International General Insurance Lifts Q1 Underwriting Profit Despite Lower Premiums and $15 Million War Loss

Overview

• International General Insurance reported gross written premiums of $197.2 million, down 4.5%, underwriting income of $37.7 million, a combined ratio of 89.1% that signals underwriting profit, and return on average equity of 12.7%.
• The quarter included $15 million of net losses tied to the Middle East conflict.
• Management said it is targeting political violence and marine liability where prices are rising fast and capacity is tight.
• Leaders attributed the premium decline to cycle management decisions and the non‑renewal of two reinsurance programs.
• Analysts pressed for the dollar impact of the lost reinsurance contracts, details on a large non‑cat energy loss, and an explanation for larger‑than‑usual reserve releases.