IGI profits fall as Middle East conflict losses and programme exits weigh on Q1

IGI reported lower first-quarter earnings for 2026 as catastrophe losses linked to the Middle East conflict and the non-renewal of two sizeable reinsurance programmes weighed on results, despite an improved combined ratio. 

Net income dipped from $27.3 million in the first quarter of 2025 to $21.7 million in the same period this year. Results were impacted by net loss and loss-adjusted expenses of $54.8 million, which included $21.3 million in catastrophe losses primarily related to the Middle East conflict. 

Gross written premiums, at $197 million in the first quarter 2026, also fell but remained in the same ballpark compared with $207 in the first quarter 2025, attributed largely to a non-renewal of two sizable reinsurance programmes.

The combined ratio made a favourable improvement, landing at 89.1% compared to 94.4% in the same quarter of the previous year. 

Waleed Jabsheh (pictured), IGI group president and CEO, said: “We had a strong start to 2026 highlighted by underwriting income of $37.7 million and an 89.1% combined ratio, driven by consistent and disciplined execution. This translates to a 14.3% core operating return on average shareholders’ equity, underscoring the stability and resilience of IGI, notwithstanding impact of war losses in the Middle East. 

“In the first three months of 2026, we returned almost $65 million to shareholders through share repurchases and dividends, including an extraordinary dividend of $1.15 per share.”

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