International General Insurance Holdings Ltd. (IGI) Annual Report - How They Did This Year

I’m putting together this guide to help you understand International General Insurance Holdings Ltd. (IGI). My goal is to explain their business in plain English so you can decide if they fit your investment strategy.

1. What does this company do?

IGI is a specialist insurer and reinsurer. Unlike companies that cover homes or cars, IGI covers complex, high-risk projects. Their business has three parts:

• Long-tail: Policies like professional liability for businesses.
• Short-tail: Coverage for energy, property, and engineering projects.
• Reinsurance: Acting as an insurance partner for other insurance companies.

They operate globally, with offices in Bermuda, London, Dubai, Amman, Labuan, and Casablanca. This allows them to underwrite risks in many different countries.

2. Financial performance: How are they doing?

IGI prioritizes making a profit on the policies they sell rather than just growing as fast as possible.

• Premium Trends: In 2025, IGI brought in $666.7 million in premiums, down 4.8% from $700.3 million in 2024. They chose to exit less profitable lines to focus on higher-quality business.
• Profitability: Their core insurance profit was $114.9 million in 2025, compared to $144.8 million in 2024. Their "combined ratio" was 88.2% in 2025, compared to 81.5% in 2024. This means for every $100 they earned, they spent $88.20 on claims and expenses.
• Investment Income: IGI invests their cash conservatively to protect it. They earned $54.7 million in investment income in 2025, up from $51.9 million in 2024. Their portfolio consists of high-quality bonds.
• Shareholder Returns: IGI returned $108.1 million to shareholders in 2025. This included $46.2 million in cash dividends and $61.9 million to buy back their own stock. Buying back shares reduces the total number of shares, which increases the profit share for remaining investors.

3. Financial Health: Are they safe?

For an insurer, the most important metric is their ability to pay claims after a disaster.

• Strong Capital: IGI keeps a conservative balance sheet to ensure they can pay all claims. Regulators in Bermuda and the UK oversee them closely. Their UK branch held 68% more capital than required in 2025, up from 49% in 2024. This provides a strong buffer against unexpected losses.
• Credit Ratings: Independent agencies confirm their stability. In 2025, S&P upgraded their rating to "A" (Stable), and A.M. Best reaffirmed their "A" (Excellent) rating. These high ratings help IGI win large, multinational contracts.

4. Major risks: What could go wrong?

• Catastrophe Exposure: IGI covers energy plants and large infrastructure. They are vulnerable to hurricanes, earthquakes, or wars. They use reinsurance to share this risk, but a series of major disasters could still hurt their bottom line.
• The "Big Boss" Influence: Founder and CEO Wasef Jabsheh and his family control over 56% of the voting shares. This provides stability, but it means minority shareholders have little say in board decisions or company sales.
• Market Volatility: Because IGI invests in bonds, their income changes when interest rates move. While higher rates can boost income, they can also lower the market value of the bonds IGI already owns.

5. What’s next?

IGI plans to stay a disciplined, niche player. They will focus on high-quality business and maintain a large cash cushion. Management intends to grow their specialty lines, such as energy and political violence coverage, while keeping their investments conservative to protect the company’s value.

Note: IGI is a focused, disciplined operator. If you are comfortable with the risks of a smaller, global company, their track record of efficiency and strong capital position is worth a look.