Q4 2025 International General Insurance Holdings Ltd Earnings Call

February 25, 2026

Speaker #1: Financial Results Conference Call. All participants are in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad.

Speaker #1: To withdraw your question, please press star, then 2. Please note this event is being recorded. I would now like to turn the conference over to Robin Sidders, Head of Corporate Relations.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Danielle and good morning. Welcome to today's conference call. Today we'll be discussing the Financial Results for the fourth quarter and full year 2025.

Speaker #2: Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

Speaker #2: we issued a press release after the close yesterday, and you can find that on our website. in the Investor Relations section, at IGInsure.com. We've also posted a supplementary investor presentation, which can be found on our website as well, on, on the presentations page in the investor section.

Speaker #2: To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded.

Speaker #2: On today's call are Executive Chairman of IGI, Wasef Jabsheh, President and CEO, Waleed Jabsheh, and Chief Financial Officer, Pervez Rizvi. As always, Wasef will begin the call with some high-level comments before handing over to Waleed to talk through the key drivers of our results for the fourth quarter and full year 2025 and finish up with our views on market conditions and our outlook for the remainder of 2026.

Speaker #2: I would now like to turn the conference over to Robin Sidders, Head of Corporate Relations. Please go ahead. Thank you, Danielle, and good morning.

Speaker #2: Welcome to today's conference call. Today we'll be discussing the financial results for the fourth quarter and full year 2025. We issued our press release after the close yesterday, and you can find that on our website.

Speaker #2: In the investor relations section at IGInsure.com, we've also posted a supplementary investor presentation, which can be found on our website as well, on the presentations page in the investor section.

Speaker #2: And then we'll open the call up for Q&A. I'll begin with the customary safe-harbor language. Our speakers remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words.

Speaker #2: On today's call, our executive chairman of IGI, Wasef Jabsheh, president and CEO, Waleed Jabsheh, and chief financial officer, Pervez Rizvi. As always, Wasef will begin the call with some high-level comments before handing over to Waleed to talk through the key drivers of our results for the fourth quarter and full year 2025 and finish up with our views on market conditions and our outlook for the remainder of 2026.

Speaker #2: We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates, or expectations contemplated by us will, in fact, be achieved.

Speaker #2: Forward-looking statements involve risks, uncertainties, and assumptions. Actual events or results may differ materially from those projected in the forward-looking statements due to a variety of factors, including the risk factors set forth in the company's annual report on Forms 20F for the year ended December 31st, 2024, the company's reports on Form 6K, and other filings with the SEC, as well as our press release issued last evening.

Speaker #2: And then we'll open the call up for Q&A. I'll begin with the customary safe harbor language. Our speakers remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words.

Speaker #2: We caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimate, or expectations contemplated by us will, in fact, be achieved.

Speaker #2: We undertake no obligation to update or revise publicly any forward-looking statements which speak only as of the date they are made. During this call, we will use certain non-GAAP financial measures for a reconciliation of non-GAAP measures to the nearest GAAP measure.

Speaker #2: Please see our earnings release, which has been filed with the SEC and is available on our website as I said. With that, I'll turn the call over to Executive Chairman Wasef Jabsheh.

Speaker #3: thank you, Robin, and good day everyone. Thank you for joining us on today's call. I'm very pleased with the outstanding results we achieved in 2025.

Speaker #3: Next year will be IGI's 25th anniversary. Year, which is quite a milestone for us. We have built a successful track record of consistently strong performance generating significant value for our shareholders over this time.

Speaker #2: Please see our earnings release, which has been filed with the SEC and is available on our website as I said. With that, I'll turn the call over to executive chairman Wasef Jabsheh.

Speaker #3: I'm delighted that, in addition to our solid financial results, highlighted by roughly 14% growth in book value, plus the return of more than 108 million dollars to shareholders, through our capital management actions, that we announced a special dividend of $1.15 per share this morning.

Speaker #3: Thank you, Robin, and good day everyone. Thank you for joining us on today's call. I'm very pleased with the outstanding results we achieved in 2025.

Speaker #3: This is the third consecutive year that we have taken decision to pay a special dividend in addition to our regular quarterly dividends. Our ability to do this really shows how our confidence in the strength of our balance sheet and our capital position.

Speaker #3: I'm delighted that, in addition to our solid financial results, highlighted by roughly 14% growth in book value, plus the return of more than $108 million to shareholders, through our capital management actions, that we announced a special dividend of $1.15 per share this morning.

Speaker #3: And it rewards our shareholders for their trust and support of IGI over the years. I want to congratulate all of our people whose focus, dedication, and loyalty not only produced these results, but who have helped to build our track record over more than two decades.

Speaker #3: This is the third consecutive year that we have taken decision to pay a special dividend, in addition to our regular quarterly dividend. Our ability to do this really shows how our confidence in the strength of our balance sheet and our capital position.

Speaker #3: I'm very proud of the people we have at IGI. It is their passion for our business and their belief in what we have built and continue to build at IGI that continues to drive our success.

Speaker #3: And it rewards our shareholders for their trust and support of IGI over the years. I want to congratulate all of our people whose focus, dedication, and loyalty not only produced these results but who have helped to build our track record over more than two decades.

Speaker #3: With this excellent foundation, I'm confident that we will continue to serve as a stable market for our customers and generate strong value for our shareholders in 26 and beyond.

Speaker #3: I will now hand over to Waleed to discuss the numbers in more detail and talk about market conditions and our outlook. And I'll remain on the call for any questions at the end.

Speaker #3: Go ahead, Waleed.

Speaker #4: thank you, Wasef. good morning, everyone, and thanks for, joining us, on the call today. as Wasef said, I mean, we had an excellent fourth quarter, capping off what was, another exceptional year for IGI.

Speaker #3: With this excellent foundation, I'm confident that we will continue to serve as a stable market for our customers and generate strong value for our shareholders in 2026 and beyond.

Speaker #4: Strong underwriting execution, strong investment performance, all of which leading to a very solid bottom line, result. This adds a further set of data points to what is a very strong and consistent track record that we've built now over the past, 24 years.

Speaker #3: I will now hand over to Waleed to discuss the numbers in more detail and talk about market conditions and our outlook. And I'll remain on the call for any questions at the end.

Speaker #4: To begin with, I'm just gonna run through the key highlights, of our performance for, 2025 before delving into detail, into the results. you know, in the last 12 months, we delivered, more than 161 million dollars in underwriting income, leading to a combined ratio of just under 86% for the year.

Speaker #3: Go ahead, Waleed.

Speaker #4: Thank you, Wasef. Good morning, everyone, and thanks for joining us on the call today. As Wasef said, I mean, we had an excellent fourth quarter.

Speaker #4: Capping off what was another exceptional year for IGI. Strong underwriting execution, strong investment performance, all of which leading to a very solid bottom line result.

Speaker #4: That's well below our, 10-year average. Delivered a return on average equity of 18.6%, also well below our, well, above, our, 10-year average. book value per share growth of almost 14% to $16.91.

Speaker #4: This adds a further set of data points to what is a very strong and consistent track record that we've built now over the past 24 years.

Speaker #4: To begin with, I'm just going to run through the key highlights of our performance for 2025 before delving into detail into the results. In the last 12 months, we delivered more than $161 million in underwriting income, leading to a combined ratio of just under 86% for the year.

Speaker #4: And finally, capital return to shareholders of more than $108 million in dividends and share repurchases. and as Wasef mentioned, we announced in, our ordinary common share dividend in our press release last night.

Speaker #4: And, declared another, extraordinary, special cash dividend this morning. This time, $1.15 per common share, making marking the third consecutive year now that we've, paid a special cash dividend.

Speaker #4: That's well below our 10-year average. Delivered a return on average equity of 18.6%, also well below our well above our 10-year average. Book value per share growth of almost 14% to $16.91.

Speaker #4: this level of performance is the is the result of a very well-laid out, well-understood strategy that's, executed at a at a very high level consistently year after year.

Speaker #4: And finally, capital return to shareholders of more than $108 million in dividends and share repurchases. And as Wasef mentioned, we announced our ordinary common share dividend in our press release last night.

Speaker #4: And our history has shown that, that this strategy is what works for us and drives sustainable value to our business partners, shareholders, and our employees.

Speaker #4: And declared another extraordinary special cash dividend this morning, this time $1.15 per common share, marking the third consecutive year now that we've paid a special cash dividend.

Speaker #4: We have what we believe are strategic advantages and attributes that are unique to IGI. And, and, and that underpin the results we are able to achieve.

Speaker #4: One: we have a high performance called, high performance, profitability-driven culture underpinned by strict discipline, in underwriting. Two: we've got deep, specialist and technical expertise driven by years of experience, and an on-the-ground presence in our core regions allowing us to do business in a manner that is culturally compatible with our markets.

Speaker #4: This level of performance is the result of a very well-laid out, well-understood strategy that's executed at a very high level consistently year after year.

Speaker #4: And our history has shown that this strategy is what works for us and drives sustainable value to our business partners, shareholders, and our employees.

Speaker #4: Three: we're value-driven. We're long-term focused, and, and, and finally, four: our significant insider ownership and founder-manager mindset aligns directly with shareholder interests. Our view of success, as we've said time and time again, is not over a one or two-year period, but a much longer-term period encompassing ever-changing conditions, dynamics in our market, and, and, and more broadly, global, social, and economic environments that are constantly, shifting.

Speaker #4: We have what we believe are strategic advantages and attributes that are unique to IGI, and that underpin the results we are able to achieve.

