Premiums and Revenues - Gross written premiums for Q3 2025 were $131.3 million, down from $138.3 million in Q3 2024, while for the first nine months of 2025, they were $525.6 million, a slight increase from $525.5 million in the same period of 2024[2][6] - Net premiums earned for Q3 2025 were $114.7 million, compared to $126.1 million in Q3 2024, and for the first nine months of 2025, they were $342.5 million, down from $362.5 million in the same period of 2024[2][4] - Total revenues for the nine months ended September 30, 2025, were $390.6 million, slightly down from $403.8 million in the same period of 2024[27] - For the nine months ended September 30, 2025, the total gross written premiums reached $525.6 million, while net written premiums were $350.8 million[41] Underwriting Performance - Underwriting income for Q3 2025 was $51.4 million, an increase from $41.4 million in Q3 2024, but for the first nine months of 2025, it decreased to $114.3 million from $138.7 million in the same period of 2024[2][7] - The combined ratio improved to 76.5% in Q3 2025 from 86.0% in Q3 2024, while for the first nine months of 2025, it was 87.1%, up from 80.5% in the same period of 2024[2][11] - The loss ratio improved to 39.3% in Q3 2025 from 51.5% in Q3 2024, but increased to 49.3% for the first nine months of 2025 from 45.3% in the same period of 2024[2][8] - The net loss and loss adjustment expenses for the quarter ended September 30, 2025, were $45.1 million, compared to $65.0 million in 2024[48] Net Income and Earnings - Net income for Q3 2025 was $33.5 million, slightly down from $34.5 million in Q3 2024, and for the first nine months of 2025, it was $94.9 million, compared to $105.1 million in the same period of 2024[2][4] - Core operating income for Q3 2025 was $38.6 million, up from $30.7 million in Q3 2024, but for the first nine months of 2025, it decreased to $80.8 million from $103.9 million in the same period of 2024[2][5] - The diluted earnings per share attributable to equity holders for the nine months ended September 30, 2025, was $2.14, down from $2.31 in 2024[45] - The net income available to common shareholders for the quarter ended September 30, 2025, was $33.5 million, compared to $34.3 million in 2024[45] Shareholder Equity and Assets - Total shareholders' equity increased to $686.5 million at September 30, 2025, compared to $654.8 million at December 31, 2024[23] - Book value per share increased by 9.3% to $16.23 as of September 30, 2025, compared to $14.85 at December 31, 2024[25] - Average shareholders' equity increased to $674.4 million in Q3 2025, compared to $619.9 million in Q3 2024[55] - Total assets increased to $2,121.8 million as of September 30, 2025, from $2,037.6 million at December 31, 2024[30] Investment Performance - Investment income for the first nine months of 2025 increased by 6.8% to $40.6 million, compared to $38.0 million in the same period of 2024[19] - Net investment income for the nine months ended September 30, 2025, was $45.8 million, up from $40.3 million in the same period of 2024[27] - The investment yield for the quarter ended September 30, 2025, was 4.1%, slightly down from 4.2% in the same quarter of 2024[43] Foreign Exchange Impact - The net foreign exchange loss for Q3 2025 was $6.1 million, compared to a gain of $8.6 million in Q3 2024, while the net foreign exchange gain for the first nine months of 2025 was $11.1 million, up from $4.7 million in the same period of 2024[20][21] - The company reported a net foreign exchange gain of $6.1 million in Q3 2025, contrasting with a loss of $8.6 million in Q3 2024[55] Company Ratings and Outlook - IGI is rated "A" (Excellent)/Stable by AM Best and "A" (Strong)/Stable by S&P Global Ratings[62] - Forward-looking statements indicate potential risks including competition, economic factors, and geopolitical tensions affecting performance[63] Share Repurchase - The company repurchased 789,575 common shares at an average price of $23.79 per share during the third quarter of 2025[24] Portfolio and Operations - The company has a diverse portfolio including energy, property, and marine trades, with operations in multiple global locations[62]

Group 1 - The individual investor has over 10 years of trading experience and has developed as a stock analyst for the last five years, focusing on value companies linked to commodity production [1] - The investor emphasizes the importance of sustained free cash flows, low leverage, and sustainable debt in identifying companies with high recovery potential [1] - There is a preference for analyzing underappreciated sectors such as oil & gas, metals, and mining, particularly in emerging markets, to uncover investment opportunities [1] Group 2 - The investor is interested in companies with a strong pro-shareholder attitude, including solid buyback programs and consistent dividend distributions [1] - The educational background includes a financial master's degree specializing in company valuation and an economic degree [1] - The motivation is to share valuable information with the Seeking Alpha community to aid individual investment decisions [1]

