International General Insurance Holdings Ltd. (IGI), a specialist commercial insurer and reinsurer, has reported underwriting income of $37.7 million for the first quarter of 2026, up 35.1% from $27.9 million in the same period a year earlier, with an improved combined ratio of 89.1% compared to 94.4%.
IGI attributed the improvement in underwriting income to net premiums earned of $111.2 million, partially offset by net loss and loss adjustment expenses of $54.8 million. This included catastrophe losses of $21.3 million, primarily related to the ongoing conflict in the Middle East, as well as a large non-CAT energy loss and net policy acquisition expenses of $18.7 million.
In Q1’26, the loss ratio improved to 49.3%, including 19.2 points of CAT losses, compared to 55.5% in Q1’25, which included 25.0 points of CAT losses.
The expense ratio (which is comprised of the net policy acquisition expense ratio and the general and administrative expense ratio) was 39.8%, up from 38.9%.
Gross written premiums for the quarter amounted to $197.2 million, down from $206.5 million, primarily due to the non-renewal of two sizeable reinsurance programmes.
Net premiums earned declined to $111.2 million from $112.8 million.
IGI reported a net income of $21.7 million, a decrease from $27.3 million a year earlier.
Core operating income, a non-GAAP financial measure, stood at $24.4 million, up from $19.5 million.
Net investment income totalled $13.5 million, down from $15.5 million.
Waleed Jabsheh, Group President & CEO of IGI, said, “We had a strong start to 2026 highlighted by underwriting income of $37.7 million and an 89.1% combined ratio, driven by consistent and disciplined execution. This translates to a 14.3% core operating return on average shareholders’ equity, underscoring the stability and resilience of IGI, notwithstanding impact of war losses in the Middle East. Our teams continue to be focused on executing across varied market conditions, managing our existing portfolio and the cycle, while capitalising on new and emerging opportunities.
“We continue to actively manage our capital, prioritising profitable growth in underwriting first, and then returning excess capital to our shareholders. In the first three months of 2026, we returned almost $65 million to shareholders through share repurchases and dividends, including an extraordinary dividend of $1.15 per share.”