Speaker #4: One: We have a high-performance, profitability-driven culture underpinned by strict discipline in underwriting. Two: We've got deep specialist and technical expertise driven by years of experience and an on-the-ground presence in our core regions, allowing us to do business in a manner that is culturally compatible with our markets.

Speaker #4: Now, I'll move on to the results for the fourth quarter and full year of 2025. I'm gonna do this just a little bit differently and really focus on the key points for the quarter and the year, and what drivers are behind the numbers.

Speaker #4: Three: we're value-driven. We're long-term focused. And finally, four: our significant insider ownership and founder-manager mindset aligns directly with shareholder interests. Our view of success, as we've said time and time again, is not over a one or two-year period but a much longer-term period encompassing ever-changing conditions, dynamics in our market, and more broadly global social and economic environments that are constantly shifting.

Speaker #4: And then I'm, I'm happy to answer any questions, any of you may have at the end. starting with the top line and, and as we said, would be the case on prior calls, gross premiums written in the fourth quarter were down, 33.4 million dollars or, or just over 19%.

Speaker #4: similarly, gross premiums for the full year were down by the same dollar amount, 33.4 million dollars. And that's equivalent to about, 4.8, percentage points.

Speaker #4: Now, I'll move on to the results for the fourth quarter and full year of 2025. I'm going to do this just a little bit differently and really focus on the key points for the quarter and the year, and what drivers are behind the numbers.

Speaker #4: this predominantly relates to the non-renewal of a of a of a large professional indemnity binder in our long-tail portfolio that we disclosed to you, on our, Q2 call, last year.

Speaker #4: And then I'm happy to answer any questions any of you may have at the end. Starting with the top line and as we said would be the case on prior calls, gross premiums written in the fourth quarter were down 33.4 million dollars or just over 19%.

Speaker #4: At the time, we said the impact would flow through four consecutive quarters, starting with Q3, and that the largest portion, which is about half of the total, would be reflected in, Q4.

Speaker #4: Similarly, gross premiums for the full year were down by the same dollar amount, 33.4 million dollars. And that's equivalent to about 4.8 percentage points.

Speaker #4: So that's what your predominantly seeing, in the top line, movements, for the quarter. Net premiums earned were, 111.4 million dollars for Q4 '25 versus 120.6, million for the same period in, the year before.

Speaker #4: This predominantly relates to the non-renewal of a large professional indemnity binder in our long-tail portfolio that we disclosed to you on our Q2 call last year.

Speaker #4: For the full year, net premiums earned were 453.8 million versus 483.1 million dollars. for the full year, also, net premiums earned included the impact of reinstatement premiums on loss-affected business amounting to 10.2 million dollars.

Speaker #4: At the time, we said the impact would flow through four consecutive quarters, starting with Q3. And that the largest portion, which is about half of the total, would be reflected in Q4.

Speaker #4: We've mentioned this on previous calls. and as I've said before, our reinsurance buying approach is very strategic. aiming really to help mitigate volatility in the high severity lines of business that we write.

Speaker #4: So that's what your predominantly seeing in the top line movements for the quarter. Net premiums earned were $111.4 million for Q4 '25 versus $120.6 million for the same period in the year before.

Speaker #4: It's important to note that our reinsurance purchasing patterns vary depending on where we are in the market cycle. For example, we tend to buy more facultative, coverage during periods of softer market conditions, and we retain more risk in, in, in harder market conditions.

Speaker #4: For the full year, net premiums earned were $453.8 million versus $483.1 million. For the full year, also, net premiums earned included the impact of reinstatement premiums on loss-affected business amounting to 10.2 million dollars.

Speaker #4: Now, this is all part of our cycle management strategy, but it can definitely sometimes result in some distortion in the component parts of our combined ratio.

Speaker #4: We've mentioned this on previous calls, and as I've said before, our reinsurance buying approach is very strategic—aiming, really, to help mitigate volatility in the high-severity lines of business that we write.

Speaker #4: And I'll talk more about that, in a moment. Now, the combined ratio for Q4, of '25 was 82%, and that included 18.1 points of accident-year cap losses.

Speaker #4: It's important to note that our reinsurance purchasing patterns vary depending on where we are in the market cycle. For example, we tend to buy more facultative coverage during periods of softer market conditions, and we retain more risk in harder market conditions.

Speaker #4: And 5.2 points of favorable reserve development. This compares to 77.8% for Q4 of '24, which included 6 points of accident-year cap losses and 2.3 points of favorable reserve development.

Speaker #4: Now, this is all part of our cycle management strategy, but it can definitely sometimes result in some distortion in the component parts of our combined ratio.

Speaker #4: The Q4 2024 combined ratio also benefited from the impact of about 18.3 points of foreign currency revaluation. The full year '25 combined ratio was just under 86% and included 14.5 points of accident-year cap losses and just under 8 points of favorable reserve development.

Speaker #4: And I'll talk more about that in a moment. Now, the combined ratio for Q4 of '25 was 82%. And that included 18.1 points of accident year cat losses.

Speaker #4: And 5.2 points of favorable reserve development. This compares to 77.8% for Q4 of '24, which included 6 points of accident year cat losses and 2.3 points of favorable reserve development.

Speaker #4: The full year, combined ratio was, was also negatively impacted by about 6 points of negative currency revaluation movement. Now, this compares to a, a full year 2024 combined ratio of 79.9%, which included 9 points of accident-year cap losses, 7.7 points of favorable reserve development, and just under 2 points of positive currency revaluation.

Speaker #4: The Q4 2024 combined ratio also benefited from the impact of about 18.3 points of foreign currency revaluation. The full year '25 combined ratio was just under 86% and included 14.5 points of accident year cat losses and just under 8 points of favorable reserve development.

Speaker #4: So, if you're looking at it on a on an FX neutral basis, we're comparing 79.9% combined ratio for the full year 2025 to 81.8% for 2024.

Speaker #4: The full-year combined ratio was also negatively impacted by about 6 points of negative currency revaluation movement. Now, this compares to a full-year 2024 combined ratio of 79.9%, which included 9 points of accident year cat losses, 7.7 points of favorable reserve development, and just under 2 points of positive currency revaluation.

Speaker #4: Now, during the fourth quarter of 2025, currency revaluation movements played very tiny minuscule part on our results. But for the full year, in line with the first three quarters' results in the in the commentary there, the volatility of the US dollar during that those three quarters, against our, major transactional currencies, impacted the number of line items in, in the results.

Speaker #4: So if you're looking at it on an FX neutral basis, we're comparing 79.9% combined ratio for the full year 2025 to 81.8% for 2024.

Speaker #4: Now, just a, a, a few comments on the GNA expense ratio. for the fourth quarter and full year of '25 versus the same periods in '24, we saw increases of, of, of 5.9 points or 4.8 million dollars and 2.7 points or 6.6 million dollars, respectively.

Speaker #4: Now, during the fourth quarter of 2025, currency revaluation movements played very tiny minuscule part on our results. But for the full year, in line with the first three quarters' results and the commentary there, the volatility of the US dollar during that those three quarters against our major transactional currencies impacted the number of line items in the results.

Speaker #4: Now, this is largely the result of new hires, systems costs, and a number of other items which are all part of the, the investments we've made in the build-out of our business and in, in our visibility, in the market.

Speaker #4: So you're seeing a higher dollar expense load in the fourth quarter versus, you know, the 2020 versus, you know, Q4 in 2024. Now, the higher fourth quarter 2025 expense ratio is then compound compounded by the lower level of period-over-period net premiums earned.

Speaker #4: Now, just a few comments on the GNA expense ratio. For the fourth quarter and full year of '25 versus the same periods in in '24, we saw increases of 5.9 points or 4.8 million dollars and 2.7 points or 6.6 million dollars, respectively.

Speaker #4: I, I, I would also say that the fourth quarter, 2024 GNA ratio expense ratio benefited from a, a reclassification of expenses from the GNA line to the acquisition cost line.

Speaker #4: Now, this is largely the result of new hires, systems costs, and a number of other items which are all part of the investments we've made in the build-out of our business and in our visibility in the market.

Speaker #4: So the Q4 year-over-year comparison isn't really on an apples-to-apples basis. for the full year, you're also seeing the effect of the strengthening of the pound versus our dollar, versus our, our dollar reporting currency during, during, during '25.

Speaker #4: So you're seeing a higher dollar expense float in the fourth quarter versus the 2020 versus Q4 in 2024. Now, the higher fourth quarter 2025 expense ratio is then compounded by the lower level of period-over-period net premiums earned.

Speaker #4: And this, directly reflects and impacts the level of GNA expenses that are transacted in pounds, which, for our business, is, is, is, is, is fairly chunky.

Speaker #4: I would also say that the fourth quarter 2024 GNA ratio expense ratio benefited from a reclassification of expenses from the GNA line to the acquisition cost line.

Speaker #4: generally speaking, the total expense ratio provides a truer reflection of overall expenses as a component part, as a component part. And I'm talking here about GNA combined with acquisition cost.

Speaker #4: So the Q4 year-over-year comparison isn't really on an apples-to-apples basis. For the full year, you're also seeing the effect of the strengthening of the pound versus our dollar versus our dollar reporting currency during '25.

Speaker #4: And that will but that will move around a bit at this stage of the cycle, depending upon the cycle management actions that we take.

Speaker #4: all in, we delivered net income of 32.3 million dollars or 76 cents per share for Q4 of '25 versus 30 million dollars or 65 cents per share for the same quarter in 2024.

Speaker #4: And this directly reflects and impacts the level of GNA expenses that are transacted in pounds, which for our business is fairly chunky. Generally speaking, the total expense ratio provides a truer reflection of overall expenses as a component part as a component part.

