International General Insurance Holdings Ltd. (IGIC)
NASDAQ:IGIC
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International General Insurance Holdings
(NASDAQ:IGIC)
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Rating:84Outperform
Price Target:
$31.00
▲(22.82% Upside)
Action:ReiteratedDate:05/07/26
IGIC scores well on fundamentals and valuation: strong profitability/ROE with minimal leverage and an attractive low P/E plus solid dividend yield. Technicals are supportive with price above key moving averages and positive momentum signals. The main offsets are top-line and cash-flow volatility (including a sharp 2025 revenue decline) and earnings-call risks around premium softness, conflict-related losses, and the non-recurring nature of reserve releases.
Positive Factors
Disciplined underwriting and improving margins
Consistent underwriting discipline produced a 35% YoY rise in underwriting income and a mid-80s combined ratio, reflecting durable pricing, expense control and conservative risk selection in specialty lines. This supports sustainable underwriting margins and long-term capital productivity across cycles.
Negative Factors
Top-line volatility and premium declines
Volume declines from non-renewals and softer reinsurance markets reduce scale and diversification of the premium base. Sustained premium contraction constrains underwriting leverage, limits revenue growth opportunities and can increase per-policy fixed costs, challenging durable top-line expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Disciplined underwriting and improving margins
Consistent underwriting discipline produced a 35% YoY rise in underwriting income and a mid-80s combined ratio, reflecting durable pricing, expense control and conservative risk selection in specialty lines. This supports sustainable underwriting margins and long-term capital productivity across cycles.
Read all positive factors
International General Insurance Holdings (IGIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.14B
Dividend Yield4%
Average Volume (3M)54.60K
Price to Earnings (P/E)8.3
Beta (1Y)0.95
Revenue Growth-4.12%
EPS GrowthN/A
CountryUS
Employees401
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)2.84
Shares Outstanding42,842,216
10 Day Avg. Volume70,404
30 Day Avg. Volume54,598
Financial Highlights & Ratios
PEG Ratio-2.18
Price to Book (P/B)1.55
Price to Sales (P/S)2.14
P/FCF Ratio10.30
Enterprise Value/Market Cap0.83
Enterprise Value/Revenue1.79
Enterprise Value/Gross Profit3.75
Enterprise Value/Ebitda7.45
Forecast
1Y Price Target
$28.00Price Target Upside10.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)3.02
Revenue Forecast (FY)$445.40M
International General Insurance Holdings Business Overview & Revenue Model
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 p...
How the Company Makes Money
IGIC primarily makes money through (1) underwriting income and (2) investment income. Underwriting income is generated by collecting premiums on insurance and reinsurance policies and retaining the portion of premium that exceeds incurred losses (...
International General Insurance Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial performance: underwriting results and ROE were strong, core operating income and EPS improved meaningfully, long-tail recovery was notable, and management returned capital to shareholders while positioning the business to capitalize on dislocations caused by geopolitical events. Key negatives include a modest decline in gross written premiums, notable but manageable Middle East conflict-related losses (~$15M net, including a $10.5M energy loss), increased competitive pressures in some lines, and a drop in total equity reflecting capital returns. On balance, the company demonstrated resilience, disciplined cycle management and clear opportunity-readiness despite near-term geopolitical losses.Positive Updates
Strong Underwriting Performance
Underwriting income of $37.7M in Q1 2026, up 35.1% year-over-year, driving a combined ratio of 89.1% (improvement of 5.3 points vs Q1 2025) and demonstrating disciplined underwriting despite market headwinds.
Negative Updates
Revenue Pressure: Decline in Gross Written Premiums
Gross written premiums decreased to $197.2M, a 4.5% decline versus Q1 2025, partially due to cycle management and the non-renewal of two reinsurance programs (combined mid-to-high single-digit millions in GWP).
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Underwriting Performance
Underwriting income of $37.7M in Q1 2026, up 35.1% year-over-year, driving a combined ratio of 89.1% (improvement of 5.3 points vs Q1 2025) and demonstrating disciplined underwriting despite market headwinds.
