• A global business insurance provider, similar to a more specialized Chubb.
• An international commercial insurer, much like a targeted version of AIG's business lines.

• Long-Tail Insurance: This category includes various liability policies such as Professional Indemnity, Directors & Officers, Financial Institutions, and Medical Malpractice insurance, which cover claims that may take an extended period to resolve.
• Short-Tail Insurance: This covers policies like Commercial Property, Onshore Energy, Construction All Risk, Marine, and Aviation insurance, characterized by claims that are typically settled within a shorter timeframe.
• Reinsurance: Providing insurance coverage to other insurance companies across diverse classes, including Property, Energy, and Marine, to help them manage their own risk portfolios.

International General Insurance (IGIC) primarily sells its insurance and reinsurance products to other companies and entities, rather than directly to individuals.

Due to the nature of the insurance business and client confidentiality, IGIC does not publicly disclose the names of its specific major customer companies. Its customer base is highly diversified across various industries and geographies. However, based on its specialty underwriting segments, its customers are broadly comprised of the following categories of businesses and entities:

• Corporations and Businesses Across Diverse Sectors: IGIC provides commercial insurance solutions (e.g., property, casualty, energy, marine, construction, financial lines, political violence, aviation) to a wide range of companies globally. These include, but are not limited to:
  • Companies in the **Energy Sector** (e.g., oil and gas exploration and production companies, power generation companies, downstream energy processors).
  • **Marine Businesses** (e.g., shipping companies, cargo owners, port authorities, offshore energy operators).
  • **Construction and Engineering Firms** involved in large infrastructure projects and development.
  • **Commercial Property Owners and Developers** across various industries.
  • **Professional Services Firms** (e.g., financial institutions, law firms, consultants) requiring professional indemnity and directors' & officers' liability insurance.
  • **Manufacturing and Industrial Companies**.
  • **Aviation Operators and Service Providers**.
  • Entities operating in regions requiring coverage for **Political Violence** risks.
• Other Insurance Companies: A significant part of IGIC's business involves reinsurance. In this capacity, IGIC acts as a reinsurer, providing coverage to other primary insurance companies to help them manage and diversify their own risk portfolios. These customer companies are other insurers who cede a portion of their risks to IGIC through various reinsurance treaties.

Given the broad and diversified nature of its policyholders and cedents (reinsurance clients), it is not possible to identify specific "major customer companies" by name or symbol.

• Hannover Rück SE (Symbol: HNR1.DE)
• Swiss Reinsurance Company Ltd (Symbol: SREN)
• Munich Reinsurance Company AG (Symbol: MUV2.DE)

Waleed Jabsheh, President & Chief Executive Officer

Waleed Jabsheh became President of IGI in 2011 and Chief Executive Officer in 2023. He began his career at Manulife Reinsurance in Toronto, Canada, and later joined LDG Reinsurance Corporation, a subsidiary of Houston Casualty Co, in 1998, where he served as a Senior Underwriter. Waleed joined International General Insurance at its foundation and has been instrumental in its growth into a global, Nasdaq-listed company.

Pervez Rizvi, Group Chief Financial Officer

Pervez Rizvi has over 31 years of experience in Insurance and Banking. He held senior management roles with HSBC Bank in UAE and Malaysia, and Zurich Financial Services in DIFC. Prior to joining IGI, he served as CFO for an Islamic Insurance Company in Abu Dhabi, UAE. His insurance career began in 1989 with Life Insurance Corporation of India.

Wasef Jabsheh, Executive Chairman

Wasef Jabsheh is the founder of IGI and has specialized in marine and energy insurance for over 40 years. He established Middle East Insurance Brokers in 1989 and International Marine & General Insurance Co. in 1991, both of which were subsequently acquired by Houston Casualty Company (HCC). He also served as a Board Director with HCC until 1997. He founded IGI in 2001.

Hatem Jabsheh, Group Chief Operating Officer

Hatem Jabsheh possesses over 22 years of experience in the financial services industry. He started his career at Spear, Leads, and Kellogg, a subsidiary of Goldman Sachs, and managed several pits as a CBOE and CME primary market maker. He later established Indemaj Brokerage, an asset management and brokerage company, which he successfully sold in 2009 to a publicly traded investment bank. Hatem joined IGI to lead its investment department and became Group Chief Operating Officer in 2017.

Andreas Loucaides, Chief Executive Officer - IGI UK

Andreas Loucaides has more than 50 years of experience in the insurance industry. He began his career in 1971 at syndicate 702 at Lloyd's, which was sold to Markel in 2000. In 2002, he founded PRI Group Plc, a start-up insurance company, as its CEO, overseeing its profitable sale to Brit Holdings. He was CEO of Catlin UK starting in 2004, and later CEO of Jubilee Group at Lloyd's in 2008, where he oversaw its sale to Ryan Specialty Group in 2011. He joined IGI in 2015 as CEO of IGI UK.

International General Insurance (IGIC) operates as an international specialist commercial insurer and reinsurer, underwriting a diverse portfolio of specialty lines globally. Their main products and services encompass a broad range of specialty and reinsurance solutions, including Energy, Property, General Aviation, Construction & Engineering, Ports & Terminals, Marine Cargo, Political Violence, Financial Institutions, General Third-Party Liability (Casualty), Legal Expenses, Professional Indemnity, D&O, Surety, Marine Trades, Marine Liability, Contingency, and Reinsurance Treaty Business.

