# EDGAR Filing Document

**Accession Number:** 0001794338
**File Stem:** 0001213900-23-016887
**Filing Date:** 2023-3
**Character Count:** 51549
**Document Hash:** 24ddb8b0cde62e34690e9752f3fe7258
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-016887.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001213900-23-016887

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230302

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** International General Insurance Holdings Ltd.
- **CENTRAL INDEX KEY:** 0001794338
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE CARRIERS, NEC [6399]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39255
- **FILM NUMBER:** 23700339

**BUSINESS ADDRESS:**
- **STREET 1:** 74 ABDEL HAMID SHARAF STREET
- **STREET 2:** P.O. BOX 941428
- **CITY:** AMMAN
- **STATE:** M2
- **ZIP:** 11194
- **BUSINESS PHONE:** 962 6 562 2009

**MAIL ADDRESS:**
- **STREET 1:** 74 ABDEL HAMID SHARAF STREET
- **STREET 2:** P.O. BOX 941428
- **CITY:** AMMAN
- **STATE:** M2
- **ZIP:** 11194

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of March 2023**

**Commission File Number: 001-39255**

**International General Insurance Holdings Ltd.**

**(Translation of Registrant's name into English)**

**74 Abdel Hamid Sharaf Street, P.O. Box 941428, Amman 11194, Jordan** 

**(Address of principal executive offices)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

**INCORPORATION BY REFERENCE**

This report on Form 6-K, including Exhibit 99.1 attached hereto, shall be deemed to be incorporated by reference into the registration statement on [Form F-3](http://www.sec.gov/Archives/edgar/data/1794338/000121390021019779/ea138508-f3_internationalgen.htm) (File No.333-254986) and [Form S-8](http://www.sec.gov/Archives/edgar/data/1794338/000121390020014029/ea122411-s8_international.htm) (File No.333-238918) of International General Insurance Holdings Ltd. (including the prospectuses forming a part of such registration statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

**EXHIBIT**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Exhibit Description** |
| 99.1 | [Press release dated March 2, 2023 – IGI Reports Fourth Quarter and Full Year 2022 Condensed and Unaudited Financial Results.](ea174572ex99-1_international.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | **INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD.** | **INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD.** | **INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD.** |
| Date: March 2, 2023 | By: | /s/ Pervez Rizvi | /s/ Pervez Rizvi |
|  |  | Name: | Pervez Rizvi |
|  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**IGI Reports Fourth Quarter and Full Year 2022 Condensed and Unaudited Financial Results**

**HAMILTON, Bermuda, March 2, 2023 --** International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ: IGIC) today reported financial results for the fourth quarter and full year of 2022.

**Highlights for the fourth quarter and full year of 2022 include:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in millions of U.S. Dollars, except percentages and per share information)* | *(in millions of U.S. Dollars, except percentages and per share information)* | *(in millions of U.S. Dollars, except percentages and per share information)* | *(in millions of U.S. Dollars, except percentages and per share information)* | *(in millions of U.S. Dollars, except percentages and per share information)* |
|  | **Quarter Ended<br> December 31,** | **Quarter Ended<br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Gross written premiums** | $**156.7** | $**163.5** | $**581.8** | $**545.6** |
| **Net premiums earned** | $**97.0** | $**86.2** | $**376.4** | $**345.2** |
| **Net underwriting results** | $**24.7** | $**30.6** | $**148.5** | $**105.8** |
| **Total investment income, net** <sup>(1)</sup>** | $**6.7** | $**2.2** | $**20.7** | $**14.2** |
| **Profit for the period** | $**25.7** | $**9.1** | $**85.5** | $**43.6** |
| **Combined ratio** <sup>(2)</sup>** | **92.4%** | **83.8%** | **78.5%** | **86.4%** |
| **Earnings per share (basic and diluted)** <sup>(3)</sup>** | $**0.53** | $**0.19** | $**1.74** | $**0.89** |
| **Return on average equity (annualized)** <sup>(4)</sup>** | **24.8%** | **9.2%** | **20.6%** | **11.1%** |
| **Core operating income** <sup>(4)</sup>** | $**13.5** | $**13.6** | $**94.4** | $**53.1** |
| **Core operating earnings per share (basic and diluted)** <sup>(4)</sup>** | $**0.28** | $**0.28** | $**1.92** | $**1.09** |
| **Core operating return on average equity (annualized)** <sup>(4)</sup>** | **13.0%** | **13.7%** | **22.7%** | **13.6%** |

---

(1) See Note (1) in the "Notes to the Condensed Consolidated Financial Statements (Unaudited)"
below.

