International General Insurance Holdings Ltd. Files 2023 Annual Report

TL;DR

<b>International General Insurance Holdings Ltd. has filed its 2023 annual report on Form 20-F, detailing its financial performance and operations.</b>

AI Summary

International General Insurance Holdings Ltd. (IGIC) filed a Foreign Annual Report (20-F) with the SEC on April 8, 2024. International General Insurance Holdings Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's common shares trade on The Nasdaq Stock Market LLC under the ticker symbol IGIC. As of December 31, 2023, there were 46,074,179 outstanding shares of common stock. The principal executive offices are located at 74 Abdel Hamid Sharaf Street, P.O. Box 941428, Amman 11194, Jordan. The company is incorporated in Bermuda.

Why It Matters

For investors and stakeholders tracking International General Insurance Holdings Ltd., this filing contains several important signals. This filing provides investors with a comprehensive overview of the company's financial health and strategic direction for the past fiscal year. The report is crucial for understanding the company's market position, regulatory compliance, and future outlook as a publicly traded entity on Nasdaq.

Risk Assessment

Risk Level: low — International General Insurance Holdings Ltd. shows low risk based on this filing. The filing is a routine annual report (20-F) and does not contain new material events or significant financial disclosures that would indicate elevated risk.

Analyst Insight

Review the full 20-F filing for detailed financial statements, risk factors, and management discussion to assess the company's performance and outlook.

Key Numbers

• 46,074,179 — Outstanding Shares (As of December 31, 2023.)
• 2023-12-31 — Fiscal Year End (Period covered by the annual report.)
• 2024-04-08 — Filing Date (Date the 20-F was filed.)

Key Players & Entities

• International General Insurance Holdings Ltd. (company) — Filer of the 20-F annual report.
• IGIC (company) — Trading symbol for International General Insurance Holdings Ltd. common shares on Nasdaq.
• The Nasdaq Stock Market LLC (company) — Exchange where IGIC common shares are traded.
• Rawan Alsulaiman (person) — Company Contact Person for International General Insurance Holdings Ltd.

FAQ

Industry Context

International General Insurance Holdings Ltd. operates in the insurance carriers sector, providing various insurance products.

Regulatory Implications

As a foreign private issuer, the company files an annual report on Form 20-F with the SEC, which is a comprehensive disclosure document.

What Investors Should Do

1. Analyze the financial statements within the 20-F for revenue, profitability, and balance sheet health.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into business strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-04-08: Filing Date — Date the Form 20-F was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 annual report; comparative data from a prior 20-F filing is not directly available in this document excerpt.

Key Financial Figures

• $0.01 — nge on which registered Common shares, $0.01 par value per share IGIC The Nasdaq Sto
• $80.0 million — h Consideration " means an aggregate of $80.0 million paid to the Sellers in connection with
• $0.0001 — of common stock of Tiberius, par value $0.0001 per share. " Tiberius warrant " means
• $11.50 — of Tiberius common stock at a price of $11.50 per share. " Transaction Consideration

Filing Documents

• ea0202289-20f_internat.htm (20-F) — 3986KB
• ea020228901ex4-26_inter.htm (EX-4.26) — 158KB
• ea020228901ex8-1_inter.htm (EX-8.1) — 5KB
• ea020228901ex11-1_inter.htm (EX-11.1) — 105KB
• ea020228901ex12-1_inter.htm (EX-12.1) — 10KB
• ea020228901ex12-2_inter.htm (EX-12.2) — 17KB
• ea020228901ex13-1_inter.htm (EX-13.1) — 8KB
• ea020228901ex13-2_inter.htm (EX-13.2) — 4KB
• ea020228901ex15-1_inter.htm (EX-15.1) — 2KB
• ea020228901ex15-2_inter.htm (EX-15.2) — 2KB
• ea020228901ex97-1_inter.htm (EX-97.1) — 38KB
• image_001.jpg (GRAPHIC) — 8KB
• image_002.jpg (GRAPHIC) — 8KB
• image_003.jpg (GRAPHIC) — 34KB
• image_004.jpg (GRAPHIC) — 183KB
• 0001213900-24-031166.txt (&nbsp;) — 16417KB
• igic-20231231.xsd (EX-101.SCH) — 124KB
• igic-20231231_cal.xml (EX-101.CAL) — 71KB
• igic-20231231_def.xml (EX-101.DEF) — 477KB
• igic-20231231_lab.xml (EX-101.LAB) — 869KB
• igic-20231231_pre.xml (EX-101.PRE) — 483KB
• ea0202289-20f_internat_htm.xml (XML) — 3044KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii IMPORTANT INFORMATION ABOUT U.S. GAAP AND NON-GAAP FINANCIAL MEASURES iii FREQUENTLY USED TERMS iii PART I 1 Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 4. Information on the Company 49 Item 4A. Unresolved Staff Comments 83 Item 5. Operating and Financial Review and Prospects 83 Item 6. Directors, Senior Management and Employees 117 Item 7. Major Shareholders and Related Party Transactions 129 Item 8. Financial Information 135 Item 9. The Offer and Listing 136 Item 10. Additional Information 136 Item 11.

