International General Insurance(US:IGIC)2025-05-06 22:06Company Overview - IGI's market capitalization is $1.19 billion with a share price of $26.32 as of March 31, 2025[4] - Shareholder equity/BVPS (Book Value Per Share) is $650 million/$14.65 as of March 31, 2025[4] - The Jabsheh family owns 35.2% of IGI[6] - IGI has 475 employees[4] Financial Performance - Gross Written Premium (GWP) for Q1 2025 was $206.5 million, a 13.7% increase compared to $181.6 million in Q1 2024, driven by growth in specialty treaty reinsurance[19] - Underwriting income decreased by 46.3% to $27.9 million in Q1 2025, compared to $52.0 million in Q1 2024, due to higher loss activity and reinstatement premiums[19] - Net income decreased by 28.0% to $27.3 million in Q1 2025, compared to $37.9 million in Q1 2024, due to lower underwriting income[19] - The combined ratio deteriorated by 20.3 points to 94.4% in Q1 2025, compared to 74.1% in Q1 2024, due to higher losses, lower net premiums earned, and a 10-point currency revaluation impact[19] - Core Operating ROAE (Return on Average Equity) declined by 17.2 points to 12.0% in Q1 2025, compared to 29.2% in Q1 2024, due to lower underwriting income driven by higher large loss activity[19] Investment Portfolio - The total investment portfolio is $1.272 billion as of March 31, 2025[30] - Bonds account for 81% of the total investment portfolio[30] - Cash & Cash Equivalents and Term Deposits account for 8% respectively of the total investment portfolio[30]