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- **Record Financials**: 20% ROE (Q3) and 19% (9M), driven by disciplined underwriting and capital management.
- **Strategic Upgrade**: S&P A rating unlocks new business opportunities, especially in specialty reinsurance.
- **Segment Growth**: Reinsurance segment up 25% (9M) in higher-margin lines; short-tail engineering business expands 10%.
- **Shareholder Focus**: $98 million returned to shareholders via dividends and buybacks, with new $5M repurchase authorization.
- **Market Resilience**: Maintaining underwriting discipline amid softening rates, prioritizing quality over top-line growth.

**【Management Opening Remarks】**
- **Q3 and 9M Results**: Net income of $33.5 million (Q3) and $94.9 million (9M), with a 20% annualized return on equity (ROE) for Q3 and 19% for 9M.
- **S&P Rating Upgrade**: Upgraded to A with a stable outlook, reflecting IGI's capital strength and operational discipline.
- **Shareholder Returns**: Grew book value per share by 10% to $16.23 and returned $98 million to shareholders via dividends and share repurchases.

**【CEO (Waleed Jabsheh) Summary】**
- **Segment Performance**:
  - **Short-Tail**: GWP up 2% (Q3) and 21% (9M), driven by engineering and construction, despite competitive pressures.
  - **Reinsurance**: GWP growth of 25% (9M) in higher-margin lines like marine and energy; underwriting income up 50% (9M).
  - **Long-Tail**: Contracted GWP by 12.6% (Q3) due to non-renewal of a $50M PI account; underwriting income improved to $11.5M (Q3) vs. loss of $1M last year.
- **Balance Sheet**: Total assets $2.12 billion; investment income $40.6 million (9M) with a 4.2% yield. Repurchased 800,000 shares at $23.79 avg price, exhausting $7.5M authorization.
- **Market Outlook**: Disciplined underwriting to maintain margins; S&P upgrade opens new opportunities in specialty lines.

**【Q&A Highlights】**
- **Long-Tail Strategy**: No immediate plans to exit additional business beyond the $50M PI account; focusing on niche segments with adequate rates.
- **Reinsurance Renewals**: Anticipates pressure on top line at 1/1, but prioritizes quality over volume; specialty treaty expansion (marine, cyber) offsets risks.
- **Share Repurchases**: New $5 million authorization approved, with $53.8 million spent on buybacks YTD.
- **Currency Impact**: Q3 benefited from $4.5M positive FX revaluation, offsetting prior quarters' negative impacts.


International General Insurance Holdings Ltd. (IGIC) Q3 2025 Earnings Call Transcript

- **Strong Financial Performance**: Net income of $34.1 million (Q2) and $61.4 million (H1) with ROE of 20.8% and 18.6%, despite currency headwinds.
- **Portfolio Adjustments**: $60 million exit from underperforming professional indemnity portfolio to improve long-tail profitability.
- **Reinsurance Growth**: 60% Q2 underwriting income growth in reinsurance segment, offsetting long-tail contraction.
- **Shareholder Returns**: $77 million returned via buybacks and dividends in H1, with book value per share up 3.4%.

**【Management Opening Remarks】**
- IGI reported net income of $34.1 million for Q2 2025 and $61.4 million for the first half, with an annualized return on average equity of 20.8% and 18.6%, respectively.
- The company grew book value per share by 3.4% to $15.36 in the first half and returned $77 million to shareholders via dividends and share repurchases.
- Wasef emphasized IGI's ability to manage cyclical market conditions through disciplined portfolio management and capital allocation.

**【CEO Commentary】**
- **Top Line Performance**: Gross premiums decreased 8.7% in Q2 to $189.9 million, driven by competitive pressures in short-tail and long-tail segments. Reinsurance segment gross premiums grew 33% in H1, offsetting declines elsewhere.
- **Underwriting Results**: Combined ratio was 90.5% for Q2 (92.4% for H1), impacted by a 21-point currency revaluation drag in Q2. Core operating income was $22.8 million (Q2) and $42.2 million (H1), down due to lower underwriting income and higher loss activity.
- **Segment Insights**: 
  - **Short-Tail**: Underwriting income up 21% in Q2, with growth in engineering and marine lines.
  - **Reinsurance**: Underwriting income rose 60% in Q2, reflecting higher-margin treaty renewals.
  - **Long-Tail**: Underwriting loss of $3 million (Q2) and $10 million (H1), driven by currency impacts and portfolio contraction.
- **Balance Sheet**: Total assets grew 4% to $2.1 billion, with fixed income generating $14 million in Q2. Share buybacks and dividends returned $77 million to shareholders in H1.

**【Q&A Highlights】**
- **Net to Gross Retention**: Decline from 73% to 64% in Q2 was due to strategic facultative reinsurance purchases to mitigate volatility.
- **Professional Indemnity Portfolio**: Non-renewal of $60 million in gross premium (minimal net impact) to improve segment profitability, with full exit expected by mid-2026.
- **Market Outlook**: Elevated competition in property and energy lines, but opportunities in specialty treaty and engineering markets. Reinsurance segment remains disciplined, with limited growth expected post-1/1 renewals.

