Financial Data and Key Metrics Changes - The company reported a strong fourth quarter, with gross premiums growing by over 16% year-over-year, reaching over $545 million for the full year 2021 [8][21] - Core operating earnings return on average equity was 13.7% for Q4 and 13.6% for the full year [8][35] - Book value per share increased by 5.2% year-over-year, totaling $8.83 at year-end [35] Business Line Data and Key Metrics Changes - In the Short-tail segment, gross premiums grew by 18.7% for the full year, primarily in energy, property, and engineering lines [22] - The Long-tail segment saw a 13.8% increase in gross written premiums, driven by professional indemnity and D&O business [22] - The treaty reinsurance book reported gross premiums of $4 million for Q4 and $24 million for the full year, marking increases of 42.9% and 24.4% respectively [24] Market Data and Key Metrics Changes - The U.S. market saw a 50% increase in premiums written in 2021 compared to 2020, with expectations for continued growth in 2022 [21][36] - In Europe, significant opportunities are anticipated, particularly in long-tail lines, with expected gross written premium production of around $25 million in 2022 [37][38] Company Strategy and Development Direction - The company aims to continue being a responsible steward of shareholders' capital while building on its solid foundation for future growth [16][44] - The growth strategy has been entirely organic and tightly controlled, focusing on core strengths and capabilities [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting the importance of navigating market cycles effectively [45] - The ongoing situation in Ukraine is being monitored closely, with potential impacts on the energy book, though these are not expected to be material [41][42] Other Important Information - The company reported record net underwriting income of $30.6 million for Q4 and $105.8 million for the full year 2021 [25] - General and administrative expenses increased due to new hires and technology investments, with a focus on managing these costs as the company grows [28] Q&A Session Summary Question: Exposure to Russia and Ukraine - Management elaborated that exposure is mainly on the energy side, with physical damage and business interruption risks related to property engineering [48][49] Question: Real estate write-down in Lebanon - The remaining value from Lebanese real estate is about $5.7 million, with the rest predominantly from the head office in Amman, Jordan [50][51] Question: Catastrophe losses related to European flooding - Net losses from European floods currently stand at about $8.5 million, which is within expectations for the overall portfolio [52]

Company Overview - IGI's average unlevered core operating ROE since 2011 is 10%, even including "soft market" periods[5] - IGI's combined ratio through the market cycle, including heavy catastrophe years, is 90%[5] - Jabsheh Family Ownership is 30%[6] Financial Performance (Q2 2021) - Gross Written Premium increased by 21% to $166.1 million, compared to $137.3 million in Q2 2020[7] - The combined ratio was 92.3%, compared to 84.0% in Q2 2020, with a 6 points increase in the current accident year loss ratio[7] - Investment income increased to $3.9 million, compared to $2.6 million in Q2 2020, driven by a 40bps improvement in investment yield[7] - Core Operating ROAE was 9.0%, compared to 11.6% in Q2 2020[7] Strategic Developments - IGI Europe is now operating from Malta, having received all necessary approvals from Maltese regulators to write virtually all IGI lines of business[8] - S&P reaffirmed IGI's financial strength ratings, citing IGI's improved competitive position to "strong" from "satisfactory"[8] Market Position - MGA - Originated Business is 22%[25] - Treaty is 5%[25] - Individually Underwritten is 73%[25]

International General Insurance Holdings Ltd (NASDAQ:IGIC) Q2 2021 Earnings Conference Call August 13, 2021 9:00 AM ET Company Participants Robin Sidders - Head, IR Wasef Jabsheh - Founder, Chairman & CEO Waleed Jabsheh - President & Director Conference Call Participants Mark Dwelle - RBC Operator Good day, and welcome to the International General Insurance Holdings Limited Second Quarter and Half Year 2021 Financial Results Conference Call. [Operator Instructions]. I would now like to turn the conference o ...

