Download PDF

1. Company Snapshot

1.a. Company Description

International General Insurance Holdings Ltd.provides specialty insurance and reinsurance solutions worldwide.The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance.


It underwrites a diversified portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, casualty, financial institutions, marine, contingency, and treaty reinsurance.The company was founded in 2001 and is based in Amman, Jordan.

Show Full description

1.b. Last Insights on IGIC

International General Insurance Holdings Ltd.'s recent performance was negatively impacted by its Q2 earnings miss, with quarterly earnings of $0.51 per share, lagging behind the Zacks Consensus Estimate of $0.55 per share. The company's gross written premiums decreased to $187.8 million from $205.6 million in the same period last year. Despite a recent upgrade in financial strength rating to "A" (Strong)/Stable by S&P Global Ratings, the company's short-term performance may be affected by a challenging business environment.

1.c. Company Highlights

2. IGI's Strong 2025 Performance: A Testament to its Diversified Strategy

International General Insurance Holdings (IGI) reported a robust financial performance for the full year 2025, with net income reaching $127.2 million or $2.89 per share. The company's underwriting income was $161 million, and its combined ratio stood at 86%, indicative of its underwriting profitability. Gross premiums written were down 4.8% due to the non-renewal of a large professional indemnity binder, but net premiums earned reached $453.8 million. IGI's actual EPS for Q4 came out at $0.8, beating analyst estimates of $0.72.

Publication Date: Mar -01

📋 Highlights
  • Shareholder Returns:: Returned over $108 million to shareholders in 2025, including a $1.15 special dividend per share.
  • Underwriting Performance:: Generated $161 million in underwriting income with an 86% combined ratio and 18.6% return on average equity.
  • Book Value Growth:: Book value per share increased 14% YoY to $16.91, driven by disciplined capital management.
  • Segment Performance:: Reinsurance underwriting income rose 30% YoY, while the Long-tail segment reported $10.9 million income amid challenges.
  • Capital Management:: Repurchased 344,000 shares in Q4, retaining $4.65 million under a $5 million buyback authorization.

Segmental Performance

The company's segments showed mixed results, with the Short-tail segment's underwriting income improving by 14% in Q4 but declining by 7% for the full year. The Reinsurance segment's underwriting income was up almost 30% for the full year, driven by a shift in focus to higher-margin business. The Long-tail segment remained challenging, with underwriting income of $10.9 million for the full year, impacted by lower net earned premiums and currency valuation movements.

Balance Sheet Strength

IGI's balance sheet remains strong, with total assets of $2.1 billion and total investments and cash of $1.32 billion, generating a 4.2% yield. The company's total equity was $710 million, with a return on average shareholders' equity of 18.6% for the full year. The balance sheet's strength is further underscored by the recent financial strength rating upgrade by S&P.

Valuation and Outlook

IGI's Price-to-Book Ratio stands at 1.52, and its Dividend Yield is 4.07%. Analysts estimate next year's revenue growth at 2.2%. Given the company's diversified strategy and strong balance sheet, it is well-positioned to capitalize on emerging opportunities. As Waleed Jabsheh noted, "We have invested heavily in growing our top line and strengthening our business in preparation for changing market conditions." The company's focus on local talent and knowledge in core regions allows it to compete for business that isn't necessarily coming to London.

Market Conditions and Strategy

Market conditions are becoming more competitive, with rates under pressure. However, IGI remains confident in its ability to generate strong value for shareholders. The company expects a more challenging market in 2026 but is optimistic about its growth opportunities. IGI's unique global strategy and footprint, combined with its discipline in underwriting, position it well to navigate the evolving market landscape.

3. NewsRoom

Card image cap

International General Insurance Holdings Ltd. (IGIC) Q4 2025 Earnings Call Transcript

Feb -25

Source: seekingalpha.com

Card image cap

IGI Reports Fourth Quarter and Full Year 2025 Unaudited Financial Results and Declares Ordinary Common Share Dividend

Feb -24

Source: businesswire.com

Card image cap

Analyzing International General Insurance (NASDAQ:IGIC) and Zhibao Technology (NASDAQ:ZBAO)

Feb -08

Source: defenseworld.net

Card image cap

Comparing Prudential Financial (NYSE:PRU) & International General Insurance (NASDAQ:IGIC)

