabia, Bahrain and, to a lesser extent, Oman, he said. IGI does not have exposures in sanctioned countries, according to management. IGI posted a combined ratio of 95.1% for the second quarter, including 18.8 percentage points of catastrophe losses, 11 points of which were related to the war. Its ex-catastrophe accident-year combined ratio was 74.9%, compared with 76% in the second quarter of 2025. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure For the first half, the combined ratio was 92.2%, including 19 points of catastrophe losses and 12 points related to war. The first-half ex-catastrophe accident-year combined ratio was 86.2%, compared with 84.1% a year earlier. Waleed Jabsheh noted that roughly $10 million of additional indirect war losses were not classified in the catastrophe line and represented about 4.5 additional points on the combined and loss ratios. Second-quarter net income was just under $21 million, or $0.49 per share, down from $34.1 million, or $0.77 per share, a year earlier. First-half net income totaled $42.5 million, or $0.98 per share, compared with $61.4 million, or $1.36 per share, in the prior-year period. Gross written premiums rose 7.4% year over year to $201.7 million in the second quarter and increased 1.2% to just under $400 million for the first half. Management attributed much of the growth to about $10 million of new business written in India after the company received registration approval in June to establish an office in GIFT City, India’s international financial services center. IGI said it is establishing and staffing the new branch, which it views as a long-term expansion opportunity. Most of the business written so far is treaty reinsurance, with a focus on niches including cyber and surety. Net premiums earned increased 8.7% to $125 million in the second quarter and 3.7% to $236.2 million in the first half. Underwriting income was $29.5 million for the quarter and just over $67 million for the first half, with the first-half figure up about 6.7% from the comparable 2025 period. In the long-tail segment, second-quarter net earned premiums rose more than 33%, and underwriting income improved to $5.5 million from an underwriting loss of just under $3 million a year earlier. First-half underwriting income in that segment increased to just under $23 million from an underwriting loss of just over $10 million in 2025. Management said it recorded $1.7 million of reserve strengthening in the second quarter, or about 1.5 points on the combined ratio, related to specific long-tail accounts. Waleed Jabsheh said the action reflected a more cautious view based on additional data and experience, rather than a systemic issue. Across all segments, IGI released more than $30 million of prior-year reserves during the first half. Book value per share was $16.04 at the end of the second quarter. IGI returned approximately $73 million to shareholders in the first half, including nearly $55 million in dividends—incorporating a $1.15 special dividend declared in March—and $18.2 million in share repurchases. During the quarter, the company repurchased a little more than 205,000 common shares at an average price of $24.82. It had 3.9 million shares remaining under its existing 5 million-share repurchase authorization at quarter-end. Total assets were just under $2.2 billion, while total investments and cash were just under $1.3 billion. Fixed-income securities represented about 78% of the investments and cash portfolio, generating $14.5 million of investment income in the quarter and $28.6 million in the first half. The fixed-income portfolio had a 4.5% yield at the end of the second quarter and a duration of 3.5 years. Management said insurance pricing remains mixed, with competitive pressure increasing in reinsurance, energy and certain property lines. Waleed Jabsheh said some conditions had become “quite irrational” in portions of the energy and property markets, though he expressed cautious optimism that losses in downstream energy could help stabilize pricing. In the Middle East, IGI has reduced PV line sizes and war exposures following the conflict, while also writing new business at improved pricing and terms. Management said it has grown its PV book by about 45%, with most of that increase attributable to higher pricing, as well as new business. During the question-and-answer session, Waleed Jabsheh said the market response to war-exposed business had been strong but uneven. He said premium increases in some cases reached “thousands of percent,” though certain market participants eased underwriting requirements after a ceasefire announcement. He added that IGI had not seen another significant wave of losses since the severe activity in March and April, while cautioning that conditions could deteriorate. The company also cited opportunities in specialty treaty reinsurance, marine liability, cargo war, construction engineering and contingency insurance. Management said it remains focused on technical underwriting, diversified risk exposures, cycle management and capital allocation as it navigates a more competitive market environment. International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance. Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "International General Insurance Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

