Newswires

May 5, 2026 Reinsurance

IGI Reports First Quarter of 2026 Unaudited Financial Results

Business Wire

HAMILTON, Bermuda--(BUSINESS WIRE)--
International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today reported financial results for the first quarter of 2026.

Highlights for the first quarter of 2026 include:

(in millions of U.S. Dollars, except percentages and per share information)
	Quarter Ended March 31,
	2026	2025
Gross written premiums	$197.2	$206.5
Net premiums earned	$111.2	$112.8
Underwriting income ⁽¹⁾	$37.7	$27.9
Net investment income	$13.5	$15.5
Net income	$21.7	$27.3
Combined ratio⁽¹⁾	89.1%	94.4%
Earnings per share (diluted) ⁽²⁾	$0.49	$0.59
Return on average equity(annualized)⁽³⁾	12.7%	16.7%
Core operating income ⁽³⁾	$24.4	$19.5
Core operating earnings per share(diluted)⁽³⁾	$0.56	$0.42
Core operating return on average equity (annualized)⁽³⁾	14.3%	12.0%
Book value per share ⁽¹⁾	$15.60	$14.65

(1)	See “Supplementary Financial Information” below.
(2)	See “Note to the Consolidated Financial Statements (Unaudited)” below.
(3)	See “Non-GAAP Financial Measures” below.

IGI Group President & CEO Waleed Jabsheh said, “We had a strong start to 2026 highlighted by underwriting income of $37.7 million and an 89.1% combined ratio, driven by consistent and disciplined execution. This translates to a 14.3% core operating return on average shareholders’ equity, underscoring the stability and resilience of IGI, notwithstanding impact of war losses in the Middle East. Our teams continue to be focused on executing across varied market conditions, managing our existing portfolio and the cycle, while capitalizing on new and emerging opportunities.”

“We continue to actively manage our capital, prioritizing profitable growth in underwriting first, and then returning excess capital to our shareholders. In the first three months of 2026, we returned almost $65 million to shareholders through share repurchases and dividends, including an extraordinary dividend of $1.15 per share.”

Results for the Quarters ended March 31, 2026 and 2025

The Company generated net income for the quarters ended March 31, 2026 and 2025 of $21.7 million and $27.3 million, respectively.

Return on average equity (annualized) was 12.7% for the first quarter of 2026, compared to 16.7% for the first quarter of 2025.

Core operating income, a non-GAAP financial measure, was $24.4 million for the first quarter of 2026, compared to $19.5 million for the same period in 2025. Core operating income for the first quarter of 2026 included a 35.2% increase in underwriting income compared to the first quarter of 2025, largely due to a lower level of net loss and loss adjustment expenses and net policy acquisition expenses.

Gross written premiums were $197.2 million in the quarter ended March 31, 2026, compared to $206.5 million for the same period in 2025, with the decline primarily due to the non-renewal of two sizeable reinsurance programmes.

Underwriting income for the first quarter of 2026 was $37.7 million compared to $27.9 million for the first quarter of 2025, demonstrating the Company’s strong underwriting performance with underwriting income generated across all segments in the first quarter of 2026. The underwriting income for the first quarter of 2026 was driven by net premiums earned of $111.2 million, offset by net loss and loss adjustment expenses of $54.8 million, which included catastrophe (“CAT”) losses of $21.3 million primarily related to the war and ongoing conflict in the Middle East, a large (non-CAT) energy loss, and net policy acquisition expenses of $18.7 million.

The loss ratio for the first quarter of 2026 improved to 49.3%, including 19.2 points of CAT losses, compared to 55.5% for the first quarter of 2025, which included 25.0 points of CAT losses.

The expense ratio (which is comprised of the net policy acquisition expense ratio, and the general and administrative expense ratio) was 39.8% for the first quarter of 2026, compared to 38.9% for the same period in 2025.

The combined ratio was 89.1% for the first quarter of 2026 compared to 94.4% for the same period in 2025.