Financial Performance - Net income for the six months ended June 30, 2025, was $61,446 thousand, a decrease of 13.06% from $70,661 thousand in the prior year[8] - Total comprehensive income increased to $80,830 thousand for the six months ended June 30, 2025, compared to $67,398 thousand in 2024, marking a growth of approximately 19.97%[8] - Basic earnings per share decreased to $1.37 for the six months ended June 30, 2025, down from $1.56 in the same period of 2024[6] - Net income available to common shareholders for the six months ended June 30, 2025, was $60,649,000, down from $69,071,000 in 2024, reflecting a decline of 12.5%[38] - Diluted earnings per share for the six months ended June 30, 2025, was $1.36, down from $1.55 in 2024, representing a decline of 12.3%[38] Assets and Liabilities - Total assets increased to $2,124,090 thousand as of June 30, 2025, compared to $2,037,538 thousand at December 31, 2024, reflecting a growth of approximately 4.26%[4][5] - The total liabilities increased to $1,461,774 thousand as of June 30, 2025, from $1,382,706 thousand at December 31, 2024, indicating a rise of approximately 5.71%[5] - The reserve for unpaid loss and loss adjustment expenses increased to $801,496 thousand as of June 30, 2025, from $794,243 thousand at December 31, 2024[5] - As of June 30, 2025, total cash, cash equivalents, and restricted cash amounted to $180.524 million, an increase from $168.246 million as of December 31, 2024[21] Cash Flow - Net cash provided by operating activities decreased significantly to $27,172 thousand for the six months ended June 30, 2025, compared to $120,732 thousand in the same period of 2024[12] - Cash and cash equivalents at the end of the period were $180,524 thousand, slightly down from $185,607 thousand at the end of June 2024[12] Shareholder Returns - The company paid dividends of $41,891 thousand during the six months ended June 30, 2025, compared to $24,368 thousand in the same period of 2024[12] - The company repurchased 1,502,024 shares during the period, increasing the total treasury shares to 671,709 as of June 30, 2025[33] Fair Value Measurements - The total fair value of assets measured at fair value as of June 30, 2025, was $1.047 billion, with corporate bonds contributing $975.502 million[28] - The change in fair value for equity-method investments measured at fair value increased to $2.125 million as of June 30, 2025[29] - There were no transfers into or out of Level 3 financial assets during the six months ended June 30, 2025[30] Accounting Standards - The company had no new U.S. GAAP accounting standards adopted that would materially impact the financial statements[20] Other Information - There were no material subsequent events between June 30, 2025, and the date of the report that required disclosure[39]

Financial Data and Key Metrics Changes - The company reported net income of $34.1 million for Q2 2025 and $61.4 million for the first half of the year, resulting in an annualized return on average equity of 20.8% for Q2 and 18.6% for the first half [6][31] - Book value per share increased by 3.4% to $15.36 in the first half of the year, with a total of $77 million returned to shareholders through dividends and share repurchases [7][31] - Gross premiums for Q2 2025 were just under $190 million, reflecting a decrease of 8.7%, while for the first six months, gross premiums were up almost 2% to around $395 million [15][16] Business Line Data and Key Metrics Changes - In the short tail segment, gross premiums decreased by 8.5% for Q2 and 4.2% for the first half, with underwriting income up almost 21% in Q2 due to lower losses compared to the previous year [21][22] - The reinsurance segment saw flat gross premiums compared to Q2 last year, but a growth of about 33% for the first half, driven by strong renewals and new business [22][23] - The long tail segment faced challenges, with gross premiums down almost 12% in Q2 and 5% in the first half, resulting in an underwriting loss of $3 million for Q2 [26][27] Market Data and Key Metrics Changes - The company noted competitive pressures in various areas of its portfolio, particularly in the long tail segment, which is most affected by foreign currency movements [10][11] - The underwriting portfolio is diversified geographically, with about half transacted in non-U.S. Dollar currencies, impacting the revaluation of loss reserves [12][14] - The overall market conditions remain generally healthy, but certain areas are experiencing increased competition, particularly in property and energy lines [32][38] Company Strategy and Development Direction - The company focuses on cycle management, moving capital to areas with strong rate momentum and high margins while reducing exposure in less profitable areas [7][10] - There is a commitment to not sacrifice bottom-line profitability for top-line growth, emphasizing sustainable value generation for the long term [36][43] - The company is expanding its capabilities in specific markets while maintaining a cautious approach to underwriting in competitive segments [37][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating headwinds and highlighted the importance of a diversified strategy to manage cyclicality and volatility [42][43] - The outlook for the remainder of 2025 includes continued contraction in certain areas of