Jan -26

Source: defenseworld.net

Card image cap

International General Insurance (NASDAQ:IGIC) versus Corebridge Financial (NYSE:CRBG) Financial Survey

Dec -15

Source: defenseworld.net

Card image cap

Ballast Asset Management LP Sells 215,159 Shares of International General Insurance Holdings Ltd. $IGIC

Dec -01

Source: defenseworld.net

Card image cap

Financial Contrast: International General Insurance (NASDAQ:IGIC) versus Sompo (OTCMKTS:SMPNY)

Nov -06

Source: defenseworld.net

Card image cap

International General Insurance (NASDAQ:IGIC) Board of Directors Authorizes Stock Repurchase Plan

Nov -06

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.71%)

6. Segments

Specialty Short-tail

Expected Growth: 10%

Specialty short-tail growth driven by increasing demand for niche insurance products, expansion into new geographies, and strategic partnerships. Additionally, favorable regulatory environments, low loss ratios, and efficient claims processing contribute to the 10% growth rate.

Specialty Long-tail

Expected Growth: 11%

Specialty long-tail from International General Insurance Holdings Ltd. growth driven by increasing demand for niche insurance products, expansion into emerging markets, and strategic partnerships. Additionally, the company's focus on digitalization and data analytics enables efficient underwriting and risk assessment, contributing to the 11% growth.

Reinsurance

Expected Growth: 13%

The 13% growth in reinsurance from International General Insurance Holdings Ltd. is driven by increasing demand for risk management solutions, expansion into new markets, and strategic partnerships. Additionally, the company's diversified portfolio, strong underwriting capabilities, and favorable regulatory environment have contributed to this growth.

7. Detailed Products

Property Insurance

Provides coverage for physical damage to buildings, inventory, and equipment, as well as business interruption and liability.

Casualty Insurance

Offers liability coverage for accidents, injuries, or damages to third parties, as well as workers' compensation insurance.

Energy Insurance

Provides specialized coverage for energy-related risks, including oil and gas operations, renewable energy, and power generation.

Marine Insurance

Covers losses or damages to ships, cargo, and other marine-related assets, as well as liability for marine-related accidents.

Aviation Insurance

Provides coverage for aircraft, airlines, and airports, including liability for accidents, damage, or losses.

Reinsurance

Offers risk management solutions for insurers, providing coverage for a portion of the risk assumed by the insurer.

8. International General Insurance Holdings Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for International General Insurance Holdings Ltd. is medium due to the presence of alternative insurance providers and financial institutions that offer similar products and services.

Bargaining Power Of Customers

The bargaining power of customers for International General Insurance Holdings Ltd. is low due to the lack of concentration of buyers and the high switching costs.

Bargaining Power Of Suppliers

The bargaining power of suppliers for International General Insurance Holdings Ltd. is medium due to the moderate concentration of suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for International General Insurance Holdings Ltd. is high due to the low barriers to entry and the attractiveness of the insurance industry.

Intensity Of Rivalry

The intensity of rivalry for International General Insurance Holdings Ltd. is high due to the high level of competition and the presence of well-established players in the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.18%
Debt Cost 3.95%
Equity Weight 99.82%
Equity Cost 4.92%
WACC 4.91%
Leverage 0.18%

11. Quality Control: International General Insurance Holdings Ltd. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mapfre

A-Score: 7.3/10

Value: 5.2

Growth: 6.4

Quality: 5.8

Yield: 7.5

Momentum: 10.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
Vaudoise Assurances Holding

A-Score: 7.0/10

Value: 5.9

Growth: 4.3

Quality: 7.2

Yield: 6.2

Momentum: 8.5

Volatility: 9.7

1-Year Total Return ->

View Full Report
Stock-Card
VIG

A-Score: 6.4/10

Value: 5.2

Growth: 4.2

Quality: 5.0

Yield: 6.9

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Vestjysk Bank

A-Score: 6.2/10

Value: 5.1

Growth: 3.2

Quality: 7.3

Yield: 8.1

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
IGI

A-Score: 6.1/10

Value: 5.8

Growth: 8.1

Quality: 7.3

Yield: 7.5

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Nürnberger

A-Score: 4.9/10

Value: 6.8

Growth: 1.7

Quality: 5.4

Yield: 3.8

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

23.88$

Current Price

23.88$

Potential

-0.00%

Expected Cash-Flows