Speaker #4: For the full year, in 2025, we generated net income of 127.2 million dollars or $2.89 per share. Versus 135, million dollars or $2.98 per share.

Speaker #4: And I'm talking here about GNA combined with acquisition cost. And that will move around a bit at this stage of the cycle, depending upon the cycle management actions that we take.

Speaker #4: In 2024, moving on to, our, segment results, in the short-tail segment, conditions are somewhat mixed, but rates remain broadly adequate. underwriting income in this segment improved by over 14%.

Speaker #4: All in, we delivered net income of $32.3 million, or $0.76 per share, for Q4 of '25, versus $30 million, or $0.65 per share, for the same quarter in 2024.

Speaker #4: for the fourth quarter, and declined a little over 7% for the full year. And that's largely due to a lower level of net premiums earned, as well as a, higher level of seeded premium.

Speaker #4: For the full year, in 2025, we generated net income of 127.2 million dollars or $2.89 per share. Versus 135 million dollars or $2.98 per share in 2024.

Speaker #4: As I mentioned ago, a moment ago, you know, part and parcel of our cycle management is, is taking advantage of reduced reinsurance pricing, with the aim always to meet to protect and mitigate the volatility in our portfolio.

Speaker #4: Moving on to our segment results, in the short-tail segment, conditions are somewhat mixed, but rates remain broadly adequate. Underwriting income in this segment improved by over 14%.

Speaker #4: And this definitely becomes more pronounced as the cycle softens. In the reinsurance segment, conditions generally remain strong and, and pricing more than adequate in the business that we write.

Speaker #4: For the fourth quarter, and declined a little over 7% for the full year. And that's largely due to a lower level of net premiums earned as well as a higher level of seated premium.

Speaker #4: underwriting income was down about 4.5% in Q4, predominantly due to a lower level of net earned premiums. But for the full year, underwriting was up almost 30%.

Speaker #4: As I mentioned a moment ago, part and parcel of our cycle management is taking advantage of reduced reinsurance pricing, with the aim always to protect and mitigate the volatility in our portfolio.

Speaker #4: And this is the, better measure of the true performance of, of, of this segment, you know, in 2025. And also reflects a shift in focus we made in late 2022 to, to, to the higher margin reinsurance business as part of our cycle management, actions, which we, which we've spoken about, previously.

Speaker #4: And this definitely becomes more pronounced as the cycle softens. In the reinsurance segment, conditions generally remain strong and pricing more than adequate in the business that we write.

Speaker #4: Now, the long-tail segment continued, well, long-tail segment has continued to be the area of our portfolio that has definitely been the most challenging for, for, for several years now.

Speaker #4: Underwriting income was down about 4.5% in Q4, predominantly due to a lower level of net earned premiums, but for the full year, underwriting was up almost 30%.

Speaker #4: but it's also where we're hopeful for some improvement in 2026, or at least a bottoming out in pricing, and, conditions. this is the area where we also took action in the second quarter of the year, when we've non-renewed the large account, the PI binder that I mentioned, we mentioned before.

Speaker #4: And this is the better measure of the true performance of this segment in 2025. And also reflects a shift in focus we made in late 2022 to the higher margin reinsurance business as part of our cycle management actions, which we've spoken about previously.

Speaker #4: And that's what's impacted the top line, both in Q4, and full year for this segment. underwriting income for both the fourth quarter and full year of '25 was impacted by lower net earned premiums.

Speaker #4: Now, the long-tail segment continued well, long-tail segment has continued to be the area of our portfolio that has definitely been the most challenging for several years now.

Speaker #4: And more pronounced here is, also by the currency valuation movements, since this portfolio is primarily transacted in, British pounds. Underwriting income, of 10 million dollars, for Q4 '25, that compares to, 14.3 million dollars in Q4 '24.

Speaker #4: But it's also where we're hopeful for some improvement in 2026, or at least a bottoming out in pricing and conditions. This is the area where we also took action in the second quarter of the year.

Speaker #4: When we've non-renewed the large account, the PI bind that I mentioned we mentioned before, and that's what's impacted the top line both in Q4 and full year for this segment.

Speaker #4: for the full year, we recorded underwriting income of 10.9 million, versus, 39.5 million for the full year in Now, again, going back to the, the, the foreign exchange on an FX neutral basis, that would have been 29.2 million for '25 versus 34.3 million for '24.

Speaker #4: Underwriting income for both the fourth quarter and full year of '25 was impacted by lower net earned premiums. And more pronounced here is also by the currency valuation movements since this portfolio is primarily transacted in British pounds.

Speaker #4: If we turn to the balance sheet, total assets were 2.1 billion. Total investments cash were 1.32 billion. the allocation to fixed income securities, makes up a b a little over 80% of our investments in cash portfolio.

Speaker #4: Underwriting income of 10 million dollars for Q4 '25, that compares to 14.3 million dollars in Q4 '24. For the full year, we recorded underwriting income of 10.9 million.

Speaker #4: That generated 14.2 million dollars in investment income in Q4. And just under 55 million for the full year. that's a yield of about 4.2%.

Speaker #4: Versus 39.5 million for the full year in 2024. Now, again, going back to the foreign exchange on an FX neutral basis, that would have been 29.2 million for '25 versus 34.3 million for '24.

Speaker #4: And, we held the duration fairly steady, at about 3.6 years. During the qu during the fourth quarter, we repurchased just under 344,000 common shares.

Speaker #4: If we turn to the balance sheet, total assets were 2.1 billion. Total investments cash were 1.32 billion. Allocation to fixed income securities makes up a little over 80% of our investments in cash portfolio.

Speaker #4: Average price per share $23.51. At the end of the year, we had about 4.65 million common shares remaining under the, new 5 million common share repurchase authorization, that we announced, before, last quarter's call.

Speaker #4: That generated 14.2 million dollars in investment income in Q4. And just under 55 million for the full year. That's a yield of about 4.2%.

Speaker #4: for us, share repurchases are a strong value, generation lever for, for us, and we view them as highly, creative and excellent value for our shareholders.

Speaker #4: And we held the duration fairly steady, at about 3.6. Repurchased just under 344,000 common shares. Average price per share $23.51. At the end of the year, we had about 4.65 million common shares remaining under the new 5 million common share repurchase authorization that we announced before last quarter's call.

Speaker #4: At the end of the year, total equity was 710 million dollars, and that includes the share repurchases and common share dividends, including the special dividend of 85 cents that we distributed back in April.

Speaker #4: this compares to total equity of 600 about 655 million dollars, at the end of 2024. Ultimately, we recorded a return of average shareholder equity of 18.5% for Q4, an 18.6% for the full year.

Speaker #4: For us, share repurchases are a strong value generation lever for us, and we view them as highly accretive and excellent value for our shareholders.

Speaker #4: From a total return perspective, we grew book value per share by almost 14% in 2025. And we returned, a total of, about 62 million dollars, to shareholders in share repurchases, and just over 46 million dollars in common share dividends.

Speaker #4: At the end of the year, total equity was 710 million dollars, and that includes the share repurchases and common share dividends including the special dividend of 85 cents that we distributed back in April.

Speaker #4: This compares to total equity of about $655 million at the end of 2024. Ultimately, we recorded a return on average shareholder equity of 18.5% for Q4 and 18.6% for the full year.

Speaker #4: So all in, an excellent quarter and full year for IGI. Now, if I turn to our view on the market, briefly, I mean, there isn't a whole lot more that is new or groundbreaking, that you've, you haven't really heard, already heard from others.

Speaker #4: From a total return perspective, we grew book value per share by almost 14% in 2025. And we returned a total of about 62 million dollars to shareholders in share repurchases and just over 46 million dollars in common share dividends.

Speaker #4: we've heard various iterations from across the market that things are getting more competitive. And, and that's, entirely accurate. There's very clear there's very clearly an elevated level of competitive pressure across much of the market.

Speaker #4: But it continues to be fairly disciplined. But I'll admit, a little less disciplined than anticipated at 1/1. Most important right now is context, and the reality is that while rates are under pressure, they do remain adequate in many of the lines, of business that we write.

Speaker #4: So all in, an excellent quarter and full year for IGI. Now, if I turn to our view on the market briefly, I mean, there isn't a whole lot more that is new or groundbreaking that you haven't really heard already heard from others.

Speaker #4: And just as an indication, we saw declines averaging around 10% at 1/1. looking at specific segments of our portfolio, I'll, I'll, I'll start with the reinsurance, lines and segment.

Speaker #4: We've heard various iterations from across the market that things are getting more competitive. And that's entirely accurate. There's very clear there's very clearly an elevated level of competitive pressure across much of the market.

Speaker #4: I mean, margins here, our still very healthy. And because of this, this is also the area where we're seeing the greatest push for market share, particularly, from the larger carriers.

Speaker #4: But it continues to be fairly disciplined. But admit a little less disciplined than anticipated at 1-1. Most important right now is context and the reality is that while rates are under pressure, they do remain adequate in many of the lines of business that we write.

Speaker #4: and but for us, this is where our S&P upgrade has definitely helped us, you know, raise our profile, and, and as a result, you know, we're seeing more business that we may not have seen otherwise.

Speaker #4: And just as an indication, we saw declines averaging around 10% at 1-1. Looking at specific segments of our portfolio, I'll start with the reinsurance lines and segment.

Speaker #4: short-tail portfolio remains mixed. our energy book and certain areas of our property book, which, as you're aware, are two of our largest lines, those continue to be, tougher than a year ago, and, and I would say, is the area where we're see areas where we're seeing, the most significant pressure.

Speaker #4: I mean, margins here are still very healthy. And because of this, this is also the area where we're seeing the greatest push for market share, particularly from the larger carriers.