the portfolio where profitability does not meet targets [32][34] - Management remains optimistic about finding profitable opportunities across various lines despite competitive pressures [32][39] Other Important Information - The company repurchased over 1.34 million shares at an average price of $23.28 during Q2, with approximately 800,000 shares remaining on the repurchase authorization [31] - Total assets increased by over 4% to about $2.1 billion, with total investments and cash at $1.3 billion [30] Q&A Session Summary Question: Net to gross retention on a written premium basis was 64% in the quarter, down from 73% year over year. Can you speak to that? - Management indicated that the decrease was primarily due to opportunistic buying of facultative reinsurance in a softer market, aiming to generate higher fee income [46][47] Question: Regarding the professional indemnity portfolio that will be non-renewed, what was the session level a couple of years ago versus now? - Management noted that the quota share has hovered between 60% to 85% over the years, with the intent of non-renewal aimed at improving overall profitability [48][49]

Financial Highlights - IGI's total assets reached approximately $700 million as of full year 2024[4] - The company's gross written premium was $2.1 billion as of June 30, 2025[4] - IGI reported a net income of $34.1 million for Q2 2025, a 4% increase over Q2 2024[20] - The company's net income for the first half of 2025 was $61.4 million, a 13.2% decrease compared to the first half of 2024[20] - IGI's book value per share increased by 4.8% from March 31, 2025, to $15.36[20] Underwriting Performance - IGI's combined ratio for Q2 2025 was 90.5%[20] - The combined ratio for the first half of 2025 was 92.4%[20] - Underwriting income for Q2 2025 was $35.0 million[20] - Underwriting income for the first half of 2025 was $63.0 million[20] Capital Management - IGI returned $33.5 million to shareholders in Q2 2025 through dividends and share repurchases[20] - The company returned $77.0 million to shareholders in the first half of 2025, including a $0.85 special dividend and share repurchases[20] - As of June 30, 2025, the Jabsheh family owned 35.8% of the company[9]

Core Viewpoint - International General Insurance Holdings Ltd. (IGIC) reported quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate of $0.55 per share, and down from $0.74 per share a year ago, indicating a negative earnings surprise of -7.27% [1] Financial Performance - The company posted revenues of $132.9 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 5.34%, and down from $135.6 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates only once and has not beaten consensus revenue estimates during the same period [2] Stock Performance - International General Insurance shares have declined approximately 1.2% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.82 for the coming quarter and $2.67 for the current fiscal year, with revenues expected to be $143.6 million and $560.4 million respectively [7] - The estimate revisions trend for the company was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), suggesting shares are expected to perform in line with the market in the near future [6] Industry Context - The Insurance - Multi line industry, to which International General Insurance belongs, is currently in the top 38% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Data and Key Metrics Changes - The company reported a combined ratio of 94.4%, indicating a deterioration compared to previous quarters due to elevated loss activity and macroeconomic uncertainties [6][19]. - Net income for Q1 2025 was $27.3 million or $0.59 per share, down from $37.9 million or $0.84 per share in Q1 2024, primarily due to lower underwriting income and higher reinstatement premiums [19][30]. - Core operating income decreased to $19.5 million or $0.42 per share from $40 million or $0.89 per share year-over-year [20]. Business Line Data and Key Metrics Changes - Gross written premiums (GWP) increased by over 13% to just over $206 million, driven mainly by growth in the reinsurance segment [16]. - The short tail segment saw gross premiums rise by 2%, but earned premiums fell by 5.3% due to reinstatement premiums impacting reinsurance purchases [23][24]. - The long tail segment experienced slight premium growth but recorded an underwriting loss of $7.5 million compared to a profit of $10 million in Q1 2024, attributed to higher loss activity and FX impacts [28]. Market Data and Key Metrics Changes - The reinsurance treaty segment showed significant top-line growth of almost 44%, driven by new business in specialty treaty lines [25]. - The company noted heightened competitive pressure in various markets, particularly in the long tail segment, where net rates remain adequate despite several quarters of decline [32][33]. - The U.S. market was highlighted as a key growth area, with expectations for continued opportunities despite increased competition [36][38]. Company Strategy and Development Direction - The company emphasized its diversification strategy as a key strength in navigating market volatility and uncertainty [6][8]. - Management expressed confidence in the ability to