(2) See "Supplementary Financial Information" below.

(3) See Note (3) in the "Notes to the Condensed Consolidated Financial Statements (Unaudited)"
below.

(4) See the section titled "Non-IFRS Financial Measures" below.

IGI Chairman and CEO Mr. Wasef Jabsheh said, "IGI finished its 20<sup>th</sup> anniversary year with excellent results across the board, marked by continued profitable growth, diversification and consistent execution of our strategy, reflected in a 78.5% combined ratio and 22.7% core operating return on average shareholders' equity for the full year. This is particularly gratifying given the many challenges our industry faced during 2022, including significant natural catastrophes, rising financial and social inflation, currency volatility, and political instability."

"So far in 2023, the market overall continues to be robust, though there remains wide variation in terms and conditions by line of business and geography. We expect the dislocation in reinsurance markets that was evident in the lead up to the January renewals will result in plenty of opportunity for us to continue to achieve profitable growth."

"While our industry continues to be challenged on many levels, IGI, as always, remains focused on consistently executing our strategy, growing our company, and being a reliable and trusted partner to our clients. We have a demonstrated ability to successfully manage the cyclicality and inherent volatility of our business. We are excited and confident about our future and to continuing our commitment to delivering value to our customers and our shareholders over the long term."

***Results for the Quarters and Years ended December 31, 2022 and 2021***

Profit for the quarter ended December 31, 2022 was $25.7 million, compared to profit of $9.1 million for the quarter ended December 31, 2021. The higher level of profit was primarily driven by an increase of $10.8 million in net premiums earned, positive movement of $11.6 million in total investment income and an increase in foreign exchange gains of $10.8 million as a result of a greater degree of currency revaluation against the U.S. Dollar on comparative basis. These increases were partially offset by unfavorable development of net loss reserves from prior accident years, which were negatively impacted by the currency revaluation on loss reserves denominated in Pounds Sterling and Euros during the quarter.

Core operating income, a non-IFRS measure defined below, was $13.5 million for the quarter ended December 31, 2022, compared to $13.6 million for the comparable period in 2021. The core operating return on average equity (annualized) was 13.0% for the fourth quarter of 2022 compared to 13.7% for the fourth quarter of 2021.

For the year ended December 31, 2022, profit was $85.5 million, compared to profit of $43.6 million for the year ended December 31, 2021. The increase was primarily the result of higher net premiums earned and total investment income, together with a lower level of net claims and claim adjustment expenses driven by strong underwriting results and reinforced by higher favorable development of net loss reserves from prior accident years, which benefited from the currency devaluation impact on loss reserves denominated in Pounds Sterling and Euros during the year.

Core operating income was $94.4 million for the year ended December 31, 2022, compared to core operating income of $53.1 million for the year ended December 31, 2021. The core operating return on average equity increased 9.1 points to 22.7% for the full year of 2022 compared to 13.6% for the full year of 2021.

***Underwriting Results***

Net underwriting results were $24.7 million for the fourth quarter of 2022 compared to $30.6 million for the fourth quarter of 2021, with the decrease largely driven by a higher level of net claims and claim adjustment expenses, partially offset by growth in net premiums earned.

Gross written premiums were $156.7 million for the quarter ended December 31, 2022, representing a decrease of 4.2% compared to gross written premiums of $163.5 million for the quarter ended December 31, 2021. The decrease in gross written premiums was primarily in the Long-tail Segment.

The net claims and claims expense ratio increased to 55.7% for the quarter ended December 31, 2022, compared to 46.8% for the quarter ended December 31, 2021, primarily driven by unfavorable development of net loss reserves from prior accident years of $4.3 million, or 4.4 points, compared to favorable development of $5.7 million, or 6.6 points, for the quarter ended December 31, 2021. The unfavorable development of net loss reserves from prior accident years in the fourth quarter of 2022 resulted from currency revaluation on prior period loss reserves denominated in Pounds Sterling and Euros, largely in the Long-tail Segment during the quarter.

The general and administrative expense ratio was 17.8% in the fourth quarter of 2022, a decrease of 1.5 points when compared to 19.3% in the same quarter of 2021.

The combined ratio for the quarter ended December 31, 2022 was 92.4% compared to 83.8% for the quarter ended December 31, 2021. This was primarily the result of a higher net claims and claim adjustment expense ratio as described above.