HAMILTON, Bermuda, August 04, 2026--(BUSINESS WIRE)--International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ: IGIC) today reported financial results for the second quarter and first six months of 2026. Highlights for the second quarter and first six months of 2026 include: IGI Group President & CEO Waleed Jabsheh said, "We delivered excellent underlying results in both the second quarter and first half of 2026 and continued to generate significant returns for shareholders, highlighted by annualized returns on average equity of 12.6% and 12.3% for the second quarter and first six months 2026, respectively." "These results were delivered against a backdrop of significant loss activity, mostly stemming from war in the Middle East, which in aggregate represents one of the largest single event losses in IGI’s almost 25-year history." "Our results clearly show the resilience and strength that we have built in IGI. To be able to absorb this level of loss in the first six months of 2026 while posting net income of $42.5 million, a combined ratio of 92.2%, and returning $72.9 million to shareholders, demonstrates that our strategy is not only working very well, but also as it was designed to work." Results for the Quarters and Six Months ended June 30, 2026 and 2025 The Company generated net income for the quarters ended June 30, 2026 and 2025 of $20.9 million and $34.1 million, respectively. Net income for the six months ended June 30, 2026 was $42.5 million compared to $61.4 million for the six months ended June 30, 2025. Results for the second quarter and first six months of 2026 reflected growth in gross written premiums compared to the same periods of 2025, and underwriting results remained profitable across all segments despite higher catastrophe (CAT) losses primarily related to the war in the Middle East. Results for the first half of 2026 also included the impact of a large (non-CAT) energy loss recognized during the first quarter, which had no material movement in the second quarter. Return on average equity (annualized) was 12.6% for the second quarter of 2026, compared to 20.8% for the second quarter of 2025, and 12.3% for the six months ended June 30, 2026, compared to 18.6% for the six months ended June 30, 2025. Core operating income, a non-GAAP financial measure, was $18.7 million for the second quarter of 2026, compared to $22.8 million for the same period of 2025 reflecting lower underwriting income on comparative basis. Core operating income was $43.1 million for the first six months of 2026, compared to $42.2 million for the first six months of 2025, supported by higher underwriting income despite elevated CAT losses during the period. Gross written premiums increased by 7.4% to $201.7 million in the quarter ended June 30, 2026, compared to $187.8 million for the same period of 2025, due to increases in both the Short-tail and Reinsurance Segments. Gross written premiums increased to $398.9 million from $394.3 million for the first six months of 2026 compared to the same period in 2025. Underwriting income was $29.5 million and $67.2 million for the second quarter and first six months of 2026 respectively, compared to $35.0 million and $63.0 million for the corresponding periods of 2025. The Company generated underwriting profit across all segments in the second quarter and first six months of 2026, with first-half 2026 underwriting income increasing year-over-year despite elevated CAT losses. The loss ratio was 57.9%, including CAT losses of 18.8% for the second quarter of 2026, compared to 53.2% including CAT losses of 9.0% for the second quarter of 2025. For the first six months of 2026, the loss ratio was 53.8% including CAT losses of 19.0%, compared to 54.3% which included CAT losses of 16.9% for the first six months of 2025. CAT losses related to the war in the Middle East were the primary driver of elevated loss activity during the second quarter and the first six months of 2026. The expense ratio (which is comprised of the net policy acquisition expense ratio, and the general and administrative expense ratio) was 37.2% and 38.4% for the second quarter and first six months of 2026, compared to 37.3% and 38.1%, respectively, for the same periods of 2025. The combined ratio was 95.1% and 92.2% for the second quarter and first six months of 2026 compared to 90.5% and 92.4%, respectively, for the same periods of 2025. Segment Results The Specialty Long-tail Segment, which represented 23% of the Company’s gross written premiums for the six months ended June 30, 2026, generated gross written premiums of $42.7 million for the second quarter of 2026, compared to $45.9 million for the second quarter of 2025. Net premiums earned for the quarter ended June 30, 2026 were $41.2 million compared to $30.8 million for the same quarter of 2025. This segment recorded underwriting income of $5.5 million for the second quarter of 2026, compared to an underwriting loss of $2.9 million for the second quarter of 2025, largely the result of a higher level of net premiums earned in the second quarter of 2026. Gross written premiums were $92.1 million for the first six months of 2026, compared to $86.4 million for the same period of 2025. Net premiums earned for the first six months of 2026 were $72.1 million compared to $61.4 million for the same period of 2025. This segment recorded underwriting income of $22.9 million for the first six months of 2026, compared to an underwriting loss of $10.3 million for the same period of 2025, driven by higher net premiums earned and lower net loss and loss adjustment expenses. The Specialty Short-tail Segment, which represented 57% of the Company’s gross written premiums for the six months ended June 30, 2026, generated gross written premiums of $134.3 million for the second quarter of 2026, compared to $125.6 million for the second quarter of 2025. Net premiums earned were $58.4 million for the second quarter of 2026, compared to $60.2 million for the same quarter of 2025. Underwriting income was $16.0 million for the second quarter of 2026 compared to $25.6 million for the same quarter of 2025, with the decrease largely the result of the war in the Middle East driving a higher level of net loss and loss adjustment expenses for the second quarter of 2026 compared to the same period of 2025. Gross written premiums were $226.5 million for the first six months of 2026 compared to $221.6 million for the same period of 2025. Net premiums earned for the first six months of 2026 were $122.3 million compared to $117.5 million for the same period of 2025. Underwriting income was $25.2 million for the first six months of 2026 compared to $50.6 million for the same period of 2025, for the same reasons described above. The Reinsurance Segment, which represented 20% of the Company’s gross written premiums for the six months ended June 30, 2026, generated gross written premiums of $24.7 million for the second quarter of 2026, compared to $16.3 million for the second