International General Insurance Holdings Ltd. (“IGI” or the
“Company”) (NASDAQ: IGIC) today reported financial results for the
first quarter of 2024.
Highlights for the first quarter of 2024 include:
(in millions of U.S. Dollars, except
percentages and per share information)
Quarter Ended
March 31,
2024
2023
Gross written premiums
$181.6
$173.9
Net premiums earned
$114.5
$105.1
Underwriting income (2)
$52.0
$39.8
Net investment income (1)
$15.4
$12.4
Net income for the period
$37.9
$33.9
Combined ratio (2)
74.1%
78.4%
Earnings per share (diluted)
(3)
$0.84
$0.71
Return on average equity
(annualized) (4)
27.6%
32.2%
Core operating income (4)
$40.0
$29.3
Core operating earnings per share
(diluted) (4)
$0.89
$0.62
Core operating return on average equity
(annualized) (4)
29.2%
27.9%
(1)
See Note (1) in the “Notes to the
Consolidated Financial Statements (Unaudited)” below.
(2)
See “Supplementary Financial Information”
below.
(3)
See Note (2) in the “Notes to the
Consolidated Financial Statements (Unaudited)” below.
(4)
See the section titled “Non-GAAP Financial
Measures” below.
IGI President & CEO Mr. Waleed Jabsheh said, “IGI had a very
positive start to 2024, posting another excellent set of financial
results for the first quarter. While market conditions are more
mixed than a year ago, we continue to benefit from the strong
foundations that we’ve laid over recent quarters and years to
position our company for continued success.”
“We are continuing to see new opportunities and find new ways of
accessing business. With underwriting income up more than 30% and a
lower level of losses in the first quarter, we posted a healthy
74.1% combined ratio. These strong underwriting results, coupled
with significantly improved investment results, resulted in net
income of $37.9 million, a 27.6% annualized return on average
equity, and a 29.2% annualized core operating return on average
equity.”
“As market conditions remain varied across our portfolio, we are
focused on consistent selective and disciplined underwriting and
targeted growth and diversification, moving our capital to those
areas with the highest risk-adjusted returns. With a number of new
initiatives in place, we are well-positioned to continue to deliver
on our goal of creating sustainable long-term value for our
shareholders.”
Results for the Quarters Ended March 31, 2024 and
2023
Net income for the quarter ended March 31, 2024 increased 11.8%
to $37.9 million from $33.9 million for the quarter ended March 31,
2023. The increase in net income was primarily driven by the
increase of $12.2 million in underwriting income and an increase of
$3.0 million in net investment income. This was partially offset by
higher net foreign exchange loss and general and administrative
expenses. Return on average equity (annualized) was 27.6% for the
first quarter of 2024 compared to 32.2% for the first quarter of
2023.
Core operating income, a non-GAAP measure, was $40.0 million for
the quarter ended March 31, 2024, compared to $29.3 million for the
same period in 2023. The core operating return on average equity
(annualized) was 29.2% for the first quarter of 2024 compared to
27.9% for the first quarter of 2023.
Underwriting income increased 30.7% to $52.0 million in the
first quarter of 2024 compared to $39.8 million for the first
quarter of 2023, with the increase primarily driven by higher net
premiums earned as a result of the overall growth of the portfolio,
and a lower level of loss and loss adjustment expenses.
Gross written premiums were $181.6 million for the quarter ended
March 31, 2024, representing an increase of 4.4% compared to gross
written premiums of $173.9 million for the quarter ended March 31,
2023. The increase was driven by growth in the Reinsurance and
Short-tail Segments.
The loss ratio was 38.7% for the quarter ended March 31, 2024
compared to 45.7% for the quarter ended March 31, 2023.
The net policy acquisition expense ratio was 15.9% in the first
quarter of 2024 compared to 16.5% in the same quarter of 2023.
The general & administrative expense ratio was 3.3% higher
at 19.5% in the first quarter of 2024 compared to 16.2% in the
first quarter of 2023 largely driven by higher human resources
costs in line with the Company’s overall growth.
The combined ratio for the quarter ended March 31, 2024 improved
by 4.3 points to 74.1% compared to 78.4% for the quarter ended
March 31, 2023.