Segment Results

The Specialty Long-tail Segment, which represented 25% of the Company’s gross written premiums for the quarter ended March 31, 2026, recorded growth of 22.0% in gross written premiums to $49.4 million for the first quarter of 2026, from $40.5 million for the first quarter of 2025. Net premiums earned for the quarter ended March 31, 2026 were $30.9 million compared to $30.6 million for the same quarter of 2025. This segment recorded an improvement in underwriting income of $25 million to $17.5 million for the first quarter of 2026, compared to an underwriting loss of $7.5 million for the first quarter of 2025, with the increase largely reflecting the lower level of net loss and loss adjustment expenses in the first quarter of 2026.

The Specialty Short-tail Segment, which represented 47% of the Company’s gross written premiums for the quarter ended March 31, 2026, generated gross written premiums of $92.2 million for the first quarter of 2026, compared to $96.0 million for the first quarter of 2025. Net premiums earned were $63.9 million for the first quarter of 2026, compared to $57.3 million for the same quarter of 2025. Underwriting income was $9.2 million for the first quarter of 2026 compared to $25.0 million for the same quarter of 2025, with the decrease largely the result of the war and ongoing conflict in the Middle East driving a higher level of net loss and loss adjustment expenses for the first quarter of 2026 compared to the same period in 2025.

The Reinsurance Segment, which represented 28% of the Company’s gross written premiums for the quarter ended March 31, 2026, recorded gross written premiums of $55.6 million for the first quarter of 2026, compared to $70.0 million for the first quarter of 2025. The decrease was primarily due to the non-renewal of the two reinsurance programmes mentioned above, as well as softening market conditions and negative rate movement. Net premiums earned for the quarter ended March 31, 2026 were $16.4 million, compared to $24.9 million for the same quarter in 2025. Underwriting income was $11.0 million for the first quarter of 2026, compared to $10.4 million for the first quarter of 2025.

Investment Results

Investment income increased by 3.7% to $14.1 million in the first quarter of 2026, compared to $13.6 million for the first quarter of 2025. The annualized investment yield on average total investments and cash and cash equivalents was flat at 4.3% for the first quarters of 2026 and 2025. Net investment income was $13.5 million in the first quarter of 2026 compared to $15.5 million for the corresponding period in 2025. The period-over-period decline was primarily due to negative mark-to-market movement in the equity portfolio in the first quarter of 2026, while the first quarter of 2025 benefited from positive mark-to-market movement and realized gains on disposals in the equity portfolio.

Net Foreign Exchange (Loss) Gain

The net foreign exchange loss for the first quarter of 2026 was $2.4 million, compared to a gain of $7.2 million for the first quarter of 2025. The net foreign exchange loss for the first quarter of 2026 was driven by the negative currency movement in the Company’s major transactional currencies (mainly the Pound Sterling and the Euro) against the U.S. Dollar.

Total Shareholders’ Equity

Total shareholders’ equity decreased to $653.6 million at March 31, 2026, compared to $710.2 million at December 31, 2025.

The movement in total shareholders’ equity during the quarter ended March 31, 2026 is illustrated below:

(in millions of U.S. Dollars)	Quarter Ended March 31, 2026
Total Shareholders’ equity at beginning of period	$710.2
Net income	$21.7
Change in unrealized (loss) gain on available-for-sale investments	($15.3)
Purchase of treasury shares ^(a)	($13.1)
Issuance of common shares under share-based compensation plan and employees stock purchase plan	$1.6
Cash dividends declared	($51.5)
Total shareholders’ equity at March 31, 2026	$653.6

(a)	In the first quarter of 2026, the Company repurchased 545,374 common shares at an average price per share of $24.11. At March 31, 2026, the Company had 4,110,715 common shares remaining under its existing 5 million common share repurchase authorization.

	Book value per share was $15.60 at March 31, 2026, a decrease of 7.7% compared to book value per share of $16.91 at December 31, 2025.