For the full year of 2022, gross written premiums were $581.8 million, an increase of 6.6% compared to $545.6 million for the full year of 2021.

The net claims and claim expense ratio was 41.9% for the year ended December 31, 2022, compared to 51.0% for the year ended December 31, 2021, primarily driven by higher favorable development of net loss reserves from prior accident years of $40.4 million or 10.7 points, compared to favorable development of $16.1 million or 4.7 points for the year ended December 31, 2021. The favorable development of net loss reserves from prior accident years was positively impacted by currency devaluation on loss reserves denominated in Pounds Sterling and Euros during 2022.

The general and administrative expense ratio increased 0.8 points to 17.9% for the full year of 2022 compared to the same period of 2021, largely due to expansion of the business.

The combined ratio for the year ended December 31, 2022 was 78.5%, compared to 86.4% for the year ended December 31, 2021, primarily due to a lower year-over-year net claims and claim expense ratio, partially offset by a slight increase in the general and administrative expense ratio.

***Segment Results***

The **Long-tail Segment,** which represented approximately 40% of the Company's gross written premiums for the year ended December 31, 2022, includes financial institutions, marine liability, inherent defects insurance, and professional lines, which is comprised of professional indemnity, directors and officers, legal expenses, and other casualty lines (non-U.S.).

Gross written premiums for the fourth quarter of 2022 in the Long-tail Segment were $75.4 million compared to $82.9 million for the fourth quarter of 2021. Net premiums earned for the quarter ended December 31, 2022 were $41.7 million, compared to $40.0 million in the comparable quarter in 2021. The net underwriting results for this segment were $10.1 million for the fourth quarter of 2022, compared to $11.3 million in the fourth quarter of 2021.

Gross written premiums for the full year of 2022 in the Long-tail Segment were $232.2 million compared to $239.6 million for the full year of 2021. Net premiums earned for the year ended December 31, 2022 were $167.4 million, compared to $167.6 million for the comparable period in 2021. Net underwriting results for this segment were $83.7 million for the full year of 2022, compared to $50.9 million in the full year of 2021. The growth in net underwriting results benefitted primarily from a lower level of net claims and claim adjustment expenses, primarily due to higher favorable development of net loss reserves from prior accident years, which were positively impacted by the currency devaluation impact on loss reserves denominated in Pound Sterling and Euro during 2022.

The **Short-tail Segment**, which represented approximately 55% of the Company's gross written premiums for the year ended December 31, 2022, includes energy, property, general aviation, ports and terminals, marine trades, marine cargo, contingency, construction and engineering, and political violence.

Gross written premiums for the fourth quarter of 2022 in the Short-tail Segment were $77.1 million compared to $76.6 million in the fourth quarter of 2021. Net premiums earned for the quarter ended December 31, 2022 were $47.1 million, compared to $39.7 million in the comparable quarter in 2021. Net underwriting results for this segment were $11.4 million for the fourth quarter of 2022, compared to $20.3 million for the comparable quarter of 2021. The decline in net underwriting results was primarily due to a higher level of net claims and claim adjustment expenses in the fourth quarter of 2022 compared to the fourth quarter of 2021, partially offset by the increase in net premiums earned.

Gross written premiums for the full year of 2022 in the Short-tail Segment were $318.6 million, an increase of 13.0% compared to $282.0 million for the full year of 2021. Net premiums earned for the year ended December 31, 2022 were $178.7 million, compared to $153.9 million for the comparable period in 2021. Net underwriting results for this segment were $57.2 million for the full year of 2022, compared to $52.5 million for the comparable period in 2021.

The **Reinsurance Segment**, which represented approximately 5% of the Company's gross written premiums for the year ended December 31, 2022, includes the Company's inwards reinsurance portfolio.

Gross written premiums for the fourth quarter of 2022 in the Reinsurance Segment were $4.2 million, compared to $4.0 million for the fourth quarter of 2021. Net premiums earned for the quarter ended December 31, 2022 were $8.2 million, compared to $6.5 million for the comparable quarter in 2021. Net underwriting results for this segment were a gain of $3.2 million for the fourth quarter of 2022, compared to a loss of $1.0 million for the fourth quarter of 2021.

Gross written premiums for the full year of 2022 in the Reinsurance Segment were $31.0 million, compared to $24.0 million for the full year of 2021. Net premiums earned for the year ended December 31, 2022 were $30.3 million, compared to $23.7 million for the comparable period in 2021. Net underwriting results for this segment were $7.6 million for the full year of 2022, compared to $2.4 million in the full year of 2021.

