International General Insurance initiated with an Outperform at Oppenheimer

Oppenheimer analyst Michael Phillips initiated coverage of International General Insurance (IGIC) with an Outperform rating and $30 price target The firm believes shares are deeply discounted to fair value, and investors are likely to find the company’s extensive capabilities and management discipline attractive. While Oppenheimer expects a somewhat slower growth outlook, it thinks strong ROEs should continue to help shares narrow their discount to International General Insurance’s peers. Furthermore, the firm expects multiple expansion as the company’s laser focus on underwriting profitability and conservative balance sheet become more fully appreciated against an industry backdrop that has significant casualty risk.