** Shares of specialty insurer International General Insurance IGIC.O rise 3.7% to $27.34

** IGIC late Tuesday posted record Q4 core operating income of $40.9 million, or 89 cents/shr, beating analysts' expectations of 74 cents, according to estimates compiled by LSEG

** Q4 net premiums earned rose to $120.6 million from $114.9 million a year earlier, driven by its reinsurance business

** IGIC in recent years has doubled the size of its underwriting portfolio, adding new lines of business and entered new markets, including the U.S.

** Meanwhile, Q4 combined ratio improved to 77.8% from 81.8% a year earlier

** Oppenheimer says Q4 results reflect strong underwriting margins at IGIC as combined ratio improved

** As of last close, IGIC stock up 11% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))