Quantitative and Qualitative Disclosures about Market Risks

Quantitative and Qualitative Disclosures about Market Risks 152 Item 12.

Description of Securities other than Equity Securities

Description of Securities other than Equity Securities 153 PART II 154 Item 13. Defaults, Dividend Arrearages and Delinquencies 154 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 154 Item 15.

Controls and Procedures

Controls and Procedures 154 Item 16. [Reserved] 155 Item 16A. Audit Committee Financial Expert 155 Item 16B. Code of Ethics 155 Item 16C. Principal Accountant Fees and Services 155 Item 16D. Exemptions from the Listing Standards for Audit Committees 156 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers. 156 Item 16F. Change in Registrant's Certifying Accountant 157 Item 16G. Corporate Governance 157 Item 16H. Mine Safety Disclosure 157 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 157 Item 16J Insider Trading Policies 157 Item 16k Cybersecurity 157 PART III 161 Item 17.

Financial Statements

Financial Statements 161 Item 18.

Financial Statements

Financial Statements 161 Item 19. Exhibits 161 i FORWARD-LOOKING Some of the statements in this annual report on Form 20-F (this "annual report") of International General Insurance Holdings Ltd., a Bermuda exempted company ("we," "IGI" or the "Company"), constitute forward-looking statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements are often, but not always, made through the use of words or phrases such as ability," "anticipate," "believe," "budget," "can," "contemplate," "continue," "could," "design," "estimate," "expect," "forecast," "hope," "impact," "intend," "may," "outlook," "plan," "positioned," "potential," "predict," "project," "seek," "should," "strategy," "target," "value," "will," "would" and similar expressions. You should read statements that contain these words carefully because they: discuss future expectations; contain projections of future results of operations or financial condition; or All such forward-looking to differ materially from the results expressed in the statements. We believe it is important to communicate our expectations to our security holders. However, there may be events in the future that we are not able to predict accurately or over which they have no control. The risk factors and cautionary language discussed in this annual report provide examples of risks, uncertainties and events

Identity of Directors,

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

OFFER STATISTICS AND EXPECTED

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors An investment in our securities carries a significant degree of risk. You should carefully consider the following risks and other information in this annual report, including our consolidated financial statements and related notes included herein, in connection with your ownership of our securities. If any of the events described below occur, our business and financial results could be adversely affected in a material way. This could cause the trading price of our securities to decline, perhaps significantly, and you therefore may lose all or part of your investment. The risks set out below are not exhaustive and do not comprise all of the risks associated with an investment in the Company. Additional risks and uncertainties not currently known to us or which we currently deem immaterial may also have a material adverse effect on our business, financial condition, results of operations, prospects and/or its share price. Summary of Risk Factors The following is a summary of certain, but not all, of the risks that could adversely affect our business, operations and financial results. If any of the risks actually occur, our business could be materially impaired, the trading price of our common shares could decline, and you could lose all or part of your investment. Risks Relating to the Insurance and Reinsurance Industry If our underwriters fail to assess accurately the underwritten risks or fail to comply with internal guidelines on underwriting, our premiums may prove to be inadequate to cover the losses associated with such risks. The insurance and reinsurance industries are highly competitive. Consolidation in the insurance and reinsurance industry could adversely impact us. Our operating results are affected by the cyclicality of the insurance and reinsurance industry. If market co

Risk Factors

Risk Factors Risks Relating to the Insurance and Reinsurance Industry If our underwriters fail to assess accurately the underwritten risks or fail to comply with internal guidelines on underwriting or their underwriting authority or if events or circumstances cause the underwriters' risk assessment to be incorrect, our premiums may prove to be inadequate to cover the losses associated with such risks. Our underwriting results depend on whether the claims brought by policyholders are consistent with the assumptions and pricing models we use in underwriting and pricing our insurance covers. It is not possible to predict with certainty whether a single risk or a portfolio of risks underwritten by us will result in a loss, or the timing and severity of any loss that does occur. If our underwriters fail to assess accurately the underwritten risks or fail to comply with internal guidelines on underwriting or their underwriting authority or if events or circumstances cause the underwriters' risk assessment to be incorrect, our premiums may prove to be inadequate to cover the losses associated with such risks. Losses may also arise from events or exposures that are not anticipated when the coverage is priced. In addition to unanticipated events which increase losses beyond our expectations, we also face the risk of the potential unanticipated expansion of our exposures, particularly in long-tail liability lines of business. Any failure by us to manage the risks that we underwrite could have a material adverse effect on our results of operations and financial condition. The insurance and reinsurance industries are highly competitive; competitive pressures may result in fewer policies underwritten, lower premium rates, increased expense for customer acquisition and retention and less favorable policy terms and conditions. We operate in highly competitive markets. Customers may evaluate us and our competitors on a number of factors, including financial strength, underwrit

View Full Filing

View this 20-F filing on SEC EDGAR