PART I [Item 3. Key Information](index=8&type=section&id=Item%203.%20Key%20Information) The company faces significant risks related to the insurance industry, its business operations, and security ownership [Risks Relating to the Insurance and Reinsurance Industry](index=11&type=section&id=Risks%20Relating%20to%20the%20Insurance%20and%20Reinsurance%20Industry) The company operates in a highly competitive, cyclical, and regulated industry with exposure to catastrophic events and accounting changes - The insurance and reinsurance industries are **highly competitive**, with pressure on premium rates and policy terms[68](index=68&type=chunk)[69](index=69&type=chunk)[73](index=73&type=chunk) - The company's results are affected by the **cyclical nature** of the insurance industry, which impacts premium rates and capacity[76](index=76&type=chunk)[77](index=77&type=chunk) - IGI is subject to **extensive insurance laws and regulations** in multiple jurisdictions governing solvency and capital adequacy[84](index=84&type=chunk)[85](index=85&type=chunk) - The upcoming **IFRS 17 accounting standard** is expected to introduce fundamental changes to financial reporting[94](index=94&type=chunk) - The company is exposed to unpredictable claims from catastrophic events, with Hurricane Laura resulting in **$20.7 million in net claims** in 2020[116](index=116&type=chunk)[119](index=119&type=chunk) - The **COVID-19 pandemic** poses significant risks to claims, investment performance, and operational continuity[100](index=100&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk) [Risks Relating to Our Business and Operations](index=23&type=section&id=Risks%20Relating%20to%20Our%20Business%20and%20Operations) Operational risks include uncertainty in loss reserves, dependency on brokers, investment portfolio volatility, and IT system vulnerabilities - Estimating insurance loss reserves is inherently uncertain, and **insufficient reserves** would negatively impact financial results[151](index=151&type=chunk)[159](index=159&type=chunk)[160](index=160&type=chunk) - The company relies heavily on brokers, with the **top 5 international brokers accounting for 67.4%** of gross written premiums in 2020[166](index=166&type=chunk) - **Fixed maturity securities constituted 50.8%** of the total investment portfolio, exposing the company to interest rate and credit risk[189](index=189&type=chunk)[191](index=191&type=chunk) - A downgrade in the **"A (Excellent)" A.M. Best rating** could significantly hinder the ability to market products and retain business[212](index=212&type=chunk)[213](index=213&type=chunk) - The business is highly dependent on IT systems, and a **system failure or security breach** could lead to significant losses[220](index=220&type=chunk)[258](index=258&type=chunk)[261](index=261&type=chunk) - **Brexit** has resulted in the loss of passporting rights, prompting the establishment of an EU insurance operation in Malta[284](index=284&type=chunk)[286](index=286&type=chunk) [Risks Relating to Ownership of Our Securities](index=45&type=section&id=Risks%20Relating%20to%20Ownership%20of%20Our%20Securities) Ownership risks stem from its Bermuda incorporation, foreign private issuer status, and significant ownership concentration - As a **Bermuda-incorporated company**, shareholders may face difficulties in enforcing U.S. judgments[315](index=315&type=chunk)[322](index=322&type=chunk) - **CEO Wasef Jabsheh beneficially owns about 33.8%** of common shares, allowing for significant influence over shareholder matters[334](index=334&type=chunk)[337](index=337&type=chunk) - The company's status as a **"foreign private issuer"** exempts it from certain SEC rules, resulting in less frequent disclosure[328](index=328&type=chunk)[330](index=330&type=chunk) - As an **"emerging growth company,"** the company can take advantage of reduced disclosure and governance requirements[332](index=332&type=chunk) - The potential resale of a significant number of shares by former shareholders **may adversely affect the market price**[338](index=338&type=chunk)[339](index=339&type=chunk) [Item 4. Information on the Company](index=55&type=section&id=Item%204.