Speaker #4: Having said that, I mean, we're continuing, to see relatively healthy conditions in the more specialist lines. Such as, construction and engineering, I mean, in, in, in that line, there's a strong pipeline of opportunities out there, particularly, with the increase in infrastructure projects and, and also the number of data centers being built in, in, in various geographies, around the world.

Speaker #4: But for us, this is where our S&P upgrade has definitely helped us raise our profile, and as a result, we're seeing more business that we may not have seen otherwise.

Speaker #4: Short tail portfolio remains mixed. Our energy book and certain areas of our property book, which, as you're aware, are two of our largest lines, those continue to be tougher than a year ago.

Speaker #4: similarly, in the marine lines, in the marine lines that we write, you know, such as, cargo and liability, in these areas, terms and conditions are still holding up reasonably well.

Speaker #4: And I would say is the area where we see areas where we're seeing the most significant pressure. Having said that, I mean, we're continuing to see relatively healthy conditions in the more specialist lines.

Speaker #4: And, and they and, and the and they continue, to, present new opportunities for us. as I've mentioned before, as well, contingency is also, still very much a bright spot for, for us.

Speaker #4: Such as construction and engineering. I mean, in that line, there's a strong pipeline of opportunities out there, particularly with the increase in infrastructure projects and also the number of data centers being built in various geographies around the world.

Speaker #4: in our long-tail segment, we're cautiously optimistic in our outlook, as we've, we've, we're seeing some leveling off in the, professional financial lines after several, sequential quarters of pricing deterioration.

Speaker #4: Similarly, in the marine lines, in the marine lines that we write, such as cargo and liability, in these areas, terms and conditions are still holding up reasonably well.

Speaker #4: Obviously, this is it's a little different to what you may be hearing from some US carriers, but remember, we don't write any long-tail US, business.

Speaker #4: And they continue to present new opportunities for us. As I've mentioned before, as well, contingency is also still very much a bright spot for us.

Speaker #4: Now, in our, PI, professional indemnity portfolio, which is predominantly UK-based, the pace of decline appears to be leveling off. Our relationships across this business are providing us, you know, with some new opportunities and a, a and a good and healthy deal flow.

Speaker #4: In our long tail segment, we're cautiously optimistic in our outlook, as we're seeing some leveling off in the professional financial lines after several sequential quarters of pricing deterioration.

Speaker #4: Especially in the more, niche segments of the business. Similarly, in both FI, financial institutions, and D&O, you know, we're still seeing some reductions, but the magnitude of decline, is definitely narrowing, and the pace is slowing.

Speaker #4: Obviously, this is a little different to what you may be hearing from some US carriers, but remember, we don't write any long-tail US business.

Speaker #4: in our geographic markets, similar, very similar commentary to what we said before. continued focus on the, US and specialty treaty and short-tail portfolios. And we're continuing to build out, our profile and presence across various geo-geographies, including, you know, Europe, MENA region, and Asia, PAC.

Speaker #4: Now, in our PI, professional indemnity portfolio, which is predominantly UK-based, the pace of decline appears to be leveling off. Our relationships across this business are providing us with some new opportunities and a good and healthy deal flow.

Speaker #4: Especially in the more niche segments of the business. Similarly, in both FI, financial institutions, and D&O, we're still seeing some reductions, but the magnitude of decline is definitely narrowing and the pace is slowing.

Speaker #4: Now, for IGI specifically, context is really, critical here. Now, for, for, for a company of our size, our global strategy and, and footprint are quite unique.

Speaker #4: Over the past several years, you know, as is natural to do when, when market conditions are, in your favor and conducive, we've invested heavily in growing our top line.

Speaker #4: In our geographic markets, similar very similar commentary to what we said before. Continued focus on the US and specialty treaty and short tail portfolios.

Speaker #4: And we've taken actions to strengthen and fortify our business in preparation for when conditions change, and become less, favorable. One of our most important achievements coming out of this, has been our recent financial strength rating upgrade by S&P.

Speaker #4: And we're continuing to build up our profile and presence across various geographies, including Europe, MENA region, and Asia, PAC. Now, for IGI specifically, context is really critical here.

Speaker #4: Which, not only underscores the quality of our results and the strength of our balance sheet, but the confidence that S&P have in our ability to continue, doing this consistently, into the future.

Speaker #4: Our level of diversification and our strategy of having local talent with high levels of, of, of local knowledge positioned in our, core regions means we've, we've got much better, chance of success in competing, for business that isn't, necessarily coming to London.

Speaker #4: heavily.

Speaker #4: I've said on prior calls that domestic markets, you know, across the globe are, are becoming stronger. Making our local operations even more important. our people on the ground in these markets have, specialist technical and marketing expertise.

Speaker #4: They've got, strong network of relationships. And they've got the ability to interact face-to-face and understand, the dynamics of how business interests is transacted in these local markets.

Speaker #4: For us, that is a clear benefit that provides, a lot of leverage. in the context of our size, footprint, and our financial strength, it's a little easier for us, relative to our larger competitors, to move the dial.

Speaker #4: That, that means, means what I mean by that is that we can still find profitable opportunities to write new business, across many lines and many geographies within our portfolio, whilst, maintaining, you know, healthy margins.

Speaker #4: now, while it perhaps, it's perhaps a little harder in today's environment, we have given ourselves a lot more levers, to work with in mitigating and managing these conditions, better than even 18 months ago.

Speaker #4: Especially important is that all of our actions are aimed at protecting the book we've built, while continuing to generate healthy margins and add to our value proposition.

Speaker #4: And that is, is, is in essence, all part of, you know, the dynamic cycle management, which, we've, we've constantly banging the drums of, and is the nature of our business and something we have successfully navigated numerous times in, in our, almost now 25-year history.

Speaker #4: Having said all that, and given where, we are in the cycle, it wouldn't be unreasonable, to assume that we're likely to see some contraction in top line in certain areas of the portfolio.

Speaker #4: Where we decide to walk away from business at, as we've said before, simply doesn't meet our, embedded profitability or, coverage targets. we've seen this in our general aviation, general aviation book, where, which over the last couple of years, we've, virtually, virtually halved in, size due, the due to the tough market conditions.

Speaker #4: and we're seeing it today in some other lines. But it's this strict discipline, that we always, talk about that drives us to take these sorts of actions and put us puts us in a position of optimal strength, to make, the most of opportunities when they come.

Speaker #4: Without being encumbered by short-term thinking decisions of the past. Looking at 2026, the key focus remains the same. Focus, consistency, discipline. This is exactly what underpins successful cycle management, and leads to consistent high-quality results, and value creation that is sustainable through, all stages of the cycle.

Speaker #4: Excuse me. just in closing, I mean, we, we, we, we have outstanding teams at IGI. And our track record, over almost now 25 years, clearly demonstrates, not only that we're, not just a fair weather company, but that we won't compromise our principles or values under pressure.

Speaker #4: We have the experience and we built a level of resilience in IGI, that has put us in a much stronger position than we were going into the last soft cycle.

Speaker #4: And that is what we'll continue to drive our success forward, for the benefit of all stakeholders. So, I'm gonna, pause there. And, we'll turn it over for, questions.

Speaker #4: operator, we're ready to take the first question, please.

Speaker #2: We will now begin the question and answer session. To ask a question, you ou may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys.

Speaker #2: To withdraw your question, please press star then two. The qu next question comes from Roland Mayer from RBC Capital Markets. Please go ahead.

Speaker #3: Hi, good morning. Or I guess, good afternoon over there. could you maybe walk through the state of competition? And I, I, I heard all your comments on it, but I just wanted to understand, do you think the durability, maybe the pricing competition, particularly in property, are we reaching a sort of bottom here?

Speaker #3: Or do you expect to continue throughout 2026?

Speaker #4: Hi Roland. and thanks for the question. I mean, the competition is, is, is in line with what we've been really saying now for many, quite a few quarters.

Speaker #4: I mentioned, earlier, that, you know, energy and, and, and property lines seem to be the most, pressured. I, I guess, you know, at, at some point, you know, I, I, I don't anticipate that pressure easing off, although there has been talk in the market about the refining aspect of the downstream book.

Speaker #4: and how poorly the results were in 2020, five in that area. the hunger seems to still be out there. That being said, I think there's a lot of hunger on the reinsurance side.

Speaker #4: And, you know, in parts of the cycle management, it's not just a discipline on the inwards business, but, you know, trading in this environment and taking advantage of the opportunities, that a soft market provides, and, and, and, and leveraging those opportunities, against that inwards business, making it, attractive, and, and, adequate to, get involved with, So, do I see any sort of short-term letdown in, in, in the competition, in all honesty?

Speaker #4: I don't. but we can deal with that. We can manage it. We've managed it, you know, on the long-tail lines now for, for quite a few years.

Speaker #4: and, as I mentioned on the aviation side, as well. but, but yeah, there's, there's, the competition is, is, is expected to remain. at least in the near term.

Speaker #3: Yeah, that makes sense. And I, I wondering just on the type of, insurers you're running into. Is it traditional capital that has always been in the market?

Speaker #3: Or is it new capital coming in, with maybe, you know, alternative backing that is, creating all the competition right now?

Speaker #4: No, no, no. It's, it's, it's pretty much all traditional. And, and, and a lot of it is coming from the larger carriers. both within, you know, the, the, the short-tail lines, the property and energy sec, lines that we, we, we just talking about.

