$0.42 core operating EPS of $0.42 down from $0.89 in Q1 2024 Combined ratio of 94.4% compared to 74.1% in the prior-year period Catastrophe losses of $28.2 million, up from $10.8 million Q1 2024. GWP up 13.7% to $206.5 million from $181.6 million, driven by 43.7% reinsurance increase CEO: “Market conditions are becoming more challenging overall”

By Michael Loney

May 6 - (The Insurer) International General Insurance Holdings has reported a 20.3 percentage point deterioration in its combined ratio to 94.4% and a 13.7% increase in gross written premiums to $206.5 million for the first quarter.

IGI reported core operating income of $19.5 million for the first quarter, down from $40.0 million in the same period of last year.

Core operating earnings per share of $0.42 in the quarter was down from $0.89 in Q1 2024 and was lower than the $0.47 estimate of one analyst as per S&P Global Market Intelligence.

The first quarter of 2025 had a higher level of loss activity compared to the first quarter of 2024, with underwriting income falling to $27.9 million from $52.0 million.

The combined ratio worsened to 94.4% in the first quarter from 74.1% in the prior year period.

The loss ratio of 55.5% for the quarter compared to 38.7% for the same period in 2024, largely driven by catastrophe losses increasing to $28.2 million from $10.8 million in the first quarter of 2024.

The net policy acquisition expense ratio for the first quarter was 19.8%, compared to 15.9% for the same quarter of 2024, primarily due to the higher level of reinstatement premiums recorded in the first quarter of 2025.

GWP increased 13.7% to $206.5 million from $181.6 million. The increase was primarily in the reinsurance segment where GWP increased to $70.0 million from $48.7 million.

Specialty short-tail segment GWP increased to $96.0 million from $94.2 million for the first quarter of 2024, while specialty long-tail segment GWP increased to $40.5 million from $38.7 million.

IGI group president and CEO Waleed Jabsheh described the Q1 results as “relatively solid”, and highlighted a return on average equity of 16.7%.

“Against a backdrop of significantly elevated natural catastrophe and large loss activity and significant macroeconomic uncertainty, including currency volatility, our performance for the first quarter of this year clearly underscores our value proposition and the strength of our diversification strategy,” he said.

“While market conditions are becoming more challenging overall, we remain positive about the year ahead,” he added.

IGI in the first quarter returned $43.5 million to shareholders in dividends, including a special dividend, and share repurchases.