International General Insurance Holdings Ltd.
Consolidated Statements of Income (Unaudited)

	Quarter Ended March 31,
(in millions of U.S. Dollars except per share data)	2026	2025

Gross written premiums	$197.2	$206.5
Ceded written premiums	($38.3)	($48.9)
Net written premiums	$158.9	$157.6
Net change in unearned premiums	($47.7)	($44.8)
Net premiums earned	$111.2	$112.8
Investment income	$14.1	$13.6
Net realized (loss) gain on investments	($0.2)	$1.1
Net unrealized (loss) gain on investments	($0.5)	$0.9
Change in allowance for expected credit losses on investments	$0.1	($0.1)
Net investment income	$13.5	$15.5
Other revenues	$1.0	$0.7
Total revenues	$125.7	$129.0
Expenses
Net loss and loss adjustment expenses	($54.8)	($62.6)
Net policy acquisition expenses	($18.7)	($22.3)
General and administrative expenses	($25.6)	($21.6)
Change in allowance for expected credit losses on receivables	($0.1)	$0.6
Other expenses	($2.1)	($1.6)
Net Foreign exchange (loss) gain	($2.4)	$7.2
Total expenses	($103.7)	($100.3)
Income before income taxes	$22.0	$28.7
Income tax expense	($0.3)	($1.4)
Net income	$21.7	$27.3
Diluted earnings per share attributable to equity holders⁽¹⁾	$0.49	$0.59

(1)	See “Note to the Consolidated Financial Statements (Unaudited)”.

International General Insurance Holdings Ltd.
Consolidated Balance Sheets (Unaudited)

(in millions of U.S. Dollars)	As at March 31, 2026	As at December 31, 2025
ASSETS
Investments
Fixed maturity securities available-for-sale, at fair value	$1,028.8	$1,064.3
Fixed maturity securities held to maturity	$2.0	$2.0
Equity securities, at fair value	$20.6	$20.9
Other investments, at fair value	$13.1	$13.7
Short-term investments	$31.1	$31.2
Equity-method investments measured at fair value	$2.4	$2.4
Total investments	$1,098.0	$1,134.5
Cash and cash equivalents	$160.5	$186.2
Accrued investment income	$13.8	$15.3
Premiums receivable, net of allowance for expected credit losses	$319.5	$274.3
Reinsurance recoverables, net of allowance for expected credit losses	$249.7	$233.6
Ceded unearned premiums	$104.1	$114.2
Deferred policy acquisition costs, net of ceding commissions	$78.1	$70.6
Deferred tax assets, net	$5.6	$4.9
Other assets	$75.3	$67.2
TOTAL ASSETS	$2,104.6	$2,100.8

LIABILITIES
Reserve for unpaid loss and loss adjustment expenses	$825.7	$798.3
Unearned premiums	$507.5	$469.9
Insurance and reinsurance payables	$89.3	$95.9
Other liabilities	$28.5	$26.5
TOTAL LIABILITIES	$1,451.0	$1,390.6

SHAREHOLDERS’ EQUITY
Common shares at par value	$0.4	$0.4
Additional paid-in capital	$82.2	$86.9
Treasury shares	($6.7)	—
Accumulated other comprehensive (loss) gain, net of taxes	($5.1)	$10.3
Retained earnings	$582.8	$612.6
TOTAL SHAREHOLDERS’ EQUITY	$653.6	$710.2
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$2,104.6	$2,100.8

International General Insurance Holdings Ltd.
Supplementary Financial Information – Combined Ratio (Unaudited)

	Quarter Ended March 31,
	2026	2025

Loss ratio^(a)	49.3%	55.5%
Net policy acquisition expense ratio^(b)	16.8%	19.8%
General and administrative expense ratio^(c)	23.0%	19.1%
Expense ratio^(d)	39.8%	38.9%
Combined ratio^(e)	89.1%	94.4%

(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 expense 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, 2026	As at December 31, 2025

Common shares outstanding (in millions)*	42.6	42.8
Minus: Unvested shares (in millions)**	0.7	0.8
Number of vested common outstanding shares (in millions) (a)	41.9	42.0

Total shareholders’ equity (b)	$653.6	$710.2
Book value per share (b)/(a)	$15.60	$16.91

* Common shares issued and outstanding as at March 31, 2026 are as follows:

	*No. of shares as at*
	*March 31, 2026*
Vested common shares as of December 31, 2025	41,986,251
Treasury shares balance as of December 31, 2025	1,407
Vested restricted share awards	445,684
Granted employee stock purchase plan	4,659
Cancelled treasury shares	(265,964)
Treasury shares balance as of March 31, 2026	(280,817)
Total vested common shares as of March 31, 2026	41,891,220

Unvested restricted shares awards as of March 31, 2026	744,532
Unvested employee stock purchase plan as of March 31, 2026	23,982
Total unvested shares as of March 31, 2026	768,514
Total common shares outstanding as of March 31, 2026	42,659,734

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. At March 31, 2026, the vesting conditions attached to the unvested Restricted Share Awards to employees have not been met.

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, 2026
(in millions of U.S. Dollars)	Specialty Long-tail	Specialty Short-tail	Reinsurance	Total
Underwriting revenues
Gross written premiums	$49.4	$92.2	$55.6	$197.2
Ceded written premiums	($11.6)	($25.6)	($1.1)	($38.3)
Net written premiums	$37.8	$66.6	$54.5	$158.9
Net change in unearned premiums	($6.9)	($2.7)	($38.1)	($47.7)
Net premiums earned	$30.9	$63.9	$16.4	$111.2

Net loss and loss adjustment expenses	($8.8)	($42.7)	($3.3)	($54.8)
Net policy acquisition expenses	($4.6)	($12.0)	($2.1)	($18.7)
Underwriting income	$17.5	$9.2	$11.0	$37.7

For the quarter ended March 31, 2025
(in millions of U.S. Dollars)	Specialty Long-tail	Specialty Short-tail	Reinsurance	Total
Underwriting revenues
Gross written premiums	$40.5	$96.0	$70.0	$206.5
Ceded written premiums	($11.7)	($35.5)	($1.7)	($48.9)
Net written premiums	$28.8	$60.5	$68.3	$157.6
Net change in unearned premiums	$1.8	($3.2)	($43.4)	($44.8)
Net premiums earned	$30.6	$57.3	$24.9	$112.8

Net loss and loss adjustment expenses	($29.9)	($21.7)	($11.0)	($62.6)
Net policy acquisition expenses	($8.2)	($10.6)	($3.5)	($22.3)
Underwriting income (loss)	($7.5)	$25.0	$10.4	$27.9

International General Insurance Holdings Ltd.
Supplementary Financial Information – Investment Yield (Unaudited)

The following table shows the investment yield calculation:

	Quarter Ended March 31,
(in millions of U.S. Dollars, except percentages)	2026	2025
Investment income	$14.1	$13.6
Average total investments and cash and cash equivalents⁽ⁱ⁾	$1,321.0	$1,298.0
Investment Yield (annualized)	4.3%	4.3%

(i)	Represents the average of the month end fair value balances of total investments and cash and cash equivalents in each reporting period.

International General Insurance Holdings Ltd.
Note to the Consolidated Financial Statements (Unaudited)

(1)	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)	2026	2025
Net income for the period	$21.7	$27.3
Minus: Dividends attributable to restricted share awards	$0.9	$0.8
Net income available to common shareholders (a)	$20.8	$26.5

Weighted average number of vested common shares – diluted (in millions of shares) (b)*	42.3	44.8
Diluted earnings per share attributable to equity holders (a/b)	$0.49	$0.59

*	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 financial 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)	2026	2025
Net premiums earned (a)	$111.2	$112.8
Net loss and loss adjustment expenses (b)	($54.8)	($62.6)
Net policy acquisition expenses (c)	($18.7)	($22.3)
General and administrative expenses (d)	($25.6)	($21.6)
Prior years favorable development (e)	($32.2)	($25.8)
Current accident year CAT losses (f)*	$21.3	$28.2

Combined ratio((b+c+d)/a)**	89.1%	94.4%
Minus: Prior years favorable loss development divided by Net premiums earned (e/a)	(29.0%)	(22.9%)
Accident year combined ratio	118.1%	117.3%
Minus: Current accident year CAT losses divided by Net premiums earned (f/a)	19.2%	25.0%
Accident year combined ratio prior to CAT losses	98.9%	92.3%

*	The CAT losses for the quarter ended March 31, 2026 included losses related to the war and ongoing conflict in the Middle East (in the Specialty Short-tail Segment).