Segment Results
The Specialty Long-tail Segment, which represented
21% of the Company’s gross written premiums for the quarter ended
March 31, 2024, recorded gross written premiums of $38.7 million
for the first quarter of 2024, a decrease of 7.9% compared to $42.0
million for the first quarter of 2023. Net premiums earned for the
quarter ended March 31, 2024 were $37.2 million, a decrease of 7.7%
compared to $40.3 million in the same quarter in 2023, primarily as
a result of the lower level of gross written premium. Underwriting
income was $9.9 million, a decrease of 12.4% compared to $11.3
million in the first quarter of 2023 primarily due to a lower level
of net premiums earned in the first quarter of 2024.
The Specialty Short-tail Segment, which represented 52%
of the Company’s gross written premiums for the quarter ended March
31, 2024, generated gross written premiums of $94.2 million for the
first quarter of 2024, an increase of 2.8% compared to $91.6
million in the first quarter of 2023. Net premiums earned were
$60.5 million, an increase of 18.6% compared to $51.0 million in
the same quarter in 2023, primarily driven by overall premium
growth and positive movement in the net change in unearned premiums
in this Segment. Underwriting income was $35.3 million compared to
$28.8 million for the same quarter of 2023, with the increase
primarily driven by the higher level of net premiums earned during
the first quarter of 2024, compared to the same period in 2023.
The Reinsurance Segment, which represented 27% of the
Company’s gross written premiums for the quarter ended March 31,
2024, recorded gross written premiums of $48.7 million compared to
$40.3 million for the first quarter of 2023. Net premiums earned
for the quarter ended March 31, 2024 were $16.8 million, compared
to $13.8 million for the same quarter in 2023. Underwriting income
was a gain of $6.8 million for the first quarter of 2024, compared
to a loss of $0.3 million for the first quarter of 2023. The
improvement in underwriting income was primarily the result of the
higher level of net premiums earned during the first quarter of
2024, in addition to the decrease in net loss and loss adjustment
expenses by $4.0 million during the first quarter of 2024, compared
to the same period in 2023.
Net Foreign Exchange (Loss) Gain
The loss on foreign exchange in the first quarter of 2024 was
$4.3 million, compared to a gain of $1.3 million in the first
quarter of 2023, both of which primarily represent currency
revaluation movements. The first quarter of 2024 recorded negative
currency movement in the Company’s major transactional currencies
(mainly Pound Sterling and Euro) against the U.S. Dollar, as
opposed to positive currency movement in the first quarter of
2023.
Investment Results
Net investment income was $15.4 million for the first quarter of
2024, compared to $12.4 million for the first quarter of 2023 and
included investment income of $11.8 million and $8.7 million for
the quarters ended March 31, 2024 and 2023, respectively, which
represented an annualized investment yield of 4.2% on average total
investments and cash and cash equivalents in the first quarter of
2024, compared to 3.5% in the corresponding period in 2023. The
increase in net investment income was primarily attributable to the
growth in interest income, driven by the rise in interest rates on
a larger investment portfolio compared with the same period of
2023.
Total Shareholders’ Equity
Total shareholders’ equity at March 31, 2024 was $557.2 million,
compared to $540.5 million at December 31, 2023. The movement in
total shareholders’ equity during the quarter ended March 31, 2024
is illustrated below:
(in millions of U.S. Dollars)
Quarter Ended March
31, 2024
Total Shareholders’ equity at December
31, 2023
$540.5
Net income for the period
$37.9
Unrealized losses during the period on
available-for-sale investments
($2.4)
Purchase of treasury shares (a)
($3.6)
Share-based compensation expense during
the period
$0.9
Vesting of earnout shares
$7.6
Cash dividends declared during the
period
($23.7)
Total shareholders’ equity at March 31,
2024
$557.2
Book value per share was $12.58 at March 31, 2024, reflecting
growth of 1.5% over book value per share of $12.40 at December 31,
2023.
(a)
In the first quarter of 2024, the Company
repurchased approximately 275,580 common shares at an average price
per share of $13.09. The Company has approximately 1.0 million
common shares remaining under its existing 5 million common share
repurchase authorization.
International General Insurance Holdings Ltd.