quarter of 2025, with the period-over-period increase reflecting new business written in India following registration approval received to operate in GIFT City, India during the second quarter of 2026. Net premiums earned for the quarter ended June 30, 2026 were $25.4 million, compared to $24.0 million for the same quarter of 2025. Underwriting income decreased to $8.0 million for the second quarter of 2026, compared to $12.3 million for the second quarter of 2025 primarily due to higher net loss and loss adjustment expenses. Gross written premiums were $80.3 million for the first six months of 2026 compared to $86.3 million for the same period of 2025. The decrease was primarily due to the non-renewal of two reinsurance programmes in the first quarter of 2026. Net premiums earned for the first six months of 2026 were $41.8 million, compared to $48.9 million for the same period of 2025. Underwriting income was $19.1 million for the first six months of 2026, compared to $22.7 million for the same period of 2025 primarily reflecting the lower level of net premiums earned. Investment Results Investment income increased by 4.3% to $14.5 million in the second quarter of 2026, compared to $13.9 million for the second quarter of 2025. The annualized investment yield on average total investments and cash and cash equivalents was 4.6% for the second quarter of 2026, compared to 4.5% for the second quarter of 2025. Net investment income was $17.5 million in the second quarter of 2026 compared to $17.1 million for the same period of 2025, which also included higher positive mark-to-market movement in the equity portfolio in the second quarter of 2026 compared to the second quarter of 2025. Investment income increased by 4.0% to $28.6 million in the first six months of 2026, compared to $27.5 million for the first six months of 2025. The investment yield on average total investments and cash and cash equivalents was 4.5% for the first six months of 2026, compared to 4.4% for the first six months of 2025. Net investment income was $31.0 million for the first six months of 2026, compared to $32.6 million for the same period of 2025. Net Foreign Exchange (Loss) Gain Net foreign exchange losses were $1.0 million and $3.4 million for the second quarter and first six months of 2026 respectively, compared to gains of $10.1 million and $17.3 million in the corresponding periods of 2025. The net foreign exchange losses and gains were primarily driven by the negative currency movements and positive movements, respectively, in the Company’s major transactional currencies (mainly the Pound Sterling and the Euro) against the U.S. Dollar. Total Shareholders’ Equity Total shareholders’ equity decreased to $669.0 million at June 30, 2026, compared to $710.2 million at December 31, 2025. The movement in total shareholders’ equity during the quarter and six months ended June 30, 2026 is illustrated below: Book value per share was $16.04 at June 30, 2026 compared to $16.91 at December 31, 2025. Ordinary Common Share Dividend On August 3, 2026, the Company’s Board of Directors declared an ordinary common share dividend of $0.075 per share for the quarter ended June 30, 2026. The dividend is payable on September 2, 2026 to shareholders of record at the close of business on August 18, 2026. International General Insurance Holdings Ltd.Non-GAAP Financial Measures In presenting IGI’s financial results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help to explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliation of Combined Ratio to Accident Year Combined Ratio Prior to CAT Losses The table below illustrates the reconciliation of the combined ratio on a financial and accident year basis. International General Insurance Holdings Ltd.Non-GAAP Financial Measures The table below illustrates the split of loss ratio between current accident year, current accident year CAT losses, which are included in ‘Net loss and loss adjustment expenses’, and prior years’ loss development as follows: Core Operating Income Core operating income measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amounts of these gains and losses are heavily influenced by, and fluctuate in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premiums, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company’s exposure to loss through intelligent risk selection and diversification, IGI’s management of claims, use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses. In addition to presenting net income for the period determined in accordance with U.S. GAAP, we believe that showing "core operating income" provides investors with a valuable measure of profitability and enables investors, rating agencies and other users of our financial information to analyze the Company’s results in a similar manner to the way in which Management analyzes the Company’s underlying business performance. International General Insurance Holdings Ltd.Non-GAAP Financial Measures Core operating income is calculated by the addition or subtraction of certain line items reported in the "Consolidated Statements of Income" from net income for the period and tax effecting each line item (resulting in each item being a non-GAAP financial measure), as illustrated in the table below: The Company has posted a second quarter 2026 investor presentation deck on its website at www.iginsure.com in the Investors section under the Presentations & Webcasts tab. --- 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, Casablanca, and GIFT City, India, 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. For more information about IGI, please visit www.iginsure.com. --- Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "ability," "aim," "focus", "impact," "seek," "strategy," "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predict," "potential," "continue," "commitment," "able," "success" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably, and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) risks related to fluctuations in global currencies including the UK Pound Sterling, the Euro, and the U.S. Dollar; (5) the outcome of any legal proceedings that may be instituted