IGIC - International General Insurance: An Exceptional Undiscovered Small-Cap

2024-02-14 23:36:49 ET

Summary

• International General Insurance Holdings is a Middle East-based insurance group specializing in specialty insurance and reinsurance.
• IGIC has a strong track record of creating shareholder value, with nearly doubling its book value per share since 2013.
• The company generates higher returns on equity compared to its North American peers, indicating effective management and potential for growth.
• At half the valuation of the peer group, IGIC trades at an unjustified discount due to its exposure to higher growth markets and better operating metrics.

Company Overview

International General Insurance Holdings ( IGIC ) is an insurance group operating out of the Middle East that does specialty insurance and reinsurance. Most of their business involves specialty insurance solutions (i.e., underwriting) for energy, property, general aviation, construction and engineering, marine cargo, and ports and terminal businesses. This can include everything from providing business service interruption insurance as a result of political violence all the way to more conventional property insurance by providing custom insurance solutions to cover cargo for damages and physical loss while it's being transported....

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