Waleed: 5 in that area. The hunger seems to still be out there. That being said, I think there's a lot of hunger on the reinsurance side, you know, in parts of the cycle management, it's not just a discipline on the inwards business, but, you know, trading in this environment and taking advantage of the opportunities that a soft market provides, and leveraging those opportunities against that inwards business, making it attractive and adequate to get involved with. Do I see any sort of short-term letdown in the competition? In all honesty, I don't. We can deal with that. We can manage it. We've managed it, you know, on the long-tail lines now for quite a few years.

Waleed Jabsheh: Five in that area. The hunger seems to still be out there. That being said, I think there's a lot of hunger on the reinsurance side, you know, in parts of the cycle management, it's not just a discipline on the inwards business, but, you know, trading in this environment and taking advantage of the opportunities that a soft market provides, and leveraging those opportunities against that inwards business, making it attractive and adequate to get involved with. Do I see any sort of short-term letdown in the competition? In all honesty, I don't. We can deal with that. We can manage it. We've managed it, you know, on the long-tail lines now for quite a few years.

Speaker #4: as well as the reinsurance. lines. I think the market is in a state where, it, it has performed well now for several years in a row.

Speaker #4: By and large. and, and, and the market is sitting on, on, on a lot of excess capital that, that, you know, they're potentially, potentially p-pressuring themselves to feed.

Speaker #4: we're, we don't, put ourselves in a position, like that. As you know, we've got the buyback program and we've, we've, we're, we're, returning capital, via special dividends, as well.

Speaker #4: it's just a lot, it's all about that discipline. And, and writing the business that makes sense. And, and, and not, not putting your, yourself under pressure to, to go, you know, to, to move, to move with the herd.

Waleed: As I mentioned on the aviation side, as well. Yeah, the competition is expected to remain, at least in the near term.

Waleed Jabsheh: As I mentioned on the aviation side, as well. Yeah, the competition is expected to remain, at least in the near term.

Speaker #3: That's super helpful. And then I did want to talk about the capital. So in the past few years, you'd done some M&A to reach in a new markets.

Speaker #3: Is there any opportunity to do that here? Or multiple's just not making sense?

um, the hunger seems to still be out there. That being said, I think there's a lot of hunger on the reinsurance side and, um, you know, in part of the cycle, management is not just a discipline on the inwards business. But, um, you know, trading in this environment and taking advantage of the opportunities that are soft Market provides. Um, and and, and leveraging, those opportunities against that inwards business, making it, uh, uh, attractive and and, uh, adequate to, uh, get involved with. Um, so, um, do I see any sort of short-term let down in in in the competition in all honesty? I don't. Um, but we can deal with that. We can manage it, we've Managed IT, you know, on the long tail lines now for for quite a few years. Um, and as I mentioned on the aviation side, um, as well. Um, but uh,

Speaker #4: I did, at this point in time, I would say there's nothing really, strong on our radar for any, any of that. I think you've got to be mindful at the same time of the market that we're in, and, and what that means.

But yeah, there's—there's—the competition is, is, is expected to remain, um, at least in the near term.

[Analyst]: Yeah, that makes sense. I'm wondering just on the type of insurers you're running into, is it traditional capital that has always been in the market, or is it new capital coming in with maybe, you know, alternative backing that is creating all the competition right now?

Yeah, that makes sense. And I was just wondering about the type.

Speaker #4: from a capital management and M&A perspective. we're just focused on our business. we're focused on, as you know, I mean, i-if, if you look at our history, we're, we're, we're pretty much almost entirely, a story of, of, of organic, growth.

Of uh insurers you're running into, is it traditional Capital that has always been in the market, or is it new capital coming in with maybe, you know, alternative backing that is uh, creating all the competition right now?

Waleed: No. No, no. It's pretty much all traditional. A lot of it is coming from the larger carriers, both within, you know, the short-tail lines, the property and energy lines that we're just talking about, as well as the reinsurance lines. I think the market is in a state where it has performed well now for several years in a row, by and large. The markets are sitting on a lot of excess capital that, you know, they're potentially pressuring themselves to feed. We don't put ourselves in a position like that. As you know, we've got the buyback program and we're returning capital via special dividends as well.

Waleed Jabsheh: No. No, no. It's pretty much all traditional. A lot of it is coming from the larger carriers, both within, you know, the short-tail lines, the property and energy lines that we're just talking about, as well as the reinsurance lines. I think the market is in a state where it has performed well now for several years in a row, by and large. The markets are sitting on a lot of excess capital that, you know, they're potentially pressuring themselves to feed. We don't put ourselves in a position like that. As you know, we've got the buyback program and we're returning capital via special dividends as well.

Speaker #4: And, and, and that is, honestly, how, what, how we prefer to do it. we're always on the lookout for new opportunities. And I think there are growth opportunities for a company like IGI, both this year and in the years ahead.

No, no, no. It's it's it's pretty much all traditional. And and a lot of it is coming from the larger carriers, um, both within, you know, the the, the short tail lines, the property and energy lines that we we just talking about, um, as well as the reinsurance. Uh, uh,

Speaker #4: despite, you know, the market being tougher. And we're out there fighting hard to, to, to find and capitalize on those, opportunities. I'm confident, we will.

Speaker #4: But the short answer to your question on the M&A side is, is nothing solid at the pr at the present time.

Lines. Um, I think the market is in a state where it it has performed well now for several years in a row by and large. Um, and, and, and the markets are sitting on on, on on a lot of excess Capital that, you know, their potential potentially put pressuring themselves to feed. Um, uh, we we don't

Speaker #3: Thank you. And then I did want to just try to squeeze one more in, on the special dividend announcement this morning. Can you just walk through how you decide the size of the dividend versus buyback?

Put ourselves in a position, um, uh, uh, uh, like that. As you know, we've got the buyback program, and we, we, we're, we're—

Waleed: It's just all about that discipline and writing the business that makes sense, and not putting yourself under pressure to go, you know, to move with the herd.

Waleed Jabsheh: It's just all about that discipline and writing the business that makes sense, and not putting yourself under pressure to go, you know, to move with the herd.

Speaker #3: And your approach to capital management here?

Speaker #4: I mean, by, by and large, I mean, the, the, the, the buyback is something that we, we, w-we're doing throughout the year, right? and, and, and a lot of it is depends on, on, on, on what ability we have, and how much of that, of that we, we, we are able to, buy.

Returning Capital uh, via special dividends uh, as well. Um, it's just a, it's all about that discipline and and writing the business that makes sense and and and not putting your yourself on the pressure to uh to go, you know, uh, to to move to move with the herd.

[Analyst]: That's super helpful. I did want to talk about the capital. In the past few years, you've done some M&A to reach into new markets. Is there any opportunity to do that here, or are multiples just not making sense?

That's super helpful, and then I did want to talk about the capital. So in the past few years, you'd done some M&A to reach into new markets. Is there any opportunity to do that here, or multiple? It's just not making sense.

Speaker #4: I mean, in terms of the special dividend, I mean, when we, when we, announce our, our, sort of new, at the time, capital strategy a few years ago, you know, we said it was about, it was basically a focus on, on, on the business, underwriting first.

Waleed: At this point in time, I would say there's nothing really strong on our radar for any of that. I think you've got to be mindful at the same time of the market that we are in and what that means from a capital management and M&A perspective. We're just focused on our business. We're focused on. As you know, I mean, if you look at our history, we're pretty much almost entirely a story of organic growth. That is honestly how we prefer to do it.

Waleed Jabsheh: At this point in time, I would say there's nothing really strong on our radar for any of that. I think you've got to be mindful at the same time of the market that we are in and what that means from a capital management and M&A perspective. We're just focused on our business. We're focused on. As you know, I mean, if you look at our history, we're pretty much almost entirely a story of organic growth. That is honestly how we prefer to do it.

Speaker #4: capital position was, was, was a lot weaker than what it is, of course, today. but we saw the opportunities at the time to, in, in the market.

Speaker #4: And we said that when we, when we, when we don't see those same opportunities, and we don't feel we can feed that capital, or need that capital, then, then we would return it to shareholders.

Waleed: We're always on the lookout for new opportunities. I think there are growth opportunities for a company like IGI, both this year and in the years ahead, despite, you know, the market being tougher. We're out there fighting hard to find and capitalize on those opportunities. I'm confident, we will. The short answer to your question on the M&A side is nothing solid at the present time.

Waleed Jabsheh: We're always on the lookout for new opportunities. I think there are growth opportunities for a company like IGI, both this year and in the years ahead, despite, you know, the market being tougher. We're out there fighting hard to find and capitalize on those opportunities. I'm confident, we will. The short answer to your question on the M&A side is nothing solid at the present time.

Speaker #4: And you started seeing that a couple of years ago. and from a dividend perspective. essentially, you know, we, we, we, we want to make sure we're in a comfortable place, from a capital adequacy perspective.

Speaker #4: Obviously, we've got the upgrade from S&P, that's a, a huge, asset for us, that, that needs protection. We always will. but, you know, we've had another fantastic year, generating just under 130 million dollars of profits, growing book value.

Um, I did at this point in time. I would say there's nothing really uh, uh, strong on our radar for any uh, any of that. I think you've got to be mindful at the same time of the market that we are in. And, and what that means, uh, from a Capital Management and m&a perspective, um, we're just focused on our business. Uh, we're focused on as you know. I mean, if if, if you look at our history, we're we're we're pretty much almost entirely a, a story of of, of of organic. Um uh uh, growth and and, and that is honestly how, what, how we prefer to do it? Um, we're always on the lookout for New Opportunities, and I think there are growth opportunities for a company like IGI, uh, both this year and in the years ahead, um, despite, you know, the market being tougher and we're out there, fighting hard to to, to find and capitalize on those, uh, opportunities, I'm confident, uh,

[Analyst]: Thank you. I did wanna just try to squeeze one more in on the special dividend announcement this morning. Can you just walk through how you decide the size of the dividend versus buyback and your approach to capital management here?