Addressable Markets for Main Products or Services:

Global Markets:

• Specialty Insurance: The global specialty insurance market was valued at approximately USD 105.76 billion in 2024 and is projected to reach USD 282.76 billion by 2035. Other estimates place the market at USD 98.85 billion in 2024, growing to USD 163.06 billion in 2029.
• Reinsurance: The global reinsurance market was valued between USD 408 billion and USD 581.3 billion in 2024. Projections indicate it could reach USD 643.88 billion by 2033 or USD 1,165.7 billion by 2033. Another estimate projects the market to reach USD 2,000.08 billion by 2034.
• Property and Casualty (P&C) Insurance: The global property and casualty insurance market size was estimated at USD 3,674.46 billion in 2023 and is projected to reach USD 6,180.14 billion by 2030.

Regional Markets (where IGIC operates):

• Europe Specialty Insurance: Europe holds approximately 30% of the global specialty insurance market share. Based on a global market of USD 105.76 billion in 2024, this would approximate to USD 31.7 billion in 2024.
• Asia-Pacific Specialty Insurance: The Asia-Pacific specialty insurance market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 8.0%, generating a revenue of USD 69.11 billion during the 2021–2028 timeframe.
• North America Specialty Insurance: North America represents approximately 45% of the global specialty insurance market share. Based on a global market of USD 105.76 billion in 2024, this would approximate to USD 47.6 billion in 2024.
• UK Commercial Property Insurance: The UK commercial property insurance market is estimated to have grown to GBP 13.9 billion (approximately USD 17.375 billion, using a 1 GBP = 1.25 USD conversion rate) in 2024.
• South Africa Property and Casualty Insurance: The market size was valued at USD 5.2 billion in 2023 and is expected to reach USD 9.7 billion by 2033. Another source estimates the market at USD 2.72 billion in 2025, projected to reach USD 3.25 billion by 2030.
• UAE Property and Casualty Insurance: The market size reached USD 16.83 billion in 2025 and is forecast to climb to USD 42.05 billion by 2030.
• Saudi Arabia Property and Casualty Insurance: The market size reached USD 44.8 million in 2024 and is expected to reach USD 80.3 million by 2033.

International General Insurance (IGIC) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Geographic Expansion and Enhanced Global Presence: The company is actively expanding its underwriting operations across key regions, including the U.S., Europe (with a platform in Malta and an expanded London office), the Middle East and North Africa (MENA), and Asia-Pacific. This broadening geographic footprint is aimed at increasing insurance penetration and diversifying its premium base, providing significant headroom for future top-line revenue growth.
2. Diversification and Expansion of Specialty Underwriting Lines: IGIC is leveraging opportunities in global infrastructure and engineering projects, particularly in construction and marine lines, which are experiencing robust activity. The company is also making strategic shifts towards higher-margin areas of its business, especially within its reinsurance segment, and focusing on specialist lines like construction and marine. This diversification into profitable niche markets is expected to boost gross written premiums and sustain revenue growth.
3. Enhanced Market Credibility and Client Relationships: A recent upgrade of its S&P financial grade to 'A' from 'BBB' is expected to enhance market credibility, open new business doors, and strengthen client relations. This improved rating can attract more clients and larger accounts, thereby directly contributing to future revenue growth.
4. Disciplined Underwriting and Strategic Portfolio Optimization: IGIC's commitment to prudent underwriting discipline and proactive portfolio management involves exiting unprofitable lines, such as certain professional indemnity products, and focusing on higher-margin segments. This strategic approach ensures that revenue growth is sustainable and profitable by reallocating capital to better-performing areas and maintaining low loss ratios.

Share Repurchases

• In November 2025, the Board of Directors approved a new authorization to repurchase up to 5 million common shares, which replaced a previous 7.5 million share repurchase program that had been fully exhausted.
• During the first nine months of 2025, International General Insurance repurchased 2,291,599 common shares for approximately $53.8 million.
• In June 2024, the existing share repurchase program was increased by 2.5 million shares, bringing the total authorization to 7.5 million shares of the company's common stock.

Share Issuance

• As part of the business combination with Tiberius Acquisition Corporation in March 2020, IGI Holdings issued 17,250,000 common shares upon the exercise of public and private warrants.
• An additional 29,759,999 common shares were issued to former shareholders of IGI during the March 2020 business combination.
• For the first nine months of 2025, the company reported $5.6 million in common shares issued under share-based compensation plans and employee stock purchase plans.

Inbound Investments

• In March 2020, the business combination with Tiberius Acquisition Corporation resulted in raising approximately $146 million of gross equity capital, with about $40 million contributed to IGI's balance sheet to support its core specialty reinsurance business.

Outbound Investments

• In November 2024, IGI Holdings Limited entered into a Share Purchase Agreement to acquire a 6.04% shareholding in Packages Limited for approximately $9.47 million (Rs2.63 billion).
• International General Insurance has acquired Energy Insurance Oslo.

Capital Expenditures

• Reported capital expenditures were $1.26 million in 2021 and $0.73 million in 2020.
• For 2025, reported capital expenditures were -$0.05 million.
• No capital expenditures were reported for 2024 and 2023.