International General Insurance Holdings Limited (IGI), a specialty commercial insurance company and reinsurer, reported underwriting income of US$37.7 million in the first quarter of 2026, an increase of 35.1% from US$27.9 million in the same period last year, and the combined ratio increased from 94.4% to 89.1%.
IGI attributed the improvement in underwriting revenue to net premium income of $111.2 million, partially offset by net losses and loss adjustment expenses of $54.8 million. This included $21.3 million in catastrophic losses, primarily related to ongoing conflict in the Middle East, as well as significant non-CAT energy losses and $18.7 million in net policy acquisition charges.
Loss ratio improved to 49.3% in 1Q26, including 19.2 CAT losses, compared to 55.5% in 1Q25, including 25.0 CAT losses.
The expense ratio, which is composed of net policy acquisition expense ratio and general and administrative expense ratio, was 39.8%, up from 38.9%.
Total written premiums for the quarter were $197.2 million, down from $206.5 million, primarily due to the non-renewal of two larger reinsurance programs.
Net premium income fell to $111.2 million from $112.8 million.
IGI reported net income of $21.7 million, down from $27.3 million a year earlier.
Core operating income, a non-GAAP financial measure, increased to $24.4 million from $19.5 million.
Net investment income totaled $13.5 million, down from $15.5 million.
IGI Group President and CEO Waleed Jabsheh said: “Driven by consistent and disciplined execution, we got off to a strong start in 2026 with underwriting revenue of $37.7 million and a combined ratio of 89.1%. This represented a core operating return on average shareholders’ equity of 14.3%, underscoring IGI’s stability and resiliency, despite the impact of the war losses in the Middle East. Our team continues to focus on executing in varying market conditions, managing our existing portfolio and cycles while taking advantage of new and emerging opportunities.
“We continue to actively manage our capital, first prioritizing profitable growth in our underwriting businesses and then returning excess capital to our shareholders. In the first three months of 2026, we returned nearly $65 million to shareholders through stock repurchases and dividends, including a special dividend of $1.15 per share.”
