International General Insurance Holdings Ltd. Q1 FY2026 earnings call

• Pleased with first quarter performance despite global uncertainty. - Recorded gross written premiums of $197.2 million, 4.5% decline from Q1 2025. - Underwriting income $37.7 million, up 35.1% from Q1 2025, combined ratio 89.1%. - Return on average equity 12.7%, core ROE 14.3%. - Short tail segment conditions mixed, top line down 4%, underwriting income still positive. - Reinsurance segment underwriting income up near 6%, seeing opportunities in specialty treaty lines. - Long-tail segment top line up 22% driven by new business, underwriting income up significantly. - Talked about Middle East exposures, specific losses in first quarter, and market outlook with opportunities and competitive pressures.

In the first quarter, gross written premiums were $197.2 million, a 4.5% decline from Q1 2025. Underwriting income was $37.7 million, an increase of 35.1% over Q1 2025, resulting in a combined ratio of 89.1%. Return on average equity was 12.7% and core ROE was 14.3%. For the short tail segment, top line was down just by 4%, underwriting income was down year over year but still positive at $9.5 million. In the reinsurance segment, underwriting income was up just under 6% for the first quarter. The long-tail segment had a 22% increase in top line, with underwriting income up significantly by about $25 million.

• World is more uncertain, but opportunities arise from uncertainty. - Market corrections and improving conditions follow significant loss. - Elevated competitive pressure still prevalent, but diversification provides resilience. - Middle East political violence and war market has long-term opportunities with rate increases and changing perception. - Continues to look at various geographic regions and business lines for opportunities.

• Losses related to Middle East conflict, including around $15 million net losses in first quarter. - Competitive pressure across the market. - Non-renewal of some reinsurance programs posing potential risks.

Q: Given events in Middle East, ask about large non-CAT energy loss size and details.

A: An indirect consequence of war, a large support vessel collided with offshore oil platform, loss amounted to about $10.5 million net in the quarter.

Q: Durability of opportunity in political violence and war market?

A: Uncertainty will continue, expecting long-term opportunity with rate increases.

Q: Dollar impact of two reinsurance contracts lost?

A: Combined mid to high single digits of millions in GWP.

Q: Type of losses in Middle East and recoverables?

A: No extraordinary recoverables outside ordinary, but possible element of recovery from vessel owners with statute limitations.

Q: Losses since end of quarter and Q2 outlook?

A: March was busiest month, losses will continue to develop in Q2 but expected to be more limited than Q1