Consolidated Statements of Income (Unaudited)
Quarter Ended
March 31,
(in millions of U.S. Dollars except per
share data)
2024
2023
Gross written premiums
$181.6
$173.9
Ceded written premiums
($38.5)
($32.9)
Net written premiums
$143.1
$141.0
Net change in unearned premiums
($28.6)
($35.9)
Net premiums earned
$114.5
$105.1
Investment income(1)
$11.8
$8.7
Net realized gain on investments(1)
-
$0.1
Net unrealized gain on investments(1)
$3.5
$3.5
Change in allowance for expected credit
losses on investments(1)
$0.1
$0.1
Net investment income
$15.4
$12.4
Other revenues
$0.2
$0.6
Total revenues
$130.1
$118.1
Expenses
Net loss and loss adjustment expenses
($44.3)
($48.0)
Net policy acquisition expenses
($18.2)
($17.3)
General & administrative expenses
($22.3)
($17.0)
Change in allowance for expected credit
losses on receivables
($0.2)
$0.1
Change in fair value of derivative
financial liabilities
($2.1)
($0.1)
Other expenses
($1.3)
($0.8)
Net Foreign exchange (loss) gain
($4.3)
$1.3
Total expenses
($92.7)
($81.8)
Net income before tax
$37.4
$36.3
Income tax credit (expense)
$0.5
($2.4)
Net income for the period
$37.9
$33.9
Diluted earnings per share attributable
to equity holders (2)
$0.84
$0.71
See “Notes to the Consolidated Financial Statements (Unaudited)”
below.
International General Insurance Holdings Ltd. Consolidated
Balance Sheets (Unaudited)
(in millions of U.S. Dollars)
As at March 31, 2024
As at December 31,
2023
ASSETS
Investments
Fixed maturity securities
available-for-sale, at fair value
$809.3
$765.6
Fixed maturity securities held to
maturity
$2.0
$2.0
Equity securities, at fair value
$28.7
$26.2
Other investments
$11.4
$11.1
Short-term investments
$41.7
$42.2
Term deposits
$104.9
$105.1
Equity-method investments measured at fair
value
$3.1
$3.5
Total investments
$1,001.1
$955.7
Cash and cash equivalents
$150.2
$177.0
Accrued investment income
$13.9
$11.5
Premiums receivable
$280.1
$245.2
Reinsurance recoverables
$213.7
$223.1
Ceded unearned premiums
$91.0
$98.0
Deferred policy acquisition costs, net of
ceding commissions
$67.9
$65.3
Deferred tax assets, net
$5.0
$4.1
Other assets
$57.0
$58.0
TOTAL ASSETS
$1,879.9
$1,837.9
LIABILITIES
Reserve for unpaid loss and loss
adjustment expenses
$720.7
$712.1
Unearned premiums
$465.1
$443.5
Other liabilities
$46.0
$34.8
Insurance and reinsurance payables
$79.1
$89.7
Derivative financial liabilities
$11.8
$17.3
TOTAL LIABILITIES
$1,322.7
$1,297.4
SHAREHOLDERS’ EQUITY
Common shares at par value
$0.5
$0.4
Additional paid-in capital
$145.4
$137.6
Treasury shares
($2.9)
-
Accumulated other comprehensive income,
net of taxes
Foreign currency translation reserve
($0.4)
($0.4)
Fair value reserve
($22.6)
($20.2)
Retained earnings
$437.2
$423.1
TOTAL SHAREHOLDERS’ EQUITY
$557.2
$540.5
TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY
$1,879.9
$1,837.9
See “Notes to the Consolidated Financial Statements (Unaudited)”
below.
International General Insurance Holdings Ltd.
Supplementary Financial Information – Combined Ratio
(Unaudited)
Quarter Ended
March 31,
2024
2023
Loss ratio (a)
38.7%
45.7%
Net policy acquisition expense ratio
(b)
15.9%
16.5%
General and administrative expense ratio
(c)
19.5%
16.2%
Expense ratio (d)
35.4%
32.7%
Combined ratio (e)
74.1%
78.4%
(a)
Represents net loss and loss adjustment
expenses as a percentage of net premiums earned.
(b)
Represents net policy acquisition expenses
as a percentage of net premiums earned.
(c)
Represents general and administrative
expenses as a percentage of net premiums earned.
(d)
Represents the sum of the net policy
acquisition expenses ratio and the general and administrative
expense ratio.
(e)
Represents the sum of the loss ratio and
the expense ratio.
International General Insurance Holdings Ltd.