 ****

***Foreign Exchange Losses***

The gain on foreign exchange in the fourth quarter of 2022 was $14.0 million, compared to a gain of $3.2 million in the fourth quarter of 2021, both of which largely represent currency revaluation gains. The fourth quarter of 2022 saw a greater degree of positive currency movement in the Company's major transactional currencies against the U.S. Dollar, when compared with the fourth quarter of 2021.

The loss on foreign exchange for the full year of 2022 was $9.1 million, compared to a loss of $4.9 million in the full year of 2021, reflecting the greater level of negative currency movement in the Company's major transactional currencies against the U.S. Dollar particularly during the first nine months of 2022, partially offset by the positive currency movement in the fourth quarter of 2022, when compared with the same periods in 2021.

***Investment Results***

Total investment income was $7.5 million in the fourth quarter of 2022, compared to a loss of $4.0 million in the fourth quarter of 2021. Total investment income, net, was $6.7 million and $2.2 million for the quarters ended December 31, 2022 and 2021, respectively. This represented an annualized investment yield of 2.6% on average total investments, term deposits (bank deposits with a maturity of more than three months), and cash and cash equivalents (bank deposits with a maturity of three months or less) in the fourth quarter of 2022, compared to a 1.0% annualized investment yield in the corresponding period in 2021. The Company's total investments and term deposits produced an investment yield of 3.0% in the fourth quarter of 2022, compared to 1.3% in the corresponding period in 2021. The increase in total investment income was primarily attributable to the growth in interest income, supported by growth in the Company's investment portfolio driven by positive operating cash flows, the rising interest rate environment globally, and a lower level in the of share of loss from associates in the fourth quarter of 2022 compared to the same period of 2021.

Total investment income was $16.6 million for the full year of 2022, compared to $8.8 million for the full year of 2021. Total investment income, net, was $20.7 million and $14.2 million for the years ended December 31, 2022 and 2021 respectively. This represented an investment yield of 2.2% on average total investments, term deposits, and cash and cash equivalents in the full year of 2022, compared to a 1.7% investment yield in the corresponding period in 2021. The Company's total investments and term deposits produced an investment yield of 2.5% in the full year of 2022, compared to 2.1% in the corresponding period in 2021. The increase in total investment income was driven by the same reasons described above, including a share of profit of $0.2 million from associates compared to a loss from associates of $7.3 million for the full year 2022, partially offset by the change on the unrealized gain (loss) on investments from an unrealized gain of $3.1 million for the full year 2021 to an unrealized loss of $2.9 million in 2022.

***Total Equity***

Total equity at December 31, 2022 was $429.8 million, compared to $401.9 million at December 31, 2021. The movement in total equity during the fourth quarter and year ended December 31, 2022 is illustrated below:

---

| | | |
|:---|:---|:---|
| ***(in millions of U.S. Dollars)*** | **Quarter Ended<br> December 31,<br> 2022** | **Year Ended<br> December 31, <br> 2022** |
| **Total Equity at beginning of period** | $**400.3** | $**401.9** |
| Profit for the period | $25.7 | $85.5 |
| Net change in fair value reserves for investments through other comprehensive income (OCI) | $4.6 | $(47.3) |
| Change in foreign currency translation reserve | $0.2 | $0.1 |
| Purchase of treasury shares, net | $(1.3) | $(2.4) |
| Issuance of restricted share awards | $0.8 | $2.8 |
| Cash dividends declared during the period | $(0.5) | $(10.8) |
| **Total Equity at December 31, 2022** | $**429.8** | $**429.8** |

---

Book value per share was $9.49 at December 31, 2022, compared to $8.83 at December 31, 2021.

During the second quarter of 2022, the Company began to repurchase common shares in the open market pursuant to its 5 million common share repurchase program announced in May 2022. As of December 31, 2022, the Company had repurchased 310,542 common shares at an average price per share of $7.65. On January 30, 2023, the Company subsequently announced that it had repurchased 2,271,775 common shares at a price of $8.60 per share in a privately-negotiated transaction.

International General Insurance Holdings Ltd.