against the Company; (6) the effects of the hostilities between Russia and Ukraine, and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the effects of military conflicts in the Middle East, including disruptions in the Strait of Hormuz and the Persian Gulf and the potential disruption of Red Sea international shipping routes; (8) the impact of the tariffs that have been imposed or may be imposed by the U.S. administration; (9) the potential impact of artificial intelligence technologies on the insurance industry and the ability of IGI to effectively deploy AI technologies; (10) the inability to maintain the listing of the Company’s common shares on Nasdaq; and (11) other risks and uncertainties indicated in IGI’s filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except to the extent that it is required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804354735/en/ Contacts IGI Investor & Media Contacts: Robin Sidders, Head of Corporate RelationsEmail: [email protected] Ahmad Jabsheh, AVP, Corporate RelationsEmail: [email protected]

HAMILTON, Bermuda, May 14, 2026--(BUSINESS WIRE)--International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ: IGIC) today announced that its Board of Directors has voted to increase the Company’s quarterly ordinary common share dividend to $0.075 per share, representing a 50% increase from the present rate of $0.05 per share per quarter. This marks the third consecutive year that the Company has increased the quarterly ordinary common share dividend. The first regular quarterly ordinary common share dividend at the new rate of $0.075 will be paid on June 11, 2026, to shareholders of record at the close of business on May 28, 2026. 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. For more information about IGI, please visit www.iginsure.com. Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "ability," "aim," "focus", "impact," "seek," "strategy," "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predict," "potential," "continue," "commitment," "able," "success" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably, and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) risks related to fluctuations in global currencies including the UK Pound Sterling, the Euro, and the U.S. Dollar; (5) the outcome of any legal proceedings that may be instituted against the Company; (6) the effects of the hostilities between Russia and Ukraine, and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the effects of military conflicts in the Middle East, including disruptions in the Strait of Hormuz and Persian Gulf and potential disruption of Red Sea international shipping routes; (8) the impact of the tariffs that have been imposed or may be imposed by the U.S. administration; (9) the potential impact of artificial intelligence technologies on the insurance industry and the ability of IGI to effectively deploy AI technologies; (10) the inability to maintain the listing of the Company’s common shares on Nasdaq; and (11) other risks and uncertainties indicated in IGI’s filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except to the extent that it is required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514815420/en/ Contacts IGI Investor & Media Contacts: Robin Sidders, Head of Corporate Relations Email: [email protected] Ahmad Jabsheh, AVP, Corporate Relations Email: [email protected]

Strong Q1 underwriting results: Underwriting income rose 35.1% to $37.7 million with a combined ratio of 89.1% (5.3 points improvement year‑over‑year), despite about $15 million of net losses tied to the Middle East conflict and a 4.5% decline in gross written premiums from cycle management and non‑renewals. Segment dynamics and market opportunity: The Long‑tail business was a bright spot (top line up 22% and underwriting income up roughly $25 million), while Reinsurance is increasingly competitive; IGI sees large rate increases and constrained capacity in political violence/war markets, creating selective growth opportunities. Capital strength and shareholder returns: Total assets were $2.1 billion with $1.3 billion in investments and cash (fixed‑income yield ~4.3%), and management returned nearly $65 million to shareholders in the quarter via $51.5 million of dividends (including a $1.15 special) and share repurchases. Interested in International General Insurance Holdings Ltd.? 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International General Insurance (NASDAQ:IGIC) executives highlighted what they described as a strong start to 2026, pointing to improved underwriting profitability despite heightened global uncertainty and losses tied to the ongoing Middle East conflict. “As you saw from our Q1 financial results that we issued last night, we are off to a strong start in 2026,” Executive Chairman Wasef Jabsheh said, adding that the quarter’s performance underscored “the value of consistency and discipline in executing our strategy.” He noted the war’s broader economic and insurance-market implications, saying the company was already hearing insured market loss estimates “out upwards of the $3 billion mark.” → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries President and CEO Waleed Jabsheh said first-quarter results demonstrated “resilience and also stability” amid “increasing competitive pressures and heightened global uncertainty.” Gross written premiums were $197.2 million, a 4.5% decline from the prior-year quarter, which management attributed to “cycle management actions” and the non-renewal of two reinsurance programs—one by IGI’s decision and one after the cedent opted to retain the risk. Underwriting income increased 35.1% year-over-year to $37.7 million, producing a combined ratio of 89.1%, which management said was 5.3 points better than the first quarter of 2025 and “in line with our long-term averages.” Waleed Jabsheh said the combined ratio included approximately $15 million of net losses related to the Middle East conflict. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches Other reported highlights included: Return on average equity: 12.7%; core ROE: 14.3% Book value per share: $16.60, down slightly from year-end 2025, which management said reflected significant capital returns Core operating income: $24.4 million, or $0.56 per share, compared with $19.5 million, or $0.42 per share, a year earlier Net premiums earned: $111.2 million, “relatively flat” year-over-year Waleed Jabsheh also detailed combined ratio components, including 19.2 points of catastrophe losses “primarily related to the Middle East war losses,” and 29 points of favorable prior-year reserve development. By comparison, the first quarter of 2025 combined ratio of 94.4% included 25 points of accident-year catastrophe losses and just under 23 points of favorable reserve development. → Tyson Foods' Total Returns: Tasty Treats for Income Investors? Management described conditions as “quite mixed” in the Short-tail segment. While the segment’s top line was down about 4%, Waleed Jabsheh said underwriting income remained “in very positive territory” at $9.5 million, despite war-related losses and an energy loss in the Persian Gulf. The $15 million in war-related losses was “mainly recorded in the political violence line,” alongside the energy loss, he said. In the Reinsurance segment, Waleed Jabsheh said conditions were becoming more competitive. Underwriting income rose just under 6% on lower gross written premiums and net earned premiums, reflecting the two non-renewed programs. He said the company was starting to see “decent opportunities in the specialty treaty lines.” The Long-tail segment was described as a “bright spot.” The company posted a 22% increase in top line, driven by new business, “most notably within the professional indemnity and marine liability lines.” Waleed Jabsheh said the company had previously non-renewed certain business in long-tail lines with the expectation of improving profitability, and that underwriting income was up “significantly by about $25 million” on slightly higher net earned premiums. Total assets were $2.1 billion, with total investments and cash of $1.3 billion. The fixed income allocation generated “just over $14 million” of investment income in the quarter, which Waleed Jabsheh said represented a 4.3% yield. Average duration declined slightly to 3.5 years. IGI repurchased a little over 545,000 common shares in the quarter at an average price of $24.11. As of quarter-end, the company had about 4.1 million shares remaining under its 5 million-share repurchase authorization, according to management. Total equity was $653.6 million at quarter-end, compared with “just over $710 million” at the end of 2025. Waleed Jabsheh said the change reflected nearly $65 million of capital returned to shareholders, including $51.5 million in dividends—incorporating a $1.15 special dividend paid in April—and just over $13 million in share repurchases. Management said first-quarter losses tied to the conflict were primarily in political violence coverage and were “predominantly in the UAE and Bahrain relating to physical damage,” along with an upstream energy loss from damage to an oil facility in the Persian Gulf. During Q&A, Waleed Jabsheh provided additional detail on the non-cat energy loss, saying it stemmed indirectly from the conflict when “a large support vessel in the energy industry collided into an offshore oil platform.” He said safety measures were reduced amid the conflict, including “GPS was turned off, lights were turned off,” and the vessel “ended up colliding with an offshore platform.” The loss was “about $10.5 million dollars net to us in the quarter,” he said. Asked about the durability of the opportunity in political violence and war markets, Waleed Jabsheh pointed to the scale of industry losses relative to premium. He cited estimates that losses could exceed $3 billion and possibly approach $4 billion, while saying the global political violence market premium is “estimated to be around $1.5 billion.” He added that IGI was seeing “huge, huge multiples in rate increases,” including “in some cases over…in the thousands of percent,” while noting that limits were shrinking and capacity was “much less ample.” Waleed Jabsheh said competitive pressure remained elevated across multiple lines, describing conditions in parts of the energy and property markets as “quite irrational in some cases.” At the same time, he cited healthier conditions and “excellent deal flow” in specialist lines such as Construction & Engineering, and described contingency as “a bright spot” that “continues to grow for us.” In marine liability, Waleed Jabsheh referenced the 2024 Baltimore bridge collapse and noted media reports estimating losses “as high, if not excess, $2.8 billion,” calling it “the single largest loss in the history of the marine market.” He emphasized that IGI does not expect “any material change” in its previously recorded loss estimates related to that event, but said the loss was “upending marine markets globally,” creating an opportunity to benefit from improved pricing and demand for capital. On reserve development, Waleed Jabsheh said favorable prior-year performance “continued to perform ahead of expectation,” and releases were “pretty much…across the board” rather than concentrated in a specific segment. He said the company expects the pattern to continue, while also indicating IGI would become more cautious in reserving assumptions as competitive pressures persist. Looking into the second quarter, Waleed Jabsheh said March was “definitely the busiest month” for conflict-related activity and anticipated continued loss development, though he expected it to be “more limited than it was in Q1.” He also noted that political violence coverages are typically written on an aggregate basis, meaning once policy limits are exhausted by an event, “you’re not exposed to it anymore.” Closing the call, Waleed Jabsheh reiterated management’s focus on underwriting discipline: “We won’t, under any circumstances, sacrifice the bottom line to benefit the top line.” International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance. Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines. The article "International General Insurance Q1 Earnings Call Highlights" was originally published by MarketBeat.

HAMILTON, Bermuda, May 05, 2026--(BUSINESS WIRE)--International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ: IGIC) today reported financial results for the first quarter of 2026. Highlights for the first quarter of 2026 include: IGI Group President & CEO Waleed Jabsheh said, "We had a strong start to 2026 highlighted by underwriting income of $37.7 million and an 89.1% combined ratio, driven by consistent and disciplined execution. This translates to a 14.3% core operating return on average shareholders’ equity, underscoring the stability and resilience of IGI, notwithstanding impact of war losses in the Middle East. Our teams continue to be focused on executing across varied market conditions, managing our existing portfolio and the cycle, while capitalizing on new and emerging opportunities." "We continue to actively manage our capital, prioritizing profitable growth in underwriting first, and then returning excess capital to our shareholders. In the first three months of 2026, we returned almost $65 million to shareholders through share repurchases and dividends, including an extraordinary dividend of $1.15 per share." Results for the Quarters ended March 31, 2026 and 2025 The Company generated net income for the quarters ended March 31, 2026 and 2025 of $21.7 million and $27.3 million, respectively. Return on average equity (annualized) was 12.7% for the first quarter of 2026, compared to 16.7% for the first quarter of 2025. Core operating income, a non-GAAP financial measure, was $24.4 million for the first quarter of 2026, compared to $19.5 million for the same period in 2025. Core operating income for the first quarter of 2026 included a 35.2% increase in underwriting income compared to the first quarter of 2025, largely due to a lower level of net loss and loss adjustment expenses and net policy acquisition expenses. Gross written premiums were $197.2 million in the quarter ended March 31, 2026, compared to $206.5 million for the same period in 2025, with the decline primarily due to the non-renewal of two sizeable reinsurance programmes. Underwriting income for the first quarter of 2026 was $37.7 million compared to $27.9 million for the first quarter of 2025, demonstrating the Company’s strong underwriting performance with underwriting income generated across all segments in the first quarter of 2026. The underwriting income for the first quarter of 2026 was driven by net premiums earned of $111.2 million, offset by net loss and loss adjustment expenses of $54.8 million, which included catastrophe ("CAT") losses of $21.3 million primarily related to the war and ongoing conflict in the Middle East, a large (non-CAT) energy loss, and net policy acquisition expenses of $18.7 million. The loss ratio for the first quarter of 2026 improved to 49.3%, including 19.2 points of CAT losses, compared to 55.5% for the first quarter of 2025, which included 25.0 points of CAT losses. The expense ratio (which is comprised of the net policy acquisition expense ratio, and the general and administrative expense ratio) was 39.8% for the first quarter of 2026, compared to 38.9% for the same period in 2025. The combined ratio was 89.1% for the first quarter of 2026 compared to 94.4% for the same period in 2025. Segment Results The Specialty Long-tail Segment, which represented 25% of the Company’s gross written premiums for the quarter ended March 31, 2026, recorded growth of 22.0% in gross written premiums to $49.4 million for the first quarter of 2026, from $40.5 million for the first quarter of 2025. Net premiums earned for the quarter ended March 31, 2026 were $30.9 million compared to $30.6 million for the same quarter of 2025. This segment recorded an improvement in underwriting income of $25 million to $17.5 million for the first quarter of 2026, compared to an underwriting loss of $7.5 million for the first quarter of 2025, with the increase largely reflecting the lower level of net loss and loss adjustment expenses in the first quarter of 2026. The Specialty Short-tail Segment, which represented 47% of the Company’s gross written premiums for the quarter ended March 31, 2026, generated gross written premiums of $92.2 million for the first quarter of 2026, compared to $96.0 million for the first quarter of 2025. Net premiums earned were $63.9 million for the first quarter of 2026, compared to $57.3 million for the same quarter of 2025. Underwriting income was $9.2 million for the first quarter of 2026 compared to $25.0 million for the same quarter of 2025, with the decrease largely the result of the war and ongoing conflict in the Middle East driving a higher level of net loss and loss adjustment expenses for the first quarter of 2026 compared to the same period in 2025. The Reinsurance Segment, which represented 28% of the Company’s gross written premiums for the quarter ended March 31, 2026, recorded gross written premiums of $55.6 million for the first quarter of 2026, compared to $70.0 million for the first quarter of 2025. The decrease was primarily due to the non-renewal of the two reinsurance programmes mentioned above, as well as softening market conditions and negative rate movement. Net premiums earned for the quarter ended March 31, 2026 were $16.4 million, compared to $24.9 million for the same quarter in 2025. Underwriting income was $11.0 million for the first quarter of 2026, compared to $10.4 million for the first quarter of 2025. Investment Results Investment income increased by 3.7% to $14.1 million in the first quarter of 2026, compared to $13.6 million for the first quarter of 2025. The annualized investment yield on average total investments and cash and cash equivalents was flat at 4.3% for the first quarters of 2026 and 2025. Net investment income was $13.5 million in the first quarter of 2026 compared to $15.5 million for the corresponding period in 2025. The period-over-period decline was primarily due to negative mark-to-market movement in the equity portfolio in the first quarter of 2026, while the first quarter of 2025 benefited from positive mark-to-market movement and realized gains on disposals in the equity portfolio. Net Foreign Exchange (Loss) Gain The net foreign exchange loss for the first quarter of 2026 was $2.4 million, compared to a gain of $7.2 million for the first quarter of 2025. The net foreign exchange