Supplementary Financial Information – Book Value per Share
(Unaudited)
(in millions of U.S. Dollars, except share
and per share data)
As at March 31, 2024
As at December 31,
2023
Investments
$1,001.1
$955.7
Cash and cash equivalents
$150.2
$177.0
Total investments and cash and cash
equivalents
$1,151.3
$1,132.7
Common shares outstanding (in
millions)*
46.3
46.1
Minus: Unvested shares (in millions)**
2.0
2.5
Number of vested common outstanding
shares (in millions) (a)
44.3
43.6
Total shareholders’ equity (b)
$557.2
$540.5
Book value per share (b)/(a)
$12.58
$12.40
* Common shares issued and outstanding as
at March 31, 2024 and December 31, 2023 are as follows:
No. of shares as at
March 31, 2024
Vested common shares as of December 31,
2023
43,584,549
Vested restricted share awards
397,293
Treasury shares balance as of December 31,
2023
3,800
Vested earnout shares
600,000
Cancelled treasury shares
(55,652)
Treasury shares balance as of March 31,
2024
(223,728)
Total vested common shares as of March
31, 2024
44,306,262
Unvested earnout shares as of March 31,
2024
1,012,500
Unvested restricted share awards as of
March 31, 2024
1,020,665
Total unvested shares as of March 31,
2024
2,033,165
Total common shares outstanding as of
March 31, 2024
46,339,427
**
Earnout Shares were subject to vesting at
stock prices ranging from $11.50 to $15.25, and are entitled to
dividends and voting rights, but are non-transferable by their
holders until they vest. If the Earnout Shares do not vest on or
prior to March 17, 2028, they will be cancelled by the Company.
Restricted Share Awards were issued pursuant to the Company’s 2020
Omnibus Incentive Plan and beneficiaries are entitled to dividends
and voting rights. However, the Restricted Share Awards are
non-transferable by their holders until they vest per the
respective Restricted Share Award Agreements. As at March 31, 2024,
the vesting conditions attached to Earnout Shares have only been
met for the first and second tranches totaling 2,000,000 shares,
and these shares are included in the weighted average number of
common shares for diluted earnings per share calculation. At March
31, 2024, the remaining unvested Earnout Shares and unvested
Restricted Share Awards to employees have not been met, and as a
result these shares were not included in the calculation for
diluted earnings per share.
International General Insurance Holdings Ltd.
Supplementary Financial Information - Segment Results
(Unaudited)
Segment information for IGI’s consolidated
operations is as follows:
For the quarter ended March 31,
2024
(in millions of U.S. Dollars)
Specialty
Long-tail
Specialty
Short-tail
Reinsurance
Total
Underwriting revenues
Gross written premiums
$38.7
$94.2
$48.7
$181.6
Ceded written premiums
($8.0)
($29.0)
($1.5)
($38.5)
Net written premiums
$30.7
$65.2
$47.2
$143.1
Net change in unearned premiums
$6.5
($4.7)
($30.4)
($28.6)
Net premiums earned
$37.2
$60.5
$16.8
$114.5
Net loss and loss adjustment expenses
($20.9)
($15.5)
($7.9)
($44.3)
Net policy acquisition expenses
($6.4)
($9.7)
($2.1)
($18.2)
Underwriting income
$9.9
$35.3
$6.8
$52.0
For the quarter ended March 31,
2023
(in millions of U.S. Dollars)
Specialty
Long-tail
Specialty
Short-tail
Reinsurance
Total
Underwriting revenues
Gross written premiums
$42.0
$91.6
$40.3
$173.9
Ceded written premiums
($7.3)
($25.6)
-
($32.9)
Net written premiums
$34.7
$66.0
$40.3
$141.0
Net change in unearned premiums
$5.6
($15.0)
($26.5)
($35.9)
Net premiums earned
$40.3
$51.0
$13.8
$105.1
Net loss and loss adjustment expenses
($21.9)
($14.2)
($11.9)
($48.0)
Net policy acquisition expenses
($7.1)
($8.0)
($2.2)
($17.3)
Underwriting income
$11.3
$28.8
($0.3)
$39.8
International General Insurance Holdings Ltd. Notes to
the Consolidated Financial Statements (Unaudited)
(1)
The following table shows the investment
yield calculation:
Quarter Ended
March 31,
(in millions of U.S. Dollars, except
percentages)
2024
2023
Investment income
$11.8
$8.7
Average total investments and cash and
cash equivalents
$1,154.5
$982.7
Investment Yield (annualized)
4.2%
3.5%
(2)
Represents net income for the period
available to common shareholders divided by the weighted average
number of vested common shares – diluted calculated as follows:
Quarter Ended
March 31,
(in millions of U.S. Dollars, except share
and per share information)
2024
2023
Net income for the period
$37.9
$33.9
Minus: Net income attributable to the
earnout shares
$0.4
$2.2
Minus: Dividends attributable to
restricted share awards
$0.1
-
Net income available to common
shareholders (a)
$37.4
$31.7
Weighted average number of shares –
diluted (in millions of shares) (b)*
44.3
44.4
Diluted earnings per share attributable
to equity holders (a/b)
$0.84
$0.71
*
The weighted average number of common
shares refers to the number of common shares calculated after
adjusting for the changes in issued and outstanding common shares
over a reporting period.
