IGI Reports Condensed Unaudited Financial Results for the First Quarter 2020

About this update from International General Insurance Holdings Ltd.

[{"type":"text","content":" HAMILTON, Bermuda--(BUSINESS WIRE)--\nInternational General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ:IGIC) today announced condensed unaudited financial results for the first quarter of 2020.\n\n\nHighlights for the first quarter 2020 unaudited results include: \n\n\n\nGross underwriting profit of $23.2 million for the quarter ended March 31, 2020, compared to $11.8 million for the quarter ended March 31, 2019\n\n\nReported loss after tax of $0.9 million for the quarter ended March 31, 2020, compared to a net profit after tax of $6.5 million for the quarter ended March 31, 2019 \n\n\nCombined ratio of 81.3% for the first quarter of 2020, an improvement of 13.8 points as compared to the first quarter of 2019\n\n\nGross written premiums of $99.2 million for the quarter ended March 31, 2020, compared to $80.0 million for the quarter ended March 31, 2019, reflecting year over year growth of 24% \n\n\nNet investment income of $2.6 million for the quarter ended March 31, 2020, compared to $2.4 million for the quarter ended March 31, 2019\n\n\nBook value per share at March 31, 2020 was $7.57 \n\n\nCore operating income of $13.4 million for the quarter ended March 31, 2020, compared to $4.6 million for the quarter ended March 31, 2019\n\n\n\nFirst quarter 2020 financial impacts attributed primarily to the COVID-19 pandemic include:\n\n\n\nForeign exchange losses of $11.9 million, specifically weakening in the Company’s transactional currencies (Pound Sterling and Euro) against the U.S. Dollar \n\n\nMark-to-market adjustments in the equity investment portfolio resulting in an unrealized loss of $4.6 million\n\n\nNet claims and claims expenses of $2.0 million, primarily representing the cost of claims incurred but not yet reported \n\n\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “The first three months of 2020 have been extraordinary across the globe but particularly for IGI: we became a public company and began trading on Nasdaq in mid-March while the world was experiencing unprecedented turmoil from the outbreak of the COVID-19 pandemic. We have seen significant turbulence across global financial and capital markets, disruption in (re)insurance markets, and the way we do business has been upended.\n\n\n“Our results for the first quarter of 2020 – similar to other (re)insurance companies – clearly show the impacts of...

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