loss for the first quarter of 2026 was driven by the negative currency movement in the Company’s major transactional currencies (mainly the Pound Sterling and the Euro) against the U.S. Dollar. Total Shareholders’ Equity Total shareholders’ equity decreased to $653.6 million at March 31, 2026, compared to $710.2 million at December 31, 2025. The movement in total shareholders’ equity during the quarter ended March 31, 2026 is illustrated below: International General Insurance Holdings Ltd. Non-GAAP Financial Measures In presenting IGI’s financial results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help to explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP. Reconciliation of Combined Ratio to Accident Year Combined Ratio Prior to CAT Losses The table below illustrates the reconciliation of the combined ratio on a financial and accident year basis. International General Insurance Holdings Ltd. Non-GAAP Financial Measures The table below illustrates the split of loss ratio between current accident year, current accident year CAT losses, which are included in ‘Net loss and loss adjustment expenses’, and prior years’ loss development as follows: Core Operating Income Core operating income measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amounts of these gains and losses are heavily influenced by, and fluctuate in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premiums, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company’s exposure to loss through intelligent risk selection and diversification, IGI’s management of claims, use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses. In addition to presenting net income for the period determined in accordance with U.S. GAAP, we believe that showing "core operating income" provides investors with a valuable measure of profitability and enables investors, rating agencies and other users of our financial information to analyze the Company’s results in a similar manner to the way in which Management analyzes the Company’s underlying business performance. International General Insurance Holdings Ltd. Non-GAAP Financial Measures Core operating income is calculated by the addition or subtraction of certain line items reported in the "Consolidated Statements of Income" from net income for the period and tax effecting each line item (resulting in each item being a non-GAAP financial measure), as illustrated in the table below: The Company has posted a first quarter 2026 investor presentation deck on its website at www.iginsure.com in the Investors section under the Presentations & Webcasts tab. --- 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. For more information about IGI, please visit www.iginsure.com. --- Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "ability," "aim," "focus", "impact," "seek," "strategy," "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predict," "potential," "continue," "commitment," "able," "success" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably, and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) risks related to fluctuations in global currencies including the UK Pound Sterling, the Euro, and the U.S. Dollar; (5) the outcome of any legal proceedings that may be instituted against the Company; (6) the effects of the hostilities between Russia and Ukraine, and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the effects of military conflicts in the Middle East, including disruptions in the Strait of Hormuz and Persian Gulf and potential disruption of Red Sea international shipping routes; (8) the impact of the tariffs that have been imposed or may be imposed by the U.S. administration; (9) the potential impact of artificial intelligence technologies on the insurance industry and the ability of IGI to effectively deploy AI technologies; (10) the inability to maintain the listing of the Company’s common shares on Nasdaq; and (11) other risks and uncertainties indicated in IGI’s filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except to the extent that it is required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505770204/en/ Contacts IGI Investor & Media Contacts: Robin Sidders, Head of Corporate Relations Email: [email protected] Ahmad Jabsheh, AVP, Corporate Relations Email: [email protected]

IGI delivered an “outstanding” 2025 with book value up roughly 14% to $16.91, underwriting income of more than $161 million, and return on average equity of 18.6%, driving full-year net income of $127.2 million. Management returned over $108 million to shareholders via dividends and buybacks, including a special cash dividend of $1.15 per share (following an earlier $0.85) and repurchases of about 344,000 shares with ~4.65 million shares still authorized. Top-line pressure came from the non-renewal of a large long-tail PI binder (a $33.4 million decline), with runoff expected into Q1–Q2 2026 amid elevated industry competition and a willingness to accept selective premium contraction to protect profitability. Interested in International General Insurance Holdings Ltd.? Here are five stocks we like better. International General Insurance (NASDAQ:IGIC) executives highlighted what they described as an “outstanding” year in 2025, marked by strong underwriting and investment performance, book value growth, and continued capital returns to shareholders, during the company’s fourth-quarter and full-year earnings call. Executive Chairman Wasef Jabsheh said the company grew book value by roughly 14% in 2025 and returned more than $108 million to shareholders through dividends and share repurchases. He also announced a special dividend, noting it was the third consecutive year IGI has declared a special dividend in addition to regular quarterly dividends. → Hinge Health’s AI Moat Might Be Its Patient Movement Data On the call, management referenced a special cash dividend of $1.15 per common share and emphasized that the decision reflects confidence in the balance sheet and capital position. Management also discussed a prior special dividend of $0.85 paid in April. President and CEO Waleed Jabsheh said the year’s performance was supported by disciplined underwriting and a strategy built around cycle management, technical expertise in core regions, long-term focus, and insider ownership alignment. → Microsoft Is Sliding—An