International General Insurance Holdings Ltd. Non-GAAP
Financial Measures
In presenting IGI’s financial results, management has included
and discussed certain non-GAAP financial measures. We believe that
these non-GAAP measures, which may be defined and calculated
differently by other companies, help to explain and enhance the
understanding of our results of operations. However, these measures
should not be viewed as a substitute for those determined in
accordance with U.S. GAAP.
Reconciliation of Combined Ratio to Accident Year Combined
Ratio Prior to CAT Losses
The table below illustrates the reconciliation of the combined
ratio on a financial and accident year basis.
Quarter Ended
March 31,
(In millions of U.S. Dollars, except
percentages)
2024
2023
Net premiums earned (a)
$114.5
$105.1
Net loss and loss adjustment expenses
(b)
($44.3)
($48.0)
Net policy acquisition expenses (c)
($18.2)
($17.3)
General and administrative expenses
(d)
($22.3)
($17.0)
Prior years favorable development (e)
($22.2)
($12.0)
Catastrophe (“CAT”) losses (f)*
$10.8
$14.4
Combined ratio ((b+c+d)/a)**
74.1%
78.4%
Minus: Prior years favorable development
(e/a)
(19.4%)
(11.4%)
Accident year combined ratio
93.5%
89.8%
Minus: CAT losses on an accident year
basis (f/a)
9.4%
13.7%
Accident year combined ratio prior to
CAT losses
84.1%
76.1%
*
The CAT losses for the first quarter ended
March 31, 2024 are primarily attributable to $10.4 million of
general CAT load recorded primarily in the Short-tail Segment and
to a lesser extent in the Reinsurance Segment.
The CAT losses for the quarter ended March
31, 2023 were primarily attributable to $8.4 million of reserves
recorded for the earthquake in Turkey (in the Reinsurance Segment)
and flooding in New Zealand from Cyclone Gabrielle (in the
Short-tail Segment).
**
See “Supplementary Financial Information -
Combined Ratio (Unaudited)”
International General Insurance Holdings Ltd. Non-GAAP
Financial Measures
The table below illustrates the split of loss ratio between
current accident year, current year CAT losses, which are included
in ‘Net loss and loss adjustment expenses’, and prior years’ loss
development is as follows:
Quarter Ended March
31,
2024
2023
(in millions of U.S. Dollars, except
percentages)
Net loss
and loss
adjustment
expenses
% of net
premiums
earned
Net loss
and loss
adjustment
expenses
% of net
premiums
earned
Current year net incurred
claims
$44.3
38.7%
$48.0
45.7%
Minus: Current accident year CAT
losses
$10.8
9.4%
$14.4
13.7%
Minus: Effect of prior years’
development
($22.2)
(19.4%)
($12.0)
(11.4%)
Current Accident year (Prior to CAT
losses)
$55.7
48.7%
$45.6
43.4%
Core Operating Income
Core operating income measures the performance of our operations
without the influence of after-tax gains or losses on investments
and foreign currencies and other items as noted in the table below.
We exclude these items from our calculation of core operating
income because the amounts of these gains and losses are heavily
influenced by, and fluctuate in part according to, economic and
other factors external to the Company and/or transactions or events
that are typically not a recurring part of, and are largely
independent of, our core underwriting activities and including them
distorts the analysis of trends in our operations. We believe the
reporting of core operating income enhances an understanding of our
results by highlighting the underlying profitability of our core
insurance operations. Our underwriting profitability is impacted by
earned premiums, the adequacy of pricing, and the frequency and
severity of losses. Over time, such profitability is also
influenced by underwriting discipline, which seeks to manage the
Company’s exposure to loss through favorable risk selection and
diversification, IGI’s management of claims, use of reinsurance and
the ability to manage the expense ratio, which the Company
accomplishes through the management of acquisition costs and other
underwriting expenses.