find new business opportunities while maintaining a disciplined approach to underwriting [11][31]. - The focus remains on long-term growth rather than short-term results, with a commitment to protecting the portfolio and servicing clients effectively [10][11]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by elevated loss activity and geopolitical tensions but remained optimistic about the company's resilience and strategic positioning [10][14]. - The outlook for the remainder of the year includes a cautious approach to new business in competitive markets, particularly in the U.S. and Europe [36][38]. - Management reiterated the importance of maintaining adequate rates and being selective in underwriting to ensure profitability [62][66]. Other Important Information - The company paid a special dividend of $0.85, returning a total of $43.5 million to shareholders during the quarter [7][30]. - Total assets increased by almost 3% to $2.1 billion, with total equity just over $650 million at the end of the quarter [29][30]. Q&A Session Summary Question: Inquiry about the professional indemnity portfolio - Management confirmed that the area under review is similar to one previously remediated, indicating ongoing performance issues but no systemic problems [46][47]. Question: Clarification on combined ratio deterioration - Management explained that the reported deterioration was influenced by currency impacts, with a more accurate comparison showing a 6 to 7 point deterioration when adjusted for FX [51][53]. Question: Impact of tariffs on marine and port business - Management stated that there has been no significant impact from tariffs on their marine business, although cargo values might be affected [60]. Question: Outlook for aviation market - Management indicated that the aviation market remains challenging, but their book has shown solid profitability despite a reduced portfolio [68].

Financial Data and Key Metrics Changes - The company reported a combined ratio of 94.4%, indicating a deterioration primarily due to elevated loss activity and reinstatement premiums [7][19][20] - Net income for Q1 2025 was $27.3 million or $0.59 per share, down from $37.9 million or $0.84 per share in Q1 2024 [20][21] - Core operating income decreased to $19.5 million or $0.42 per share compared to $40 million or $0.89 per share in the same quarter last year [21] - Total assets increased by almost 3% to $2.1 billion, with total investments in cash at $1.3 billion [30] Business Line Data and Key Metrics Changes - Gross written premiums (GWP) grew by over 13% to just over $206 million, driven mainly by the reinsurance segment [18] - The short tail segment saw gross premiums up 2% but earned premiums down 5.3% due to reinstatement premiums [24] - The reinsurance treaty segment experienced a top line growth of almost 44%, primarily from new business in specialty treaty lines [26] - The long tail segment faced challenges with premiums up slightly but recorded an underwriting loss of $7.5 million compared to a profit of $10 million in Q1 2024 [29] Market Data and Key Metrics Changes - The company noted heightened foreign exchange volatility impacting financial results, particularly with the U.S. Dollar weakening against major currencies [17] - The U.S. market remains the biggest growth area, with expectations for continued opportunities despite increased competition [38][39] Company Strategy and Development Direction - The company emphasizes a long-term perspective, focusing on stability and resilience amid market volatility [12][13] - A diversified strategy is highlighted as a key strength, allowing the company to navigate market cycles effectively [10][32] - The company is committed to maintaining discipline in underwriting and risk selection, particularly in challenging segments like long tail [28][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the elevated loss environment and macroeconomic uncertainties but expressed confidence in the company's ability to manage these challenges [7][12] - The outlook for the remainder of the year includes a cautious approach to new business, particularly in competitive markets [36][38] - Management noted that while rates are declining, many areas still exhibit rate adequacy, allowing for continued business writing [62] Other Important Information - The company paid a special dividend of $0.85, returning a total of $43.5 million to shareholders during the quarter [8][31] - The G&A expense ratio showed marginal improvement to 19.1% from 19.5% year-over-year [24] Q&A Session Summary Question: Inquiry about the professional indemnity portfolio - Management confirmed that the area under review is similar to one previously remediated, indicating ongoing performance issues but no systemic problems [46][47] Question: Clarification on combined ratio deterioration - Management explained that the combined ratio deterioration was influenced by currency impacts, with a more accurate comparison showing a 6 to 7 point deterioration when adjusted for currency [51][53] Question: Impact of tariffs on marine and port business - Management stated that there has been no significant impact from tariffs on their marine business, although cargo values might be affected [60] Question: Outlook for aviation market - Management indicated that the aviation market remains challenging, with a reduced book size but solid profitability in recent quarters [68]

