Added to YB: 2024-05-15
Pitch date: 2024-05-14
IGIC [bullish]
International General Insurance Holdings Ltd.
+91.8%
current return
Author Info
No bio for this author
Company Info
International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions in the United Kingdom, Europe, Central and South America, the Middle East and Africa.
Market Cap
$1.1B
Pitch Price
$13.51
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.12
P/E
9.07
EV/Sales
1.74
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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