Welcome to our dedicated page for International General Insurance Holdings Ltd. Ordinary Share news (Ticker: IGIC), a resource for investors and traders seeking the latest updates and insights on International General Insurance Holdings Ltd. Ordinary Share stock.
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.
International General Insurance Holdings (NASDAQ: IGIC) has announced that President & CEO Waleed Jabsheh will deliver a presentation at the 16th Annual Southwest IDEAS Investor Conference in Dallas, Texas. The presentation is scheduled for November 20, 2024, at 3:30 PM Central Time (4:30 PM Eastern) at The Statler.
Investors can access the webcast through the conference host's website and IGI's investor relations page. This marks an important opportunity for the company to engage with investors and share its business updates.
International General Insurance Holdings (NASDAQ: IGIC) has declared a quarterly ordinary common share dividend of $0.025 per share for the period July 1, 2024 – September 30, 2024. The dividend will be paid on December 18, 2024 to shareholders of record as of the close of business on December 3, 2024.
IGI reported strong Q3 2024 financial results with net income of $34.5 million, up from $10.9 million in Q3 2023. The company achieved a combined ratio of 86.0% and return on equity of 22.3%. Gross written premiums were $138.3 million, down from $150.3 million in Q3 2023. Net investment income increased to $11.5 million from $9.0 million. Total shareholders' equity grew to $651.6 million, a 20.6% increase from December 2023. Book value per share increased 18.6% to $14.71. The company continued its share repurchase program and paid $25 million in dividends year-to-date.
IGI Holdings (NASDAQ: IGIC) announced the relocation of its London operations to the 15th floor of the 'Walkie-Talkie' Building at 20 Fenchurch Street, effective October 28, 2024. The move reflects the company's growth and commitment to the London market. The new office will house over 130 employees, including 60 underwriters covering various business lines such as Energy, Property, Aviation, Construction, Marine, and Financial services. According to CEO Waleed Jabsheh, the relocation will enhance team collaboration and client engagement by consolidating all personnel on a single floor.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a" (Excellent) for International General Insurance Co. (IGICL), International General Insurance Company (UK) (IGIUK), and International General Insurance Company (Europe) (IGI Europe). The Long-Term ICR of "bbb" (Good) for International General Insurance Holdings (IGI) [NASDAQ: IGIC] was also affirmed. The outlook for these ratings is stable.
The ratings reflect IGI's very strong balance sheet strength, strong operating performance, business profile, and appropriate enterprise risk management. IGI's risk-adjusted capitalisation is assessed at the strongest level, supported by a strong liquidity position and conservative investment portfolio. The company has demonstrated strong profitability with a five-year (2019-2023) weighted average return-on-equity ratio of 16% and a combined ratio below 85%.
International General Insurance Holdings (NASDAQ: IGIC) has announced the release date for its third quarter and first nine months of 2024 financial results. The company will publish these results on Tuesday, November 5, 2024, after the U.S. financial markets close. IGI will also host an investor teleconference on Wednesday, November 6, 2024, at 9:00 a.m. Eastern time to discuss the financial results.
The results and an accompanying slide presentation will be available in the Investors section of IGI's website at www.iginsure.com. Investors can access the teleconference by dialing 1-844-881-0137 (U.S. callers) or 1-412-902-6508 (international callers) and requesting to join the IGI call. A live, listen-only webcast will also be available on the company's website and archived for future reference.
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.
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