%20Information%20on%20the%20Company) The company is a global specialty insurance and reinsurance provider with a disciplined underwriting approach and a diversified portfolio - IGI is a global specialty insurance and reinsurance provider with a **diversified portfolio** across energy, property, and casualty lines in over 200 countries[357](index=357&type=chunk) - The company's disciplined "underwriting first" strategy resulted in a **10.7% compound annual GWP growth rate** from 2009 to 2020[359](index=359&type=chunk) Gross Written Premium (GWP) by Geography and Segment (2020) | Category | Sub-Category | GWP ($M) | Percentage | | :--- | :--- | :--- | :--- | | **By Geography** | United Kingdom | 158.3 | 33.9% | | | Continental Europe | 60.0 | 12.8% | | | Middle East | 48.4 | 10.4% | | | Asia | 37.4 | 8.0% | | | Other | 163.2 | 34.9% | | **By Segment** | Specialty Short-tail | 246.1 | 52.7% | | | Specialty Long-tail | 201.9 | 43.2% | | | Reinsurance | 19.3 | 4.1% | - Key strengths include an experienced management team, deep broker relationships, and a **scalable, technology-enabled operating platform**[363](index=363&type=chunk)[365](index=365&type=chunk)[370](index=370&type=chunk) - The strategy focuses on expanding in existing markets, growing into new specialty lines, and maintaining a **conservative investment approach**[371](index=371&type=chunk)[373](index=373&type=chunk)[374](index=374&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=87&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) The company reported significant growth in 2020, with increased premiums and improved underwriting results across all segments [Results of Operations — Consolidated](index=94&type=section&id=Results%20of%20Operations%20%E2%80%94%20Consolidated) Consolidated results for 2020 show significant growth in premiums and net underwriting income, reflecting strong overall performance Consolidated Financial Highlights (2019 vs. 2020) | Metric | 2019 ($M) | 2020 ($M) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Written Premiums | 349.2 | 467.3 | +33.8% | | Net Premiums Earned | 215.5 | 283.5 | +31.6% | | Net Underwriting Results | 52.0 | 77.4 | +48.8% | | Profit for the year | 23.6 | 31.6 | +33.9% | | Basic and diluted EPS ($) | 0.69 | 0.69 | 0.0% | - The **33.8% increase in gross written premiums** was driven by growth across all segments, attributed to new business and favorable market conditions[636](index=636&type=chunk) - Net claims and claim adjustment expenses increased by 28.5%, though the **net claims ratio improved to 53.5%** from 54.8% in 2019[641](index=641&type=chunk) - General and administrative expenses rose 19.3% due to costs for planned growth and **additional expenses following the Nasdaq listing**[654](index=654&type=chunk) [Results of Operations — Segments](index=105&type=section&id=Results%20of%20Operations%20%E2%80%94%20Segments) All operating segments, including Specialty Long-tail, Short-tail, and Reinsurance, demonstrated strong premium growth and underwriting results in 2020 Segment Net Underwriting Results (2019 vs. 2020) | Segment | 2019 ($M) | 2020 ($M) | Change (%) | | :--- | :--- | :--- | :--- | | Specialty Long-tail | 16.4 | 23.5 | +43.3% | | Specialty Short-tail | 35.4 | 44.4 | +25.4% | | Reinsurance | 0.2 | 9.5 | +4650% | - **Specialty Long-tail GWP growth** was driven by significant positive rate movement, particularly in the casualty line of business[684](index=684&type=chunk) - **Specialty Short-tail GWP growth** was led by the property and energy lines, benefiting from positive rate movements and new business[701](index=701&type=chunk) - The Reinsurance segment's claims ratio **dramatically improved from 82.0% to 33.2%** due to reduced claims activity[723](index=723&type=chunk)[731](index=731&type=chunk)[733](index=733&type=chunk) [Liquidity and Capital Resources](index=112&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity and regulatory capital, with its Bermuda and UK subsidiaries significantly exceeding solvency requirements Cash Flow Summary (2019 vs. 2020) | Cash Flow Activity | 2019 ($M) | 2020 ($M) | | :--- | :--- | :--- | | Net cash from (used in) Operating Activities | 21.4 | (90.5) | | Net cash used in Investing Activities | (1.0) | (1.9) | | Net cash (used in) from Financing Activities | (16.5) | 35.7 | | Net change in cash and cash equivalents | 7.7 | (59.0) | - The Bermuda subsidiary maintained a **Bermuda Solvency Capital Requirement (BSCR) Ratio of 180%** as of Dec 31, 2020, significantly exceeding the regulatory minimum[760](index=760&type=chunk) - The UK subsidiary **exceeded its Solvency Capital Requirement (SCR) by 51%** under the PRA's Solvency II regime as of Dec 31, 2020[769](index=769&type=chunk) - The company holds financial strength ratings of **"A" (Excellent) from A.M. Best** and "A-" from S&P Global Ratings, both with a stable outlook[749](index=749&type=chunk)[750](index=750&type=chunk) [Reserves](index=121&type=section&id=Reserves) The company's reserving process involves complex judgments and is overseen by a committee with independent third-party reviews Net Outstanding Claims Reserves (2019 vs. 2020) | Reserve Component ($M) | Dec 31, 2019 | Dec 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Net Reported Case Reserve | 129.5 | 151.9 | +22.4 | | Net IBNR Reserves & ULAE | 107.3 | 152.8 | +45.5 | | **Total Net Outstanding Claims** | **236.8** | **304.8** | **+68.0** | - The company experienced