Bermuda's IGI Q1 net income falls on lower premiums, higher catastrophe losses

International General Insurance Holdings

05/05/2026 21:24

Overview

Bermuda-based specialty insurer's Q1 gross written premiums fell due to non-renewal of reinsurance programs

Q1 net income and EPS declined yr/yr, impacted by higher catastrophe losses in Middle East

Company returned nearly $65 mln to shareholders via dividends and share repurchases, including extraordinary dividend

Outlook

Company did not provide specific guidance for the current quarter or full year

Result Drivers

UNDERWRITING INCOME - Q1 underwriting income rose 35% yr/yr, driven by lower net loss and loss adjustment expenses and reduced net policy acquisition expenses

REINSURANCE NON-RENEWALS - Gross written premiums declined, primarily due to non-renewal of two sizeable reinsurance programmes

MIDDLE EAST CONFLICT LOSSES - Catastrophe losses of $21.3 mln, mainly from war and ongoing conflict in the Middle East, weighed on results, especially in Specialty Short-tail segment

Company press release: ID:nBw5M62kpa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Core Operating EPS
Miss
$0.56
$0.71 (2 Analysts)
Q1 EPS
$0.49
Q1 Net Income
$21.70 mln
Q1 Core Operating Income
Miss
$24.40 mln
$26.10 mln (1 Analyst)
Q1 Combined Ratio
89.10%


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the property & casualty insurance peer group is "buy."

Wall Street's median 12-month price target for International General Insurance Holdings Ltd is $30.00, about 20.6% above its May 4 closing price of $24.88

The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)