	The CAT losses for the quarter ended March 31, 2025 include losses for the Southern California wildfires (in the Reinsurance Segment), the earthquake in Taiwan and the Bridgewater Canal breach in Manchester, UK (in the Specialty 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 accident year CAT losses, which are included in ‘Net loss and loss adjustment expenses’, and prior years’ loss development as follows:

	Quarter Ended March 31,
	2026		2025
(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 accident year losses (excluding CAT losses)	$65.7	59.1%	$60.2	53.4%
Plus: Current accident year CAT losses	$21.3	19.2%	$28.2	25.0%
Plus: Prior years favorable loss development	($32.2)	(29.0%)	($25.8)	(22.9%)
Net loss and loss adjustment expenses	$54.8	49.3%	$62.6	55.5%

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 intelligent 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 financial measure), as illustrated in the table below:

	Quarter Ended March 31,
(in millions of U.S. Dollars, except for percentages and per share data)	2026	2025
Net income for the period	$21.7	$27.3
Reconciling items between net income for the period and core operating income:
Net realized loss (gain) on investments	$0.2	($1.1)
Tax impact of net realized loss on investments⁽ⁱ⁾	—	$0.1
Net unrealized loss (gain) on investments	$0.5	($0.9)
Tax impact of net unrealized loss (gain) on investments⁽ⁱ⁾	$0.2	$0.2
Change in allowance for expected credit losses on investments	($0.1)	$0.1
Tax impact of change in allowance for expected credit losses on investments⁽ⁱ⁾	—	—
Net foreign exchange loss (gain)	$2.4	($7.2)
Tax impact of net foreign exchange loss (gain)⁽ⁱ⁾	($0.5)	$1.0
Core operating income	$24.4	$19.5
Average shareholders’ equity ⁽ⁱⁱ⁾	$681.9	$652.7
Core operating return on average equity (annualized) ^{(iii) and (v)}	14.3%	12.0%
Diluted core operating earnings per share ^(iv)	$0.56	$0.42
Return on average equity (annualized) ^(v)	12.7%	16.7%

i.	The tax impact was calculated by applying the prevailing corporate tax rate of each subsidiary to the gross value of the relevant reconciling items as recognized separately by the subsidiaries on a standalone basis.

ii.	Represents the total shareholders’ equity at the end of the reporting period 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.

International General Insurance Holdings Ltd.
Non-GAAP Financial Measures

iv.	Represents core operating income attributable to vested equity holders divided by the weighted average number of vested common shares – diluted as follows:

	Quarter Ended March 31,
(in millions of U.S. Dollars, except per share information)	2026	2025
Core operating income	$24.4	$19.5
Minus: Dividends attributable to restricted share awards	$0.9	$0.8
Core operating income available to common shareholders (a)	$23.5	$18.7
Weighted average number of vested common shares – diluted (in millions of shares) (b)	42.3	44.8
Diluted core operating earnings per share (a/b)	$0.56	$0.42

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 2026 investor presentation deck on its website at www.iginsure.com in the Investors section under the Presentations & Webcasts tab.

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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.

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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 “ability,” “aim,” “focus”, “impact,” “seek,” “strategy,” “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “commitment,” “able,” “success” 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 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) risks related to fluctuations in global currencies including the UK Pound Sterling, the Euro, and the U.S. Dollar; (5) the outcome of any legal proceedings that may be instituted against the Company; (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 effects of military conflicts in the Middle East, including disruptions in the Strait of Hormuz and Persian Gulf and potential disruption of Red Sea international shipping routes; (8) the impact of the tariffs that have been imposed or may be imposed by the U.S. administration; (9) the potential impact of artificial intelligence technologies on the insurance industry and the ability of IGI to effectively deploy AI technologies; (10) the inability to maintain the listing of the Company’s common shares on Nasdaq; and (11) 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 it is required by law.