a **favorable prior-year reserve development of $6.1 million** in 2020, driven by positive movements in several lines[820](index=820&type=chunk)[824](index=824&type=chunk) - The reserving process involves a quarterly review by an internal actuarial team and is supplemented by **semi-annual independent actuarial reviews**[796](index=796&type=chunk)[797](index=797&type=chunk)[798](index=798&type=chunk) [Item 6. Directors, Senior Management and Employees](index=138&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section details the company's leadership, compensation, board structure, and committee oversight - The board of directors is comprised of seven members and is divided into **three staggered classes** with three-year terms[948](index=948&type=chunk) - Wasef Jabsheh, the company's founder, serves as Chairman and CEO, with family members in key executive roles[936](index=936&type=chunk)[937](index=937&type=chunk)[945](index=945&type=chunk)[952](index=952&type=chunk) 2020 Compensation Summary | Recipient Group | Aggregate Cash Compensation | Other Benefits | | :--- | :--- | :--- | | Executive Officers | ~$5.3 million | Accrued $0.3M in long-term benefits (restricted shares) | | Non-Employee Directors | ~$0.45 million | N/A | - The company has established an **Audit Committee, a Nominating/Governance Committee, and a Compensation Committee**[995](index=995&type=chunk)[996](index=996&type=chunk)[1000](index=1000&type=chunk)[1002](index=1002&type=chunk) - As of December 31, 2020, the company had **252 employees**, with the majority based in Amman, Jordan[1010](index=1010&type=chunk)[1011](index=1011&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=149&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) The company's ownership is concentrated, with the CEO being the largest shareholder, and key related party transactions stem from the 2020 Business Combination Major Shareholders (as of March 19, 2021) | Shareholder | Beneficial Ownership (%) | | :--- | :--- | | Wasef Salim Jabsheh (Chairman & CEO) | 33.8% | | Oman International Development & Investment Company SAOG | 14.2% | | Argo Re Limited | 9.7% | | Weiss Multi-Strategy Advisers LLC | 7.43% | | Church Mutual Insurance Company | 6.8% | | Michael T. Gray (Director) | 5.1% | - Key transactions related to the Business Combination include the **Sponsor Share Letter**, which transferred warrants and founder shares to Wasef Jabsheh and Argo Re[1023](index=1023&type=chunk)[1024](index=1024&type=chunk) - Major shareholders entered into **Lock-Up Agreements** restricting the sale of their shares for up to one year post-merger[1043](index=1043&type=chunk)[1044](index=1044&type=chunk)[1046](index=1046&type=chunk) - The company entered into **employment agreements** with its CEO, President, and COO, outlining salary, bonus, and severance benefits[967](index=967&type=chunk)[1048](index=1048&type=chunk) [Item 10. Additional Information](index=158&type=section&id=Item%2010.%20Additional%20Information) The company's governance as a Bermuda-exempted entity includes a classified board and special voting rights for its founder - The company is an exempted company incorporated under the laws of Bermuda, and its **Amended and Restated Bye-laws** govern its corporate structure[1063](index=1063&type=chunk)[1064](index=1064&type=chunk) - The bye-laws establish a **classified board** with three classes of directors serving staggered three-year terms[1082](index=1082&type=chunk) - **Wasef Jabsheh holds special rights** to appoint directors and influence major corporate actions based on his family's ownership level[1084](index=1084&type=chunk)[1091](index=1091&type=chunk) - Material contracts primarily relate to the **Business Combination**, including registration rights and forward purchase commitments[1112](index=1112&type=chunk)[1122](index=1122&type=chunk)[1124](index=1124&type=chunk) [Item 11. Quantitative and Qualitative Disclosures about Market Risks](index=176&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risks) The company is primarily exposed to insurance, financial, and credit risks, which are managed through disciplined underwriting and monitoring - The primary risks faced by the company are **insurance risk, market risk** (interest rate, currency, price), credit risk, and liquidity risk[1180](index=1180&type=chunk)[1190](index=1190&type=chunk) Insurance Risk Sensitivity Analysis (2020) | Sensitivity Factor | Impact on Gross Outstanding Claims ($M) | Impact on Net Outstanding Claims ($M) | Impact on Profit Before Tax ($M) | | :--- | :--- | :--- | :--- | | +7.5% | +36.9 | +22.9 | (22.9) | | -7.5% | (36.9) | (22.9) | +22.9 | Interest Rate Risk Sensitivity Analysis (2020) | Change in Basis Points | Effect on Profit Before Tax ($M) | | :--- | :--- | | -25 bps | (1.4) | | -50 bps | (2.9) | - As of December 31, 2020, **88.3% of reinsurance recoverables** were with carriers rated "A-" or better by A.M. Best[788](index=788&type=chunk) - The company is exposed to foreign currency risk, primarily from the **Pound Sterling (GBP) and Euro (EUR)**[1196](index=1196&type=chunk)[1198](index=1198&type=chunk) PART II [Item 15. Control and Procedures](index=181&type=section&id=Item%2015.%20Control%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of year-end 2020 - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2020[1218](index=1218&type=chunk) - Based on an assessment using the COSO framework, management determined that **internal control over financial reporting was effective**[1222](index=1222&type=chunk)[1223](index=1223&type=chunk) - As an emerging growth company, IGI is currently **exempt from the auditor attestation report** on internal controls[1224](index=1224&type=chunk) [Item 16. Other Information](index=182&type=section&id=Item%2016.%20Other%20Information) This section covers governance topics including the audit committee financial expert, auditor fees, and foreign private issuer exemptions - The Board of Directors has determined that **Wanda Mwaura is an "audit committee financial expert"**[1226](index=1226&type=chunk) Principal Accountant Fees (Ernst & Young LLP) | Fee Category | 2019 ($ thousands) | 2020 ($ thousands) | | :--- | :--- | :--- | | Audit Fees | 1,029 | 1,303 | | Audit-Related Fees | 0 | 0 | | Tax Fees | 61 | 5 | | All Other Fees | 42 | 47 | | **Total** | **1,132** | **1,355** | - As a foreign private issuer, the company follows Bermuda corporate governance practices in lieu of certain **Nasdaq requirements**[1241](index=1241&type=chunk) PART III [Item 18. Financial Statements](index=185&type=section&id=Item%2018.%20Financial%20Statements) This section contains the company's audited consolidated financial statements for the fiscal year ended December 31, 2020, prepared under IFRS [Report of Independent Registered Public Accounting Firm](index=191&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Ernst & Young LLP issued an unqualified opinion on the company's consolidated financial statements for the three years ended December 31, 2020 - Ernst & Young LLP expressed an **unqualified opinion** that the consolidated financial statements are presented fairly in accordance with IFRS[1260](index=1260&type=chunk) - The audit was conducted in accordance with the standards of the **Public Company Accounting Oversight Board (United States)**[1262](index=1262&type=chunk) [Consolidated Financial Statements](index=192&type=section&id=Consolidated%20Financial%20Statements) The financial statements show significant growth in total assets and equity, with the 2020 business combination treated as a share-based payment Consolidated Statement of Financial Position Highlights | Metric ($ thousands) | Dec 31, 2019 | Dec 31, 2020 | | :--- | :--- | :--- | | Total Assets | 1,009,074 | 1,279,207 | | Total Liabilities | 696,931 | 884,568 | | Total Equity | 312,143 | 394,639 | Consolidated Statement of Income Highlights | Metric ($ thousands) | 2018 | 2019 | 2020 | | :--- | :--- | :--- | :--- | | Gross Written Premiums | 301,618 | 349,292 | 467,273 | | Net Premiums Earned | 183,309 | 215,544 | 283,516 | | Net Underwriting Results | 56,058 | 52,045 | 77,354 | | Profit for the year | 25,542 | 23,565 | 31,669 | - The business combination was accounted for as a continuation of IGI, with the transaction treated as a **share-based payment under IFRS 2**[1273](index=1273&type=chunk)[1274](index=1274&type=chunk) - The company is currently evaluating the impact of **IFRS 17 (Insurance Contracts)**, effective January 1, 2023[1301](index=1301&type=chunk)[1302](index=1302&type=chunk)

IGI Investor Presentation Q4 2020 March 2021 INTERNATIONAL GENERAL INSURANCE HOLDINGS LIMITED International General Insurance Holdings Ltd. Forward Looking Statements This presentation 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 predi ...

IGI Investor Presentation Q3 2020 November 2020 INTERNATIONAL GENERAL INSURANCE HOLDINGS LIMITED International General Insurance Holdings Ltd. Forward Looking Statements This presentation 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 pr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

IGI Investor Presentation March 2020 INTERNATIONAL GENERAL INSURANCE HOLDINGS LIMITED INTERNATIONAL GENERAL INSURANCE HOLDINGS LIMITED CONTENTS | --- | --- | |-----------------------|-------------| | | | | COMPANY OVERVIEW | Section 1 | | BUSINESS OVERVIEW | Section 2 | | TRANSACTION OVERVIEW | Section 3 | | FINANCIAL PERFORMANCE | Section 4 | | RISK MANAGEMENT | Section 5 | | CORPORATE GOVERNANCE | Section 6 | COMPANY OVERVIEW Section 1 Specialty (Re)Insurer With 18-Yr Track Record Maximizing Total Value C ...