Uh, we will, but the short answer to your question on the M&A side is, there's nothing solid at the present time.

Speaker #4: and the business, from a top-line perspective, has not grown. and as a result, you know, the, the required amount of capital, where we stand, hasn't increased yet your, your, you've, you've managed to, to, to grow the balance sheet in that regard.

Thank you. And then I did want to just try to squeeze one more in on the special dividend announcement this morning. Can you just walk through how you decide the size of the dividend versus buyback, and your approach to capital management here?

Waleed: I mean, by and large, I mean, the buyback is something that we're doing throughout the year, right? A lot of it is depends on what ability we have and how much of that we are able to buy. I mean, in terms of the special dividend, I mean, when we announced our sort of new-at-the-time capital strategy a few years ago, you know, we said it was basically a focus on the business, underwriting first. Capital position was a lot weaker than what it is, of course, today.

Waleed Jabsheh: I mean, by and large, I mean, the buyback is something that we're doing throughout the year, right? A lot of it is depends on what ability we have and how much of that we are able to buy. I mean, in terms of the special dividend, I mean, when we announced our sort of new-at-the-time capital strategy a few years ago, you know, we said it was basically a focus on the business, underwriting first. Capital position was a lot weaker than what it is, of course, today.

Um, I mean, by and large, I mean,

Speaker #4: So, we, we, we, we tend, you know, to wait until the end of the year, see what the results are like, see what our capital position is like, and then assess, you know, whether we are in a position to give back to shareholders, and, and, and if we are, then the amount that we are able to give back to ensure that our capital position remains strong, protecting, you know, all our interests, you know, internal and external.

The the the buyback is something that we we we're doing throughout the year, right? Um um and and and a lot of it is depends on on on

On.

Speaker #3: That's perfect. Thank you. And, best of luck in your 25th year.

Waleed: We saw the opportunities at the time in the market, and we said that when we don't see those same opportunities, and we don't feel we can feed that capital or need that capital, then we would return it to shareholders. You started seeing that a couple of years ago, from a dividend perspective. Essentially, you know, we wanna make sure we're in a comfortable place from a capital adequacy perspective. Obviously, we've got the upgrade from S&P. That's a huge asset for us that needs protection. We always will. You know, we've had another fantastic year, generating just under $130 million of profit, growing book value. The business, from a top-line perspective, has not grown.

Waleed Jabsheh: We saw the opportunities at the time in the market, and we said that when we don't see those same opportunities, and we don't feel we can feed that capital or need that capital, then we would return it to shareholders. You started seeing that a couple of years ago, from a dividend perspective. Essentially, you know, we wanna make sure we're in a comfortable place from a capital adequacy perspective. Obviously, we've got the upgrade from S&P. That's a huge asset for us that needs protection. We always will. You know, we've had another fantastic year, generating just under $130 million of profit, growing book value. The business, from a top-line perspective, has not grown.

Speaker #4: Thank you, Roland. Thank you.

Speaker #1: The next question comes from Michael Phillips, from Oppenheimer. Please go ahead.

Speaker #3: Yeah. Hey, thanks. Good morning. I apologize if any repeats. I, I was dropped for about 10 minutes here. So hopefully, no repeats. but thanks for the time.

But we saw the opportunities at the time in the market, and we said that, when we, when we, when we don't see those same opportunities and we don't feel we can feed that capital or need that capital, um,

Speaker #3: and congrats on the quarter. I guess what, what we'd have wanted to start with, to w maybe just to what extent, on, on the long tail line, business, in the fourth quarter, did you feel you had to walk away from business that didn't meet your hurdles?

Then we would return it to shareholders, and you started seeing that a couple of years ago. Um, um,

Speaker #3: more so than maybe you did earlier parts of the year?

Informative and perspective. Um, essentially, you know, we, we, we, we want to make sure we are in a comfortable place.

Speaker #4: to be totally honest with you.

Speaker #3: And, and well, and Waleed, let me say this. I w I apologize. I, I, I'm asking not so much on the margins, because, you know, you're clearly I, you know, I think there's lots of confidence in your ability to maintain margins as the soft market maybe continues.

Speaker #3: But just maybe more so, you know, i-if you consciously walk away, what impact that might have, o-on top line. so if you've already done that, d should that continue?

Waleed: As a result, you know, the required amount of capital, where we stand, hasn't increased, yet you've managed to grow the balance sheet in that regard. We tend, you know, to wait until the end of the year, see what the results are like, see what our capital position is like, and then assess, you know, whether we are in a position to give back to shareholders. If we are, then the amount that we are able to give back to ensure that our capital position remains strong, protecting, you know, all our interests, you know, internal and external.

Speaker #3: Thanks. Sorry.

Waleed Jabsheh: As a result, you know, the required amount of capital, where we stand, hasn't increased, yet you've managed to grow the balance sheet in that regard. We tend, you know, to wait until the end of the year, see what the results are like, see what our capital position is like, and then assess, you know, whether we are in a position to give back to shareholders. If we are, then the amount that we are able to give back to ensure that our capital position remains strong, protecting, you know, all our interests, you know, internal and external.

Speaker #4: I mean, I mean, if, if there's thanks, thanks, Mike, for the question. the, the long tail business has now been in a in on a down in a downward trajectory for a good three years plus, now.

Speaker #4: So a lot of that sort of walking away from business, I mentioned on the call that, you know, we're seeing a, a, a leveling off, in a sense, in t or indications of a leveling off in the, in the softening, or in the rate reductions.

Speaker #4: and hopefully, what we'll see in 2026 is a bottoming out of that. m-most of that walking away, we're pretty we, we pretty much done.

Uh, from a capital adequacy perspective. Obviously we've got the upgrade from S&P, that's a, a huge asset for us that that needs protection. We always will. Um, but you know, we've had another fantastic year. Generating just under 130 million dollars of profits growing Book value, um, um, and the business, uh, from a top line perspective has not grown. Um, and as a result, you know, the the required amount of capital, uh, where we stand um hasn't increased yet your your you you've managed to to to grow the balance sheet in that regard. So and we we we we tend you know, to wait until the end of the year, see what the results are like, see what our Capital positions. Like, and then assess, you know, whether we are in a position to give back to shareholders. Um, and and and and if we are, then the amount that we are able to give back to ensure that our Capital position remains

strong protecting, you know, all our interests uh,

Um, you know, internal and external.

[Analyst]: That's perfect. Thank you, and, best of luck in your 25th year.

Speaker #4: Now, obviously, there's always going to be business, you know, here and there that, you know, you're going to, you're going to walk away from.

That's perfect. Thank you, and, uh, best of luck in your 25th year.

Waleed: Thank you, Roland. Thank you.

Waleed Jabsheh: Thank you, Roland. Thank you.

Operator: The next question comes from Michael Phillips from Oppenheimer. Please go ahead.

Thank you Roland. Thank you.

Speaker #4: There's going to be new business that, comes in. The impact that that will have on the overall, size of the portfolio, I don't think will be, material in any shape or form, at least not negatively.

Michael Phillips: Yeah. Hey, thanks, Camille. I apologize if any repeats. I was dropped for about 10 minutes here, so hopefully no repeats. Thanks for the time. Hey, congrats on the quarter. I guess what, Waleed, I want to start with, maybe just to what extent on the long-tail line business in the Q4, did you feel you had to walk away from business that didn't meet your hurdles, more so than maybe you did earlier parts of the year?

The next question comes from Michael Phillips from Oppenheimer. Please go ahead.

Yeah. Hey thanks. Good morning. I apologize.

Speaker #4: once we're done with, you know, the, the, the, the, the PI, portfolio that we, we walked away from. So you're going to continue to see in Q1 and Q2 of this year, you know, the impact of the reduced premiums from the runoff of that portfolio, but we are replacing that with, with new business.

You know, for about 10 minutes here so hopefully no repeats. Um, but thanks for your time, um, and congrats on the quarter. Um, I guess what, what we have once we start with, um, to maybe just to what extent on on the long tail line business. Um, in the fourth quarter, did you feel you had to walk away from business? That didn't make your hurdles, um, more so than maybe you did earlier parts of the year.

Waleed: To be totally honest.

Waleed Jabsheh: To be totally honest.

Michael Phillips: Waleed, let me say this. I apologize. I'm asking not so much on the margins, 'cause, you know, you're clearly, you know, I think there's lots of confidence in your ability to maintain margins as the soft market maybe continues, but just maybe more so, you know, if you consciously walk away, what impact that might have on top line. If you've already done that, should that continue? Thanks. Sorry.

Speaker #4: as I said on the call, we're, we're, we've got a good deal flow. with, with, with good partners, and, and we're working hard to make those, or, or, or to m to get those materialized.

Um, to be totally honest with you. Well, let me say this, I apologize. I'm asking not so much on the margins because, you know, you're fully, you know, I think there's lots of confidence in your ability to maintain margins as the stock market may be continuous but just maybe more. So

You know, if you consciously walk away, what impact that might have on topline. Um, so if you've already done that, then should that continue? Thanks. Sorry.

Waleed: I mean, thanks, Mike, for the question. The long-tail business has now been in a downward trajectory for a good 3 years plus now. A lot of that sort of walking away from business, I mentioned on the call that, you know, we're seeing a leveling off, in a sense, or indications of a leveling off in the softening, or in the rate reductions. Hopefully what we'll see in 2026 is a bottoming out of that. Most of that walking away, we've pretty much done. Now, obviously, there's always gonna be business, you know, here and there that, you know, you're gonna walk away from. There's gonna be new business that comes in.

Waleed Jabsheh: I mean, thanks, Mike, for the question. The long-tail business has now been in a downward trajectory for a good 3 years plus now. A lot of that sort of walking away from business, I mentioned on the call that, you know, we're seeing a leveling off, in a sense, or indications of a leveling off in the softening, or in the rate reductions. Hopefully what we'll see in 2026 is a bottoming out of that. Most of that walking away, we've pretty much done. Now, obviously, there's always gonna be business, you know, here and there that, you know, you're gonna walk away from. There's gonna be new business that comes in.

Speaker #4: so, I, I, I think once we're done with the, with the, with the runoff of that PI portfolio and the lost income you'll see in Q1 and Q2 of this year, then you'll see a much more stable and potentially positive trajectory for the long tail, portfolio.

Um, I mean, I mean if if there's thanks, thanks, Mike for the question. Um,

the the longtail business has now been in in on a down in a downward trajectory for a good 3 years plus uh

Speaker #3: Okay. No, thank you. and then, appreciate your comments on the G&A. and your opening comments. I guess, some of the pressure on the quarter, obviously was from the hires that you mentioned, and the system built out.

so, a lot of that sort of walking away from business, I mentioned on the call that, you know, we're seeing a leveling off, in a sense, or indications of a leveling off in the, in the softening, uh,

or in the rate reductions. Um,

Speaker #3: So i-is, is that stuff done, going forward with any more of additional pressure on the dollar amount, in the next couple of quarters?

And hopefully what we'll see in 2026 is a bottoming out of that.

Um, uh,

Speaker #4: I, I would say that th that there will be I think a l a more, more m definitely more stability. Now, listen, a big chunk of our i of o of our expenses are, are incurred in pounds, right?

Waleed: The impact that that will have on the overall size of the portfolio, I don't think will be material in any shape or form, at least not negatively, once we're done with, you know, the PI portfolio that we walked away from. You're gonna continue to see in Q1 and Q2 of this year, you know, the impact of the reduced premiums from the runoff of that portfolio. We are replacing that with new business. As I said on the call, we've got a good deal flow with good partners, and we're working hard to make those or to get those materialized.

Waleed Jabsheh: The impact that that will have on the overall size of the portfolio, I don't think will be material in any shape or form, at least not negatively, once we're done with, you know, the PI portfolio that we walked away from. You're gonna continue to see in Q1 and Q2 of this year, you know, the impact of the reduced premiums from the runoff of that portfolio. We are replacing that with new business. As I said on the call, we've got a good deal flow with good partners, and we're working hard to make those or to get those materialized.

Speaker #4: So if the pound does strengthen, there's th-th-there's nothing we can do about what that means and rel not a lot we can do about what that means and translates into, into dollars.

Speaker #4: so, so, you know, so there, there certain things that, that, you know, we've got to keep, in mind. Now, I think if, if there's going to be growth, from an HR perspective in terms of teams, etc., it's going to be more on the underwriting side.

Most of that walking away, we're pretty. We we pretty much done now, obviously, there's always going to be business, you know, here and there that, you know, you're going to, you're going to walk away from. There's going to be new business debt, uh, comes in the impact that that will have on the overall. Um, size of the portfolio. I don't think will be, uh, material in any shape or form at least not negatively. Um, once we're done with, you know, the, the, the, the, the the pi uh, portfolio that we we walked away from. So you're going to continue to see in q1 and Q2 of this year.

Um, you know, the impact of the juice premiums from the runoff of that portfolio. Um,

Speaker #4: if we find new opportunities, bring in new teams to, to develop new portfolios, build out, bring in new business, then we will not hesitate to, spend, the money on that.

Waleed: I think once we're done with the runoff, that PI portfolio and the lost income you'll see in Q1 and Q2 of this year, you'll see a much more stable and potentially positive trajectory for the long tail portfolio.

Speaker #4: I mean, that being said, on the on the on the, on the on the, and, and I tried to I tried to address it and explain it in, in, in, in my own way on the call, in my commentary.

But we are replacing that with with new business. Um, as I said in the call, we're, we're, we've got a good deal flow, um, with with, with good partners. Uh, and and we're working hard to make those uh, uh, uh, or or, or to, to get those materialized. Um, so

Waleed Jabsheh: I think once we're done with the runoff, that PI portfolio and the lost income you'll see in Q1 and Q2 of this year, you'll see a much more stable and potentially positive trajectory for the long tail portfolio.

Speaker #4: But, you know, i-i I know I understand how obviously, the combined ratio components of the of the of the G&A ratio, the acquisition cost ratio, and then obviously the loss ratio, all come together.

Uh I I I think once we're done with the with the, with the runoff that Pi portfolio and the lost income you'll see in q1 and Q2 of this year, then you'll see a much more stable and potentially positive trajectory for the long tail uh portfolio.

Michael Phillips: Okay. No, thank you. I appreciate your comments on the G&A and your opening comments. I guess some of the pressure in the Q, obviously, was from the hires that you mentioned and the system build out. Is that stuff done going forward, any more additional pressure on the dollar amount in the next couple Qs?

Speaker #4: And we look at them individually. And we do very much so ourselves, 100%. The one thing I would say, though, is that as you w depending on where you are in the market cycle, your, your, your strategy of underwriting both underwriting the inwards business and then buying the reinsurance, n that you feel provides you with the optimum protection, right, is going to have an impact and distort some of these ratios you know, at, at depending on which stage you are in the cycle.

Going forward with it anymore, of additional pressure on the dollar amount, um, in the next couple quarters.

Waleed: I would say that there will be, I think, definitely more stability. Listen, a big chunk of our expenses are incurred in pounds, right? If the pound does strengthen, there's nothing we can do about what that means, and not a lot we can do about what that means and translates into dollars. You know, there's certain things that, you know, we've got to keep in mind. I think if there's gonna be growth from an HR perspective in terms of teams, et cetera, it's gonna be more on the underwriting side.

Waleed Jabsheh: I would say that there will be, I think, definitely more stability. Listen, a big chunk of our expenses are incurred in pounds, right? If the pound does strengthen, there's nothing we can do about what that means, and not a lot we can do about what that means and translates into dollars. You know, there's certain things that, you know, we've got to keep in mind. I think if there's gonna be growth from an HR perspective in terms of teams, et cetera, it's gonna be more on the underwriting side.

um, I I would say that that there will be

Speaker #4: So if you if you if you notice, you know, we-we're, we're, we're as I mentioned earlier, for example, now, we're buying a lot more facultative reinsurance, offloading el-elements of risk and exposure, that, that we're, we're happy to offload.

Speaker #4: And ultimately, what that does is impacts your net earned premium numbers. You know? But we're doing that, very much knowing that, okay, maybe that may result in a higher, expense ratio.

Waleed: If we find new opportunities, bring in new teams to develop new portfolios, build out, bring in new business, then we will not hesitate to spend the money on that. I mean, that being said, I tried to address it and explain it in my own way on the call, in my commentary. You know, it, I know, I understand how obviously the combined ratio components of the G&A ratio, the acquisition cost ratio, and then obviously the loss ratio all come together, and we look at them individually, and we do very much so ourselves, 100%.

Waleed Jabsheh: If we find new opportunities, bring in new teams to develop new portfolios, build out, bring in new business, then we will not hesitate to spend the money on that. I mean, that being said, I tried to address it and explain it in my own way on the call, in my commentary. You know, it, I know, I understand how obviously the combined ratio components of the G&A ratio, the acquisition cost ratio, and then obviously the loss ratio all come together, and we look at them individually, and we do very much so ourselves, 100%.

Uh, I think a, a more more, definitely more stability. Now, this is a big chunk of our of our expenses are are incurred in pounds, right? So if the pound does strengthen this, there's nothing we can do about. What that means, and not a lot we can do about what that means and translate into, uh, uh, uh, into Dollars. Um, so so, um, you know, uh, so there, there are certain things that that, you know, we've got to keep um, in mind. Now, I think, if, if there's going to be growth, uh, from an HR perspective in terms of teams, Etc, it's going to be more on the underwriting side. Um if we find new opportunities bring in new teams to to develop new portfolios uh build out uh

Speaker #4: Right? But if it keeps that loss ratio, most importantly, under, under wrap or, under control and helps to reduce and, and, and, and, and control that loss ratio, then overall, your combined ratio is still going to be healthy and still going to be good.

Bring in new business, then we will not hesitate to um uh spend uh the money on that.

I mean, that being said, on the, on the, on the, uh,

Speaker #4: So it's, it's pulling the, the different, taking different actions at the different times, pulling the different levers when you see you need to pull them, that may, you know, distort a couple of numbers, but then overall, i when it all comes together, which is the most important thing, when it all comes together, it still looks great.

on the on the and I tried, I tried to address it and explain it in, um,

Speaker #3: No, that's perfect. Thank you, Waleed. last one, from me. you mentioned the construction business. and infrastructure and data centers are a-around the world. One of the things that I think is we're seeing here in the US is some of that stuff has been delayed.

Waleed: The one thing I would say, though, is that as depending on where you are in the market cycle, your strategy of underwriting, both underwriting the inwards business and then buying the reinsurance that you feel provides you with the optimum protection, right, is going to have an impact and distort some of these ratios, you know, depending on which stage you are in the cycle. If you notice, you know, as I mentioned earlier, for example, now we're buying a lot more facultative reinsurance, offloading elements of risk and exposure that we're happy to offload. Ultimately, what that does is impacts your net earned premium numbers, you know.

