Added to YB: 2024-05-15
Pitch date: 2024-05-14
IGIC [bullish]
International General Insurance Holdings Ltd.
+75.66%
current return
Author Info
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Company Info
International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide.
Market Cap
$1.0B
Pitch Price
$14.20
Price Target
N/A
Dividend
4.38%
EV/EBITDA
6.43
P/E
8.52
EV/Sales
1.57
Sector
Insurance
Category
value
$IGIC - My Research Notes
IGIC: Specialty insurer at 1x BV, 6x EPS. 87.7% 10yr avg CR, 13% ROE. Scaled biz now 1.1x premium/equity (+400bps ROE), 4.3% investment yield. Mgmt sees best UW environment ever. 82% 2023 CR, 74% Q1 '24. 20%+ ROE potential. Trades at 30% peer discount due to SPAC IPO & low volume despite strong fundamentals. Buybacks + re-rating to 1.3x BV = 25%+ IRR. Risks: hard market ending.
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