Read all positive updates
Company Guidance
Management's guidance emphasized disciplined, selective underwriting and capital deployment while highlighting the scale of recent results and market opportunities: Q1 produced $197.2M gross written premium (‑4.5% YoY), $111.2M net premiums earned, $37.7M underwriting income (+35.1%), core operating income $24.4M ($0.56/share vs $19.5M/$0.42 a year ago), a combined ratio of 89.1% (including ~19.2 pts of cat losses and ~29 pts of favorable prior-year reserve development), ROAE 12.7% (core ROE 14.3%), book value per share $15.60, total assets $2.1B and total investments and cash ~$1.3B (fixed income income just over $14M at a 4.3% yield, duration ~3.5 years). They reiterated capital returns of almost $65M YTD ($51.5M dividends including a $1.15 special and ~$13.1M buybacks; 545k shares repurchased in Q1 at $24.11 avg, ~4.1M shares remain under a 5M authorization), noted total equity of $653.6M (vs ~$710M YE2025), and called out portfolio-level moves (short-tail GWP down ~4% with $9.5M underwriting income, long-tail top line +22% and underwriting income up ~$25M, reinsurance underwriting income +~6%, and a $10.5M net energy loss in Q1). Looking forward they expect durable opportunities—particularly in political violence, marine war and specialty treaty lines with materially higher rates and tighter limits (management cited rate increases in some PV cases in the "thousands of percent"), more constrained capacity, continued cautious reserving, and improving renewal dynamics into 2026–2027 rather than a return to prior lax terms.International General Insurance Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 516.70M | 525.95M | 477.08M | 394.37M | 347.01M |
| Gross Profit | 300.90M | 230.30M | 213.02M | 166.61M | 114.35M |
| EBITDA | 127.20M | 135.69M | 128.59M | 90.94M | 48.57M |
| Net Income | 127.20M | 135.15M | 118.19M | 89.23M | 46.81M |
Balance Sheet | |||||
| Total Assets | 2.10B | 2.04B | 1.52B | 1.56B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 380.83M | 380.58M | 297.64M | 138.00M | 670.96M |
| Total Debt | 0.00 | 4.24M | 2.13M | 3.07M | 3.75M |
| Total Liabilities | 1.39B | 1.38B | 976.37M | 1.13B | 1.05B |
| Stockholders Equity | 710.15M | 654.80M | 540.43M | 410.94M | 401.90M |
Cash Flow | |||||
| Free Cash Flow | 107.19M | 202.84M | 193.36M | -86.62M | 127.44M |
| Operating Cash Flow | 108.14M | 209.47M | 196.61M | -85.35M | 129.79M |
| Investing Cash Flow | 35.93M | -186.57M | -90.36M | -1.24M | -2.49M |
| Financing Cash Flow | -107.45M | -49.68M | -49.16M | -12.55M | -16.89M |
International General Insurance Holdings Technical Analysis
Positive
25.24
Price Trends
24.12
Positive
23.72
Positive
22.99
Positive
Market Momentum
0.81
Negative
75.20
Negative
87.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IGIC, the sentiment is Positive. The current price of 25.24 is above the 20-day moving average (MA) of 24.85, above the 50-day MA of 24.12, and above the 200-day MA of 22.99, indicating a bullish trend. The MACD of 0.81 indicates Negative momentum. The RSI at 75.20 is Negative, neither overbought nor oversold. The STOCH value of 87.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IGIC.
International General Insurance Holdings Risk Analysis
International General Insurance Holdings disclosed 77 risk factors in its most recent earnings report. International General Insurance Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
International General Insurance Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $1.14B | 8.29 | 18.79% | 4.00% | -4.12% | ― | |
76 Outperform | $573.80M | 0.75 | 11.28% | 2.12% | 44.00% | 56.57% | |
75 Outperform | $712.40M | ― | 66.01% | ― | ― | ― | |
71 Outperform | $9.52B | 7.37 | 16.72% | 6.98% | 13.12% | 33.46% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $1.46B | 52.94 | -30.35% | ― | 17.56% | -3.08% | |
56 Neutral | $1.82B | 4.16 | 9.46% | 2.55% | 2.48% | 138.33% |
* Financial Sector Average
IGIC
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International General Insurance Holdings Corporate Events
International General Insurance Delivers Strong Q1 2026 Underwriting Amid Middle East War Losses
May 5, 2026
International General Insurance Holdings reported unaudited results for the quarter ended March 31, 2026, showing resilient underwriting performance despite challenging market and geopolitical conditions. The group posted underwriting income of $3...
International General Insurance Releases Q1 2026 Investor Presentation Highlighting Capital Strength and Underwriting Strategy
May 5, 2026
International General Insurance Holdings Ltd., a Bermuda‑domiciled specialist insurer and reinsurer focused on commercial lines, reported total assets of $2.1 billion as of March 31, 2026 and a capital base of $654 million. The group, which ...
International General Insurance Refreshes Board With New Director and Committee Changes
Mar 18, 2026
International General Insurance Holdings Ltd. on March 18, 2026 announced a series of board changes designed to deepen reinsurance expertise and refresh its governance structure. The company has appointed veteran reinsurance executive Thomas A. Co...
International General Insurance Declares Extraordinary $1.15 Per-Share Dividend
Feb 25, 2026
International General Insurance Holdings Ltd., a Bermuda-registered specialty commercial insurer and reinsurer with operations across Europe, the Middle East, Asia and North Africa, focuses on complex risk lines such as energy, property, marine, p...
International General Insurance Files Q4 2025 Investor Presentation Highlighting Capital Strength and Growth Track Record
Feb 24, 2026
On February 24, 2026, International General Insurance Holdings Ltd. filed a Form 6‑K with the U.S. Securities and Exchange Commission, furnishing investors with its fourth‑quarter 2025 presentation. The materials highlight IGI’s ...
International General Insurance Posts Strong 2025 Profit but Lower Premiums as It Tightens Long‑Tail Exposure
Feb 24, 2026
International General Insurance Holdings reported solid but slightly softer results for the fourth quarter and full year 2025 on February 24, 2026, highlighting strong underwriting profitability despite lower premium volumes. The group posted 2025...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.