International General Insurance Holdings Ltd. reports developments for an international specialty risks commercial insurer and reinsurer underwriting energy, property, construction and engineering, ports and terminals, general aviation, marine, political violence, financial institutions, professional indemnity, D&O and treaty reinsurance business. Its operating disclosures commonly discuss the Specialty Longtail, Specialty Short-tail and Reinsurance segments, with premiums, underwriting income, combined ratio, net investment income and book value measures.
Company updates also include ordinary and extraordinary common share dividends, annual Form 20-F filing announcements, investor presentations and board or committee changes. IGI is registered in Bermuda and operates across insurance-market hubs including Bermuda, London, Malta, Dubai, Amman, Oslo, Kuala Lumpur and Casablanca.
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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