Insider Buy and Oversold Signals Are Changing the Setup For 2025, management reported more than $161 million in underwriting income and a combined ratio just under 86%. Return on average equity was cited at 18.6%, while book value per share increased nearly 14% to $16.91. Fourth-quarter results reflected a combined ratio of 82%, which included 18.1 points of accident-year catastrophe losses and 5.2 points of favorable reserve development. Management compared that to the prior-year quarter combined ratio of 77.8%, which included 6 points of accident-year catastrophe losses and 2.3 points of favorable reserve development. Management also noted the prior-year quarter benefited from about 18.3 points of foreign currency revaluation. → 3 Major Buybacks Just Dropped—Here’s the Signal Investors See For the full year, management said the 2025 combined ratio included 14.5 points of accident-year catastrophe losses and just under 8 points of favorable reserve development, and was negatively impacted by about 6 points of negative currency revaluation. That compared to a 2024 combined ratio of 79.9%, which included 9 points of accident-year catastrophe losses, 7.7 points of favorable reserve development, and just under 2 points of positive currency revaluation. Management also provided an FX-neutral comparison, stating that on that basis, the combined ratio was 79.9% for 2025 compared with 81.8% for 2024. On the top line, management reiterated that gross premiums written declined due to the previously disclosed non-renewal of a large professional indemnity (PI) binder within the long-tail portfolio. Gross premiums written in the fourth quarter fell by $33.4 million, or just over 19%, and full-year gross premiums written also decreased by $33.4 million, equivalent to about 4.8 percentage points, management said. Net premiums earned were $111.4 million in Q4 2025, down from $120.6 million in the prior-year period. For the full year, management reported net premiums earned of $453.8 million. Management also noted that full-year net premiums earned included $10.2 million of retainment premiums on loss-affected business, tied to its reinsurance approach. The company emphasized that its reinsurance purchasing patterns shift with market conditions, including buying more facultative reinsurance in softer markets and retaining more risk in harder markets—an approach management said can distort combined ratio components even as it aims to manage volatility. IGI reported net income of $32.3 million, or $0.76 per share, for Q4 2025, compared with $30.0 million, or $0.65 per share, in Q4 2024. For the full year, net income was $127.2 million, or $2.89 per share, compared with $135.0 million, or $2.98 per share, for 2024. Management discussed higher general and administrative (G&A) expense ratios, attributing increases primarily to new hires, systems costs, and investments in business build-out and market visibility, as well as foreign exchange impacts from a stronger British pound against the U.S. dollar reporting currency. Management also said Q4 2024 benefited from a reclassification of expenses from G&A to acquisition costs, making year-over-year comparisons less “apples to apples.” On the balance sheet, total assets were $2.1 billion and total investments and cash were $1.32 billion. Management said a little over 80% of the investment and cash portfolio was allocated to fixed income securities, producing $14.2 million in investment income in Q4 and just under $55 million for the full year, for a yield of about 4.2%. Duration was held at about 3.6 years. In the fourth quarter, the company repurchased just under 344,000 common shares at an average price of $23.51. At year-end, it had about 4.65 million shares remaining under a 5 million-share repurchase authorization previously announced. Total equity ended the year at $710 million, compared with about $655 million at the end of 2024. Management described an elevated level of competition across much of the market, with pressure most evident in property and energy lines, while noting that pricing remains “broadly adequate” in many of the lines IGI writes. The company cited client averages around 10% at 1/1. In Q&A, management said it does not anticipate a near-term letdown in competitive pressure and characterized the competitive dynamic as largely driven by traditional capital, particularly larger carriers, rather than new alternative capital. Executives also said excess capital across the industry is contributing to competitive behavior, while emphasizing IGI’s preference to return capital when attractive underwriting opportunities do not require it. By segment, management’s commentary included: Short tail: conditions “somewhat mixed,” with energy and parts of property tougher than a year ago, while construction/engineering and marine lines were described as holding up better; contingency was cited as a bright spot. Reinsurance: conditions “generally remain strong” with pricing more than adequate; management said an S&P rating upgrade has helped raise IGI’s profile and support deal flow. Long tail: continued as the most challenging area for several years; management said it is cautiously optimistic about leveling off in pricing declines in professional and financial lines, particularly in the UK-focused PI portfolio, and noted the company does not write long-tail U.S. business. Looking to 2026, management emphasized a continued focus on discipline and consistency, and said it would not be unreasonable to expect some top-line contraction in certain areas where IGI chooses to walk away from business that does not meet profitability or coverage targets. Executives pointed to general aviation as an example where the book has been “virtually halved” over the last two years due to tough conditions. Management also said it expects the runoff impact from the non-renewed PI binder to continue into Q1 and Q2, with efforts underway to replace it through new business, and indicated it expects a more stable—and potentially positive—trajectory for the long-tail portfolio once that runoff is complete. International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance. Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines. The article "International General Insurance Q4 Earnings Call Highlights" was originally published by MarketBeat.