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International General Insurance Holdings Ltd. (symbol: IGIC) is a leading commercial insurer and reinsurer with a global footprint and a specialized focus on a wide array of specialty lines. Established in March 2002, the company has grown to become a significant player in the insurance sector, operating out of the Dubai International Financial Centre (DIFC) with additional offices in Bermuda, the United Kingdom, Jordan, and Malaysia.
IGIC underwrites a diverse portfolio that includes Energy, Property, Marine, Construction and Engineering, Financial Institutions, General Aviation, Casualty, Ports & Terminals, Political Violence, and non-proportional reinsurance treaty business, with a significant presence in Afro-Asian markets. This extensive portfolio allows the company to cater to a wide range of industries and client needs.
The principal underwriting entity for IGIC is IGI Bermuda, a Class 3B insurer regulated by the Bermuda Monetary Authority (BMA). The Bermuda office is complemented by IGI Underwriting Company Limited in Amman, Jordan, which provides essential management, underwriting, and operational functions. Reflecting its strong financial standing, IGI Bermuda boasts an A- (Excellent) rating with a stable outlook from A.M. Best Company.
IGIC's journey over the years has been marked by strategic growth and resilience, underscored by its commitment to providing top-tier insurance solutions. The company's primary business segments include Specialty Longtail, Specialty Short Tail, and Reinsurance, each addressing specific market needs with tailored products.
Recent news highlights IGIC's ongoing efforts to innovate and expand, including new partnerships and strategic initiatives aimed at enhancing their service offerings and market reach. Investors and stakeholders can rely on IGIC's robust performance and strategic vision to navigate the complexities of the insurance landscape.
IGI (NASDAQ: IGIC) has announced a quarterly dividend of $0.025 per share for its ordinary common shares. This dividend covers the period from April 1, 2024, to June 30, 2024. Shareholders who are on record as of the close of business on September 2, 2024, will receive the dividend payment on September 18, 2024. This announcement demonstrates IGI's commitment to providing regular returns to its shareholders, which could be seen as a positive sign of the company's financial stability and confidence in its future performance.
International General Insurance Holdings (NASDAQ: IGIC) reported its unaudited financial results for Q2 and H1 2024.
For Q2 2024, IGIC recorded gross written premiums of $205.6M, a 3% increase from $199.6M in Q2 2023. Net premiums earned were $121.8M, up from $118.4M the previous year. However, net income dropped to $32.8M from $40.5M, with a diluted EPS of $0.73 compared to $0.88 in Q2 2023. The combined ratio rose to 81.2% from 73.5% due to higher loss and expense ratios.
For the first six months of 2024, gross written premiums grew by 3.7% to $387.2M. Net premiums earned were $236.4M, an increase from $223.4M in H1 2023. Net income decreased to $70.7M from $74.4M, with a diluted EPS of $1.55 compared to $1.59. The combined ratio increased to 77.7% from 75.7%.
The company highlighted strong performance in the Reinsurance and Short-tail segments. However, the increased combined ratio reflects higher loss and administrative expense ratios. Total shareholders' equity rose to $588.2M, with a book value per share of $13.31.
International General Insurance Holdings (IGIC) announced it will release its financial results for Q2 and H1 2024 on August 6, 2024, after the U.S. markets close.
The results will be accompanied by a slide presentation, available on the company's website in the Investors section.
An investor teleconference with a Q&A session is scheduled for August 7, 2024, at 9:00 a.m. Eastern time.
Participants can join by dialing specified numbers or via a live, listen-only webcast on the company's website, where the webcast will be archived.
International General Insurance Holdings (NASDAQ: IGIC) announced an increase in its share repurchase authorization to 7.5 million common shares. This represents an additional 2.5 million shares over the previously authorized 5 million shares from May 2022. As of June 10, 2024, IGI had 475,203 shares left under the previous authorization. With the new increase, the company now has 2,975,203 shares available for repurchase. These repurchases, subject to market conditions and legal requirements, may occur in various forms, including open market and private transactions.
International General Insurance Holdings (IGI) has announced a significant increase in its quarterly ordinary common share dividend. The Board of Directors approved a 150% hike, raising the dividend from $0.01 to $0.025 per share. The new dividend rate will take effect with the payout scheduled for June 20, 2024, to shareholders on record as of June 3, 2024.
International General Insurance Holdings (IGI) (NASDAQ: IGIC) will begin trading at Lloyd’s from May 9, 2024, demonstrating its commitment to the London market. IGI will operate in Box 330A, Gallery 3, trading across different business lines to enhance distribution and brand recognition. This move aligns with IGI's strategic growth goals, offering efficient distribution capabilities in the London insurance marketplace.
IGI, a NASDAQ-listed company, reported strong financial results for Q1 2024, with $181.6M gross written premiums, $114.5M net premiums earned, $37.9M net income, and 74.1% combined ratio. Net income increased by 11.8% YoY, driven by underwriting and investment income growth. Core operating income rose to $40M, with a 29.2% core operating return on average equity. The company aims for sustainable long-term value creation.
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