International General Insurance Holdings Ltd. (IGIC) Q2 2025 Earnings Call Transcript

- **Resilient Q1 Performance**: 94.4% combined ratio vs. 92.5% in Q1 2024, despite $7.3M reinstatement charges.
- **Reinsurance Growth Engine**: Segment GWP up 44%, new business driving 48% earned premium growth.
- **Shareholder Returns**: $43.5M returned via $0.85 special dividend and share buybacks.
- **Key Risks**: Long-tail segment underwriting loss of $7.5M due to FX, loss aggregation.
- **Market Outlook**: Reinsurance rates expected to decline 15-20% by year-end, but focusing on rate adequacy.

**【Executive Chairman Opening Remarks】**
- Q1 2025 combined ratio of 94.4% demonstrates resilience despite elevated losses and macroeconomic volatility.
- Returned $43.5 million to shareholders via special dividend and share buybacks.
- Emphasized long-term strategy of capital allocation to high-margin opportunities while maintaining risk discipline.

**【CEO Detailed Financial Review】**
- Gross Written Premium (GWP) grew 13% to $206 million, driven by 44% expansion in reinsurance segment.
- Net income of $27.3 million ($0.59/share) vs. $37.9 million ($0.84/share) in Q1 2024, impacted by $7.3 million reinstatement premiums.
- Short-tail segment GWP up 2%, but earned premium down 5.3% due to reinsurance charges.
- Long-tail segment underwriting loss of $7.5 million vs. $10 million profit in Q1 2024, driven by FX impacts and loss aggregation.
- Reinsurance segment new business up 48% in earned premium, benefiting from rate adequacy.

**【Q&A Key Highlights】**
- Currency volatility added 10 points to Q1 combined ratio, offsetting 4-5 points of benefit in Q1 2024.
- Reviewing underperforming professional indemnity portfolio in UK, may exit if trends don't improve.
- Tariffs unlikely to impact marine/cargo business, but could affect cargo values and premiums.
- Aviation book reduced but profitable, focusing on disciplined underwriting.
- Expect 15-20% rate decline in reinsurance market by year-end, but prioritizing rate adequacy over volume growth.

**【Outlook】**
- Reinsurance segment poised for continued growth through specialty treaty business.
- Short-tail segments (engineering, contingency) showing opportunities in US, MENA, Asia-Pacific.
- Long-tail segment cautious on rate declines, but marine liability new business offsetting contraction.
- Balanced sheet strength ($2.1 billion assets, 16.7% ROE) supports disciplined execution through market cycles.

International General Insurance (IGIC)-7 May 25-2025 Q1 Earnings call transcript

- **Record Financial Performance**: 20% book value growth, 24.2% ROE, and $145M core operating income in 2024
- **Disciplined Growth**: 77.8% combined ratio vs peers' higher loss ratios; 36% reinsurance premium growth
- **Strategic Focus**: Prioritizing short-tail engineering/construction (+8% earned premium) over long-tail rate decline markets
- **Market Resilience**: Withstood 2024's elevated loss environment ( Hurricanes, flooding) with minimal portfolio impact
- **2025 Outlook**: U.S. short-tail and global reinsurance growth opportunities offset by cautious long-tail approach

**【Executive Chairman Wasef Jabsheh Opening Remarks】**
- 2024 marked another record year with book value per share growth of 20% (24% including dividends) and total capital returns of $116.3 million.
- 5-year achievements: 12.3% CAGR in book value, 20.1% average ROE, and $700 million+ gross premium portfolio.
- Cultural strength: Maintained family-like collaboration despite 100%+ headcount growth and global expansion.

**【CEO Waleed Jabsheh Financial & Market Update】**
- Q4 2024 Results:
  - Combined ratio: 77.8% (vs. 82.2% FY2024)
  - Core operating income: $40.9M (record high)
  - ROE: 25% (Q4) / 24.2% (FY2024)
  - Book value per share: $14.85 (20% YoY growth)
- Key Segments:
  - Short-tail: 3% premium growth, 5% underwriting income growth
  - Reinsurance: 36% premium growth, 200%+ underwriting income growth
  - Long-tail: 10% underwriting income decline due to rate pressure
- 2025 Outlook:
  - Short-tail: Opportunities in construction/engineering, ports/cargo
  - Reinsurance: 2/3 of treaty book renews in Q1 with 5-10% rate declines
  - Long-tail: Rate stabilization in PI, but overall pressure persists
  - U.S. focus: $120M+ premium written, cautious on cat risk

**【Q&A Key Themes】**
1. **Competitive Environment**:
   - Maintaining 80%+ combined ratio prioritized over top-line growth
   - Disciplined underwriting in aviation (-25% book) vs aggressive growth in reinsurance (+36%)
2. **California Wildfires**:
   - IGI losses manageable; potential reinsurance pricing reset if market softness persists
3. **MGA Strategy**:
   - Used selectively for geographically distinct risks (e.g., MENA construction)
   - Avoid MGAs for direct competition in core markets
4. **Loss Trends**:
   - 2024 saw elevated losses ( Hurricanes, Europe flooding), but IGI's diversified portfolio limited impact
   - 2025 Q1 already sees higher loss activity (California wildfires, global cat events)

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