INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD. IGI Investor Presentation
First Quarter 2023
May 2023
Forward Looking Statements
This presentation contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this presentation may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI's services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably and IGI's ability to retain its key employees;
- changes in applicable laws or regulations; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) the potential effects of the COVID-19 pandemic and emerging variants; (6) the effects of the hostilities between Russia and Ukraine and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the inability to maintain the listing of the Company's common shares or warrants on Nasdaq; (8) the failure to realize the anticipated benefits of the acquisition of EIO; and (9) other risks and uncertainties indicated in IGI's filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI's financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
International General Insurance Holdings Ltd. | 2 |
Overview
IGI is an international specialist (re)insurance group with deep technical expertise providing coverage across a diversified portfolio of specialty lines
- "Underwriting first" individual risk underwriting strategy focused on profitable growth, diversification, and lower volatility
- Underwriting portfolio well-diversified by line of business, product, and territory serviced by 96 underwriters(1) across 8 offices
- Performance-basedculture with well-respected and recognized leadership and proven expertise in intelligent risk selection across a diverse range of specialty lines
- Uniquely positioned to capitalize on market opportunities through dynamic portfolio management across market cycles
- Balance sheet strength and stability focused on capital preservation underpinned by a prudent reserving philosophy and conservative investment strategy
- Strong shareholder alignment through significant insider ownership (Jabsheh family ownership: 32.5%)
Key Market Data(1)
Stock Exchange | Nasdaq | |
Symbol | IGIC | |
Market Cap/Price | $359mm / $8.29 | |
Sh. Equity/BVPS | $430mm / $9.98 | |
Employees | 364 | |
A | A- | |
Commitment to long-termtotal value creation through growth in tangible
book value per share plus dividends
(1) Data as of March 31, 2023
International General Insurance Holdings Ltd. | 3 |
Track Record of Maximizing Total Value Creation
Tangible Book Value Per Share plus Dividends
$14
CAGR 2013 - 3/31/2023: 4.6%
Public listing on Nasdaq(1)$13.08
$12
$10.43
$10$9.20 $9.30 $8.32
$8 $6 $4 $2 $0
$10.72
$12.17
$11.36
$12.01
$11.06
$10.20
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 3/31/2023 |
- IGI completed a business combination with Tiberius Acquisition Corp. and began trading on Nasdaq on March 18, 2020. As a result of the Business Combination, $41 million of capital was raised; in addition, IGI's total shares outstanding were reduced causing a dilutive impact of approximately 33%.
Core Operating Return on Average Shareholders' Equity | |||||||||||
30% | 27.9% | ||||||||||
25% | Average ROE 2014-3/31/2023: 12.8% | 23.7% | |||||||||
20% | |||||||||||
15% | 13.0% | 12.4% | 14.3% | ||||||||
12.1% | |||||||||||
10.3% | 10.3% | ||||||||||
9.8% | |||||||||||
10% | |||||||||||
7.0% | |||||||||||
0.1% | |||||||||||
5% | |||||||||||
0% | |||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Q1 2023 | |
Annualized |
International General Insurance Holdings Ltd. | 4 |
Superior Total Value Creation
- Proven track record of higher, more consistent returns with lower volatility
Return on Tangible Equity and Sharpe Ratio
12/31/2013-12/31/2022
Higher Volatility, Higher Returns | Lower Volatility, Higher Returns | |||||||||||
UVE AIZ | PGR | IFC-CA | AMSF | |||||||||
TRV | ||||||||||||
CB | RLI | |||||||||||
BRK.B | ALL | AFG WRB | ||||||||||
FFH-CA | HIG | |||||||||||
IGIC | ||||||||||||
SIGI | ||||||||||||
WTM | ACGL | ORI | ||||||||||
RE | ||||||||||||
HCI | ||||||||||||
MKL | SAFT | CNA | THG | |||||||||
RNR | EIG | CINF | ||||||||||
MCY | ||||||||||||
JRVR | LRE-LON | |||||||||||
HMN | ||||||||||||
KMPR | AXS | |||||||||||
UFCS | DGICA | PRA | AIG | |||||||||
SPNT | GBLI | ARGO | ||||||||||
GLRE | ||||||||||||
Higher Volatility, Lower Returns | Lower Volatility, Lower Returns |
Source: Dowling Research. Note: The chart represents 10-year average ROTE and Sharpe ratio (or shorter period for companies where 10 years is not available). Sharpe ratio is estimated as the difference between 10 Year average ROTE and 10 Year Mean U.S. Treasury, divided by the Company's ROTE Standard Deviation.
International General Insurance Holdings Ltd. | 5 |
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Disclaimer
International General Insurance Holdings Ltd. published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 20:24:57 UTC.
