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IGIC, International General Insurance Holdings Ltd.
An insurance business, read on its underwriting result, the combined ratio, and the float it invests, rather than an earnings multiple.
Holders of our common shares should obtain current market quotations for their securities.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Underwriting discipline and the float. What decides it: whether the combined ratio stays below 100% so the policies make money on their own, how large the float is against equity, and what that float earns once it is invested. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- The underwriting result is not cleanly tagged in the filings. Book value per share, the measure Berkshire is judged on, has compounded about 29% a year across the record. The float runs about 0.0× equity, the leverage that magnifies both the underwriting and the investing. Whether the discipline holds through a soft market, and how the float is invested, are what the 10-K decides.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $13M | $10M | $13M | $10M | $351M | $397M | $499M | $539M | $517M | $517M | RevenueRevenue |
| — | — | — | — | $337M | $376M | $447M | $483M | $454M | $454M | Premiums earnedPremiums |
| $13M | $10M | $13M | $10M | $14M | $21M | $40M | $52M | $55M | $55M | Investment incomeInv. inc. |
| $7M | $26M | $24M | $2M | $3M | $85M | $118M | $135M | $127M | $3M | Net incomeNet inc. |
| -0% | 0% | 7% | 55% | 39% | 3% | 6% | -2% | -0% | 46% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||||
| $13M | $104M | $21M | ($91M) | $130M | ($85M) | $197M | $209M | $108M | ($85M) | Operating cash flowOp. cash |
| $13M | $104M | $21M | ($91M) | $128M | ($87M) | $194M | $206M | $107M | ($87M) | Owner earningsOwner earn. |
| 2% | 8% | 8% | 0% | 1% | 20% | 22% | 21% | 18% | 1% | Return on equityROE |
| −1% | 7% | 4% | −1% | −3% | 17% | 22% | 17% | 11% | −2% | Retained to equityRetained/eq |
| $11M | $4M | $11M | $4M | $16M | $11M | $2M | $27M | $46M | $11M | Dividends paidDiv. paid |
| — | — | — | — | — | $2M | $31M | $23M | $62M | — | BuybacksBuybacks |
| Balance sheet | ||||||||||
| — | $9M | — | — | $578M | $636M | $712M | $794M | $798M | — | Float (gross reserves)Float |
| — | $903M | $1.0B | $1.3B | $1.5B | $1.6B | $1.8B | $2.0B | $2.1B | $1.6B | Total assetsAssets |
| $301M | $301M | $312M | $381M | $402M | $430M | $540M | $655M | $710M | $430M | Shareholders’ equityEquity |
| Per share | ||||||||||
| 143M | 35.1M | 34.3M | 43.0M | 45.5M | 45.5M | 43.5M | 44.7M | 43.7M | 42.8M | Shares out (diluted)Shares |
| $0.05 | $0.73 | $0.69 | $0.04 | $0.06 | $1.88 | $2.72 | $3.02 | $2.91 | $0.06 | EPS (diluted)EPS |
| $0.09 | $2.95 | $0.61 | $-2.11 | $2.82 | $-1.90 | $4.46 | $4.61 | $2.45 | $-2.03 | Owner earnings / shareOE/sh |
| $0.08 | $0.12 | $0.32 | $0.10 | $0.35 | $0.24 | $0.04 | $0.59 | $1.06 | $0.25 | Dividends / shareDiv/sh |
| $2.10 | $8.58 | $9.10 | $8.85 | $8.84 | $9.44 | $12.43 | $14.64 | $16.26 | $10.03 | Book value / shareBVPS |
The diluted share count moved ×1/4.09 into 2018 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +84.6%/yr | +119.6%/yr |
| Owner earnings / share | +51.8%/yr | — |
| EPS | +66.6%/yr | +136.6%/yr |
| Dividends / share | +38.1%/yr | +59.9%/yr |
| Capital spending / share | +27.3%/yr | +22.0%/yr |
| Book value / share | +29.1%/yr | +12.9%/yr |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Not enough dataIndustry peers: median 101%
What this means
Premiums or claims weren't found in the filing data.
- Below the cost of equityNet income $3M ÷ equity $430MIndustry peers: median 5%
What this means
What it earns on shareholders' capital, the underwriting result plus what the float earns invested. Durably above the ~10% cost of equity is what compounds book value.
The float
- 0.0× equityLoss and claim reserves, gross of reinsurance: $9M, 0.0× equity
What this means
Money held against future claims and invested in the meantime. Buffett's insight was that good underwriting makes this float cost less than nothing, a pool of other people's money the owners earn on. Measured here from gross loss and claim reserves; amounts recoverable from reinsurers are not extracted for this filer, so a heavily reinsured book is overstated here — the reinsurers' share of these reserves is their float, not this company's. The larger it is against equity, the more that leverage works, for better or worse.
- Investment income $55Mearned on investmentsNet investment income $55M
What this means
What the float and capital earned this year. This is the second engine: an insurer that breaks even on underwriting still wins if the float is large and invested well.
The cost and the reserves
- Not enough data
What this means
Needs the full float arithmetic and a cleanly tagged underwriting total; a partial figure would mislead.
- Not enough data
What this means
Not disclosed in the filings' structured data — the absence is itself worth knowing on a business whose product is a promise.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2019Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investments$138M
- Receivables$313K
- Accounts payable$10M
From the company's latest filing.
Peers, Insurance — Property & Casualty
The same industry, side by side on the underwriting lens. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Combined ratiomedian over the record | Loss ratiomedian over the record | Yield on floatmedian over the record | ROTCEmedian over the record |
|---|---|---|---|---|---|
| LMNDLemonade Inc. | $738M | — | 72% | 6.6% | -34% |
| NMIHNMI Holdings Inc. | $706M | — | — | — | 15% |
| JRVRJames River Group Holdings Inc. | $688M | 106% | 74% | 6.8% | 8% |
| BOWBowhead Specialty Holdings Inc. | $552M | 96% | 64% | 4.9% | 12% |
| IGICInternational General Insurance Holdings Ltd. | $517M | — | — | 5.7% | 9% |
| HIPOHippo Holdings Inc. | $469M | 127%2y | — | 4.6% | -48% |
| ASICAtegrity Specialty Insurance Company Holdings | $424M | 93%2y | 59%2y | 6.8%2y | 12%2y |
| ACICAmerican Coastal Insurance Corporation | $335M | — | 62% | 4.7% | 2% |
| Group median | — | — | — | 5.7% | 8% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. International General Insurance Holdings Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
An insurer is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what International General Insurance Holdings Ltd.’s record justifies.
Tangible book / share, delivered15%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). An insurer earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for an insurer.
Enter a price above to run it.
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $426M on 43M shares, a 9% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the insurer keeps earning that return; an underwriting cycle, a reserve shortfall or a bad year on the float changes it, which is what the record and the 10-K are for.
Manual order: ← IFS its page in the Manual IHG →
Industry order: ← HRTG the Insurance — Property & Casualty chapter ITIC →