In addition to presenting net income for the period determined
in accordance with U.S. GAAP, we believe that showing “core
operating income” provides investors with a valuable measure of
profitability and enables investors, rating agencies and other
users of our financial information to analyze the Company’s results
in a similar manner to the way in which Management analyzes the
Company’s underlying business performance.
International General Insurance Holdings Ltd. Non-GAAP
Financial Measures
Core operating income is calculated by the addition or
subtraction of certain line items reported in the “Consolidated
Statements of Income” from net income for the period and tax
effecting each line item (resulting in each item being a non-GAAP
measure), as illustrated in the table below:
Quarter Ended
March 31,
(in millions of U.S. Dollars, except for
percentages and per share data)
2024
2023
Net income for the period
$37.9
$33.9
Reconciling items between net income for
the period and core operating income:
Net realized gain on investments
-
($0.1)
Net unrealized gain on investments
($3.5)
($3.5)
Change in allowance for expected credit
losses on investments (tax adjusted) (i)
($0.2)
($0.1)
Change in fair value of derivative
financial liabilities
$2.1
$0.1
Net foreign exchange loss (gain) (tax
adjusted) (i)
$3.7
($1.0)
Core operating income
$40.0
$29.3
Average shareholders’ equity (ii)
$548.8
$420.6
Core operating return on average equity
(annualized) (ii) and (v)
29.2%
27.9%
Diluted core operating earnings per share
(iv)
$0.89
$0.62
Return on average equity (annualized)
(v)
27.6%
32.2%
i.
Represents a non-GAAP financial measure as
line-item balances have been adjusted for the related tax
impact.
ii.
Represents the total shareholders’ equity
at the reporting period end plus the total shareholders’ equity as
of the beginning of the reporting period, divided by 2.
iii.
Represents annualized core operating
income for the period divided by average shareholders’ equity.
iv.
Represents core operating income
attributable to vested equity holders divided by weighted average
number of vested common shares – diluted as follows:
Quarter Ended
March 31,
(in millions of U.S. Dollars, except per
share information)
2024
2023
Core operating income for the period
$40.0
$29.3
Minus: Core operating income attributable
to earnout shares
$0.4
$1.9
Minus: Dividends attributable to
restricted share awards
$0.1
-
Core operating income available to
common shareholders (a)
$39.5
$27.4
Weighted average number of shares –
diluted (in millions of shares) (b)
44.3
44.4
Diluted core operating earnings per
share (a/b)
$0.89
$0.62
v.
Return on average equity (annualized) and
core operating return on average equity (annualized), both non-GAAP
financial measures, represent the returns generated on common
shareholders’ equity during the period.
The Company has posted a First Quarter 2024 investor
presentation deck on its website at www.iginsure.com in the
Investors section under the Presentations & Webcasts tab.
About IGI:
IGI is an international specialty risks commercial insurer and
reinsurer underwriting a diverse portfolio of specialty lines.
Established in 2001, IGI has a worldwide portfolio of energy,
property, general aviation, construction & engineering, ports
& terminals, marine cargo, marine trades, contingency,
political violence, financial institutions, general third-party
liability (casualty), legal expenses, professional indemnity,
D&O, marine liability and reinsurance treaty business.
Registered in Bermuda, with operations in Bermuda, London, Malta,
Dubai, Amman, Oslo, Kuala Lumpur and Casablanca, IGI aims to
deliver outstanding levels of service to clients and brokers. IGI
is rated “A” (Excellent)/Stable by AM Best and “A-”(Strong)/Stable
by S&P Global Ratings. For more information about IGI, please
visit www.iginsure.com.
Forward-Looking Statements:
This press release 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,” “commitment,” and
similar expressions are intended to identify such forward-looking
statements. Forward-looking statements contained in this press
release 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; (3)
changes in applicable laws or regulations; (4) the outcome of any
legal proceedings that may be instituted against the Company; (5)
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; (6) the effects of the war between
Israel and Hamas; (7) the inability to maintain the listing of the
Company’s common shares on Nasdaq; and (8) 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
except to the extent that is required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507418371/en/
IGI Contacts:
Investors: Robin Sidders, Head of Investor Relations M: + 44 (0)
7384 514785 Email: robin.sidders@iginsure.com
Media: Aaida Abu Jaber, AVP PR & Marketing T:
+96265662082 Ext. 407 M: +962770415540 Email:
aaida.abujaber@iginsure.com
International General In... (NASDAQ:IGIC)
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