International General Insurance(US:IGIC)2021-08-13 22:28Company 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]