Financial Data and Key Metrics Changes - The company reported a combined ratio of 94.4%, indicating a relatively stable performance despite a challenging loss environment and macroeconomic uncertainties [6][19]. - Net income for Q1 2025 was $27.3 million or $0.59 per share, down from $37.9 million or $0.84 per share in Q1 2024, primarily due to lower underwriting income and higher reinstatement premiums [19][20]. - Core operating income decreased to $19.5 million or $0.42 per share from $40 million or $0.89 per share in the same quarter last year [20]. Business Line Data and Key Metrics Changes - Gross premiums in the short tail segment increased by 2% in Q1, while earned premiums decreased by 5.3% due to reinstatement premiums [23]. - The reinsurance treaty segment showed significant growth, with top line growth of almost 44%, driven by new business in specialty treaty lines [25]. - The long tail segment faced challenges, recording an underwriting loss of $7.5 million compared to a profit of $10 million in Q1 2024, influenced by higher loss activity and foreign exchange impacts [27]. Market Data and Key Metrics Changes - The company experienced heightened loss activity due to natural catastrophes, including California wildfires and earthquakes in Taiwan, impacting both reinsurance and short tail segments [14][20]. - Currency volatility affected financial results, with a notable impact from the strengthening of the pound against the U.S. dollar, which negatively influenced reserve revaluation [15][52]. - The U.S. market remains a significant growth area, with expectations for continued opportunities despite increased competition [36][38]. Company Strategy and Development Direction - The company emphasizes a long-term perspective, focusing on resilience and the ability to navigate market volatility [10][11]. - A diversified strategy is highlighted as a key strength, allowing the company to manage risks and capitalize on opportunities across various lines of business [30]. - The company is prepared to adjust its portfolio based on performance, particularly in underperforming segments like professional indemnity [32][68]. Management Comments on Operating Environment and Future Outlook - Management acknowledged the current elevated loss environment and macroeconomic uncertainties but expressed confidence in the company's ability to deliver value to shareholders [6][10]. - The outlook for the remainder of the year includes a cautious approach to new business, particularly in competitive segments, while maintaining a focus on rate adequacy [34][66]. - Management noted that while some segments are experiencing rate declines, there are still adequate rates in many areas, allowing for continued business writing [62][64]. Other Important Information - The company returned $43.5 million to shareholders in the form of share repurchases and dividends during the first quarter [7][29]. - Total assets increased by almost 3% to $2.1 billion, with total investments in cash amounting to $1.3 billion [28]. Q&A Session Summary Question: Inquiry about the professional indemnity portfolio - Management confirmed that the area under review is similar to one previously addressed and is not performing as expected, with potential discontinuation being considered [44][46]. Question: Clarification on combined ratio deterioration - Management explained that the combined ratio deterioration was influenced by currency movements and that the actual difference in performance between Q1 2024 and Q1 2025 is less severe when adjusted for these factors [50][52]. Question: Impact of tariffs on marine and port business - Management indicated that there has been no significant impact from tariffs on their marine business, although cargo values might be affected [59][60]. Question: Outlook for the aviation market - Management stated that the aviation market remains challenging, but the book has shown solid profitability, and they are maintaining a cautious approach [68].

Core Viewpoint - International General Insurance Holdings Ltd. (IGIC) reported quarterly earnings of $0.42 per share, missing the Zacks Consensus Estimate of $0.47 per share, and down from $0.89 per share a year ago, indicating a -10.64% earnings surprise [1][2] Financial Performance - The company posted revenues of $129 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.80%, and down from $130.1 million year-over-year [2] - Over the last four quarters, IGIC has surpassed consensus EPS estimates only once [2] Stock Performance - IGIC shares have increased approximately 9.9% since the beginning of the year, contrasting with the S&P 500's decline of -3.9% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.66 on revenues of $133.8 million, and for the current fiscal year, it is $2.84 on revenues of $546.1 million [7] - The estimate revisions trend for IGIC is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Insurance - Multi line industry, to which IGIC belongs, is currently ranked in the top 27% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]