**Condensed Consolidated Statements of Income (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br> December 31,** | **Quarter Ended<br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| <br>***(in millions of U.S. Dollars except per share data)*** | **2022** | **2021** | **2022** | **2021** |
| Gross written premiums | $156.7 | $163.5 | $581.8 | $545.6 |
| Reinsurers' share of insurance premiums | $(50.1) | $(52.7) | $(186.5) | $(163.0) |
| **Net written premiums** | $**106.6** | $**110.8** | $**395.3** | $**382.6** |
| Net change in unearned premiums | $(9.6) | $(24.6) | $(18.9) | $(37.4) |
| **Net premiums earned** | $**97.0** | $**86.2** | $**376.4** | $**345.2** |
| Net claims and claim adjustment expenses | $(54.0) | $(40.4) | $(157.7) | $(176.2) |
| Net policy acquisition expenses | $(18.3) | $(15.2) | $(70.2) | $(63.2) |
| **Net underwriting results** | $**24.7** | $**30.6** | $**148.5** | $**105.8** |
| Net investment income <sup>(1)</sup> | $7.6 | $3.0 | $16.4 | $16.1 |
| Share of (loss) profit from associates <sup>(1)</sup> | $(0.1) | $(7.0) | $0.2 | $(7.3) |
| General and administrative expenses | $(17.3) | $(16.7) | $(67.5) | $(58.9) |
| Other expenses, net <sup>(2)</sup> | $(1.2) | $(2.6) | $(3.7) | $(6.0) |
| Change in fair value of derivative financial liability | $(0.2) | $(0.9) | $2.9 | $0.7 |
| Gain (loss) on foreign exchange | $14.0 | $3.2 | $(9.1) | $(4.9) |
| **Profit before tax** | $**27.5** | $**9.6** | $**87.7** | $**45.5** |
| Income tax | $(1.8) | $(0.5) | $(2.2) | $(1.9) |
| **Profit for the period** | $**25.7** | $**9.1** | $**85.5** | $**43.6** |
| **Basic and diluted earnings per share attributable to equity holders** <sup>(3)</sup>** | $**0.53** | $**0.19** | $**1.74** | $**0.89** |

---

See "Notes to the Condensed Consolidated Financial Statements (Unaudited)" below.

International General Insurance Holdings Ltd.

**Condensed Consolidated Statements of Financial Position** 

---

| | | |
|:---|:---|:---|
| ***(in millions of U.S. Dollars)*** | **As at<br> December 31, <br> 2022<br> (Unaudited)** | **As at<br> December 31,<br> 2021<br> (Audited)** |
| **ASSETS** | | |
| Cash and cash equivalents | $138.0 | $242.1 |
| Term deposits | $297.0 | $180.0 |
| Insurance receivables | $184.8 | $179.4 |
| Investments <sup>(4)</sup> | $534.7 | $470.2 |
| Investment in associates <sup>(4)</sup> | $6.0 | $5.7 |
| Reinsurance share of outstanding claims | $188.9 | $182.3 |
| Reinsurance share of unearned premiums | $70.5 | $64.1 |
| Deferred excess of loss premiums | $19.7 | $17.2 |
| Deferred policy acquisition costs | $69.4 | $64.8 |
| Deferred tax assets | $5.7 | $0.6 |
| Other assets | $14.3 | $10.0 |
| Investment properties <sup>(4)</sup> | $15.1 | $16.3 |
| Property, premises and equipment | $13.4 | $14.9 |
| Intangible assets | $3.6 | $4.3 |
| **TOTAL ASSETS** | $**1561.1** | $**1451.9** |
| **LIABILITIES** |  |  |
| Gross outstanding claims | $634.6 | $575.9 |
| Gross unearned premiums | $354.0 | $328.8 |
| Insurance payables | $86.8 | $89.5 |
| Other liabilities | $29.1 | $29.2 |
| Derivative financial liability | $10.0 | $12.9 |
| Unearned commissions | $16.8 | $13.7 |
| **TOTAL LIABILITIES** | $**1131.3** | $**1050.0** |
| **EQUITY** |  |  |
| Common shares at par value | $0.5 | $0.5 |
| Share premium | $159.9 | $159.5 |
| Foreign currency translation reserve | $1.1 | $1.0 |
| Fair value reserves | $(38.9) | $8.4 |
| Retained earnings | $307.2 | $232.5 |
| **TOTAL EQUITY** | $**429.8** | $**401.9** |
| **TOTAL LIABILITIES AND EQUITY** | $**1561.1** | $**1451.9** |

---

See "Notes to the Condensed Consolidated Financial Statements (Unaudited)" below.

**Supplementary Financial Information – Combined Ratio (Unaudited)**

International General Insurance Holdings Ltd.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quarter Ended <br> December 31,** | **Quarter Ended <br> December 31,** | **Year Ended <br> December 31,** | **Year Ended <br> December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **