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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.

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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 Holdings Delivers Strong Q3 Results Amidst Challenging Market Conditions

International General Insurance Holdings reported a solid third quarter with core operating income of $38.6 million or $0.87 per share, slightly missing analyst estimates of $0.91 per share. Gross premiums written in Q3 were $131 million, reflecting a 5% decrease year-over-year, while net premiums earned were $115 million, down from $126 million in the same period last year. The combined ratio for Q3 was 76.5%, benefiting from 4.5 points of positive currency revaluation. The company's net income for the quarter was $33.5 million, and $94.9 million for the first nine months, respectively.

Publication Date: Nov -23

📋 Highlights
  • Net Income Growth:: Q3 net income reached $33.5M, up from $30.7M YoY in core operating income, with $94.9M for nine months 2025.
  • Shareholder Returns:: Returned $100M to shareholders via dividends and buybacks, with book value per share rising 10% to $16.23 in nine months.
  • Underwriting Efficiency:: Q3 combined ratio at 76.5% benefited from 4.5-point positive currency revaluation, while gross premiums written fell 5% to $131M.
  • Asset & Equity Expansion:: Total assets grew 4% to $2.12B, and equity hit $690M, with ROE at 20% for Q3 and 19% for nine months.
  • Segment Shifts:: Reinsurance underwriting income surged, offsetting a decline in short-tail segments, while long-tail rate declines slowed.

Underwriting Performance and Segment Results

The segment results showed a decrease in the short-tail segment, while the reinsurance segment showed a significant increase in underwriting income. The long-tail segment continues to face challenges due to increasing competitive pressures and declining rates. However, as Waleed Jabsheh noted, "the pace of rate decline is slowing, and we are hopeful for improvement in 2026 and 2027." The reinsurance lines have healthy margins, and carriers are behaving in a relatively disciplined manner.

Capital Management and Return on Equity

IGI's value lies in its ability to actively manage its capital, generating high-quality returns in any market cycle. The company grew its book value per share by 10% to $16.23 and returned $100 million to shareholders in dividends and share repurchases. The return on average shareholders' equity was about 20% for the third quarter and about 19% for the first nine months of 2025.

Valuation and Outlook

With a Price-to-Book Ratio of 1.61, the market is pricing in a relatively moderate valuation. The Dividend Yield is 4.24%, indicating a decent return for income investors. Analysts estimate next year's revenue growth at 5.7%. The company's outlook for the remainder of the year and the next major renewal period at 1/1 is similar to last quarter's calls, with elevated competitive pressure across the market. However, IGI remains confident that it will continue to find opportunities to grow its portfolio and write new business, thanks to its size, relative position in the market, and diversified strategy.

3. NewsRoom

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

Dec -01

Source: defenseworld.net

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

Nov -06

Source: defenseworld.net

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

Nov -06

Source: defenseworld.net

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International General Insurance Holdings Ltd. (IGIC) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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IGI Announces New 5 Million Common Share Repurchase Authorization

Nov -05

Source: businesswire.com

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International General Insurance Holdings Ltd. (IGIC) Lags Q3 Earnings and Revenue Estimates

Nov -05

Source: zacks.com

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IGI's Financial Strength Rating Upgraded to “A” (Strong)/Stable by S&P Global Ratings

Oct -28

Source: businesswire.com

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IGI Appoints Malcolm Barnes as Head of Specialty Treaty

Oct -27

Source: businesswire.com

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

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Value: 6.8

Growth: 6.6

Quality: 7.2

Yield: 8.1

Momentum: 10.0

Volatility: 8.7

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IGI

A-Score: 7.5/10

Value: 7.6

Growth: 8.1

Quality: 7.9

Yield: 7.5

Momentum: 8.5

Volatility: 5.7

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A-Score: 7.2/10

Value: 6.4

Growth: 4.2

Quality: 6.2

Yield: 7.5

Momentum: 10.0

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Value: 6.1

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Quality: 7.2

Yield: 6.2

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A-Score: 6.2/10

Value: 6.9

Growth: 2.8

Quality: 7.6

Yield: 8.1

Momentum: 8.5

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Nürnberger

A-Score: 4.6/10

Value: 6.8

Growth: 1.7

Quality: 5.4

Yield: 3.8

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.04$

Current Price

24.04$

Potential

-0.00%

Expected Cash-Flows