Waleed Jabsheh: The one thing I would say, though, is that as depending on where you are in the market cycle, your strategy of underwriting, both underwriting the inwards business and then buying the reinsurance that you feel provides you with the optimum protection, right, is going to have an impact and distort some of these ratios, you know, depending on which stage you are in the cycle. If you notice, you know, as I mentioned earlier, for example, now we're buying a lot more facultative reinsurance, offloading elements of risk and exposure that we're happy to offload. Ultimately, what that does is impacts your net earned premium numbers, you know.

In, in my own way, on the call, in my commentary. But, you know, um, I know—I understand how, obviously, the combined ratio components of the, of the, of the G&A ratio, the acquisition cost ratio, and then, obviously, the loss ratio all come together. And we look at them individually, and we do very much so ourselves. 100%.

The one thing I would say, though, is that depending on where you are in the market cycle, your strategy of underwriting—

Speaker #3: and in fact, in some insurance companies, you know, top line, b-business. And I, and I wonder if you've seen that any, any parts of your construction business at all, any, any concerns there?

Speaker #3: Thank you.

Speaker #4: It, it do you do you mean delay in, in, in starting the projects or delays in completion of the projects?

Speaker #3: Yes. well, both. probably more so on starting. but kind of both.

Both underwriting the inwards business and then buying the reinsurance, uh, that you feel provides you with the optimum protection, right? Is going to have an impact and distort some of these ratios um um um you know, at at depending, on which stage you are in the cycle. So, if you, if you if you notice, um,

Speaker #4: Yeah. I, I think I mean, a, a lot of these projects Mike are, are quite chunky. You know, the smallest projects in this area, meaningfully, you know, is, is, is, is in the low single-digit billion sort of contract values.

Waleed: We're doing that, very much knowing that, okay, maybe that may result in a higher, expense ratio, right? If it keeps that loss ratio, most importantly, under wrap, or under control and helps to reduce and control that loss ratio, then overall, your combined ratio is still gonna be healthy and still gonna be good. It's pulling the different actions at the different times, pulling the different levers when you see you need to pull them. That may, you know, distort a couple of numbers, overall, when it all comes together, which is the most important thing, when it all comes together, it still looks great.

Waleed Jabsheh: We're doing that, very much knowing that, okay, maybe that may result in a higher, expense ratio, right? If it keeps that loss ratio, most importantly, under wrap, or under control and helps to reduce and control that loss ratio, then overall, your combined ratio is still gonna be healthy and still gonna be good. It's pulling the different actions at the different times, pulling the different levers when you see you need to pull them. That may, you know, distort a couple of numbers, overall, when it all comes together, which is the most important thing, when it all comes together, it still looks great.

Speaker #4: and we've seen projects upwards of $20 billion. Depending on which part of the world we're talking about. And these, these types of projects always tend to take they'll come to the market, and they'll tend to take time to be finalized and completed.

You know, um, uh, we—we're, we're, we're, as I mentioned earlier, for example, now, we're buying a lot more facultative reinsurance, offloading elements of risk and exposure, um, that, uh, that we're, we're happy to offload. And ultimately, what that does is it impacts your net and premium numbers, you know? But we're doing that, uh, uh, very much knowing that. Okay, maybe that may result.

Speaker #4: And you've got all stakeholders, bankers, financing sign-off. And that does take time. we haven't that, that I mean, a-and so that's natural in our in the construction portfolio.

Speaker #4: what we haven't seen is, is projects being pulled, which is that, that, so that's the positive sign. So it might take time for them to actually you know, get finalized.

Result in a higher, um, uh, uh, expense ratio, right? But if it keeps that loss ratio, the most importantly, under under wrap or, uh, under control and help to reduce and and, and, and and control that loss ratio, then overall, your combined ratio is still going to be healthy and still going to be good. So, it's it's pulling the different taking different actions of the different times. Pulling the different levers, when you see you need to pull them. That may, you know,

Speaker #4: But, but all in all, I mean, this is a big, big and you hear everybody talking about them. And you've seen other carriers go in quite heavily and facilities being set up, etc., etc.

Distort a couple of numbers but then overall, when it all comes together which is the most important thing and it all comes together, it still looks great.

Michael Phillips: No, that's perfect. Thank you, Waleed. Last one from me. You mentioned the construction business, and infrastructure and data centers around the world. One of the things that I think is we're seeing here in the US is some of that stuff has been delayed, and impacting some insurance companies', you know, top line business. I wonder if you've seen that in any parts of your construction business at all, any concerns there? Thank you.

Speaker #4: Because it's no doubt a big area for everybody going forward.

Speaker #3: Yeah. I-indeed. Thank you for that, Waleed. Congrats again and, and all the best. Appreciate it.

No, that's perfect. Thank you. Well, last 1 um for me um you mentioned the construction business um and the infrastructure and data centers or around the world. 1 of the things that I think is we're seeing here in the US is

Speaker #4: Thank you, Mike. Appreciate it.

Speaker #1: This concludes our question and answer session. I would like to turn the conference back over to management for closing remarks.

Some of that stuff has been delayed. Um, and in fact, in some insurance companies, um, um, you know, Topline business. And I, and I wonder if you've seen that any any parts of your construction business at all. Um, any any concerns there? Thank you.

Waleed: Do you mean delay in starting the projects or delays in completion of the projects?

Waleed Jabsheh: Do you mean delay in starting the projects or delays in completion of the projects?

Speaker #4: just, just wanted to say thank you, to everyone for joining us today. And thanks, you know, for your continued support of IGI. as always, any additional questions, please contact Robin.

Michael Phillips: Yes. Well, both. Probably more so on starting, but kind of both.

Do you do you mean delay in in in starting the project or delays in completion of the project? Uh well both um probably more so on starting. Um, but kind of both

Waleed: Yeah, I think, I mean, a lot of these projects, Mike, are quite chunky. You know, the smallest projects in this area, meaningfully, you know, is in the low single-digit billion sort of contract values. We've seen projects upwards of $20 billion, depending on which part of the world we're talking about. These types of projects always tend to take... They'll come to the market, and they tend to take time to be finalized and completed. You've got all stakeholders, bankers, financing, sign-off, and that does take time. We haven't, I mean, that's natural in our, in the construction portfolio. What we haven't seen is projects being pulled, which that's the positive sign.

Waleed Jabsheh: Yeah, I think, I mean, a lot of these projects, Mike, are quite chunky. You know, the smallest projects in this area, meaningfully, you know, is in the low single-digit billion sort of contract values. We've seen projects upwards of $20 billion, depending on which part of the world we're talking about. These types of projects always tend to take... They'll come to the market, and they tend to take time to be finalized and completed. You've got all stakeholders, bankers, financing, sign-off, and that does take time. We haven't, I mean, that's natural in our, in the construction portfolio. What we haven't seen is projects being pulled, which that's the positive sign.

Speaker #4: she'll be happy to assist. I wish you all a great day, and we look forward to, speaking with you on, next quarter's call. Thank you, everybody.

yeah, I I think I mean a lot of these projects Mike are are quite

chunky, you know, the smallest.

Projects in this area, meaningfully, you know, is in the low single—

Digit billion sort of contract values. Um, and we've seen projects upwards of 20 billion dollars depending on which part of the world we're talking about. And these these types of projects always tend to take, they'll come to the market and they'll have to take time to be finalized and completed. As you've got all stakeholders Bankers financing sign off and that does take time um we have that that I mean and so that's natural in our in the construction portfolio.

Waleed: It might take time for them to actually, you know, get finalized. All in all, I mean, this is big. You hear everybody talking about them, and you've seen other carriers go in quite heavily and facilities being set up, et cetera, et cetera, because it's no doubt a big area for everybody going forward.

Waleed Jabsheh: It might take time for them to actually, you know, get finalized. All in all, I mean, this is big. You hear everybody talking about them, and you've seen other carriers go in quite heavily and facilities being set up, et cetera, et cetera, because it's no doubt a big area for everybody going forward.

But all in all, I mean, this is a big, big—

Uh, and you hear everybody talking about them, and you've seen other carriers go in quite heavily and Facilities being set up, etc, etc, because it's no doubt, um, a big area for everybody going forward.

Michael Phillips: Yeah. Indeed. Thank you for that, Waleed. Congrats again, and all the best. Appreciate it.

Indeed, thank you for that. Well, we progress again and all the best, appreciate it.

Waleed: Thank you, Mike. Appreciate it.

Waleed Jabsheh: Thank you, Mike. Appreciate it.

Thank you, Mike. Appreciate it.

Operator: This concludes our question and answer session. I would like to turn the conference back over to management for closing remarks.

Includes our question and answers.

Waleed: Just want to say thank you to everyone for joining us today, thanks, you know, for your continued support of IGI. As always, any additional questions, please contact Robyn. She'll be happy to assist. I wish you all a great day, we look forward to speaking with you on next quarter's call. Thank you, everybody.

Waleed Jabsheh: Just want to say thank you to everyone for joining us today, thanks, you know, for your continued support of IGI. As always, any additional questions, please contact Robyn. She'll be happy to assist. I wish you all a great day, we look forward to speaking with you on next quarter's call. Thank you, everybody.

Uh, just, just want to say thank you, uh, to everyone for joining us today. And thanks, you know, for your continued support of IGI. Uh, as always, any additional questions, please contact Robin. Uh, she'll be happy to assist. Um, I wish you all a great day and we look forward to, uh, speaking with you on, uh, next quarter's call. Thank you, everybody.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Michael Phillips: Thank you.

Operator: Thank you.

Thank you.

Q4 2025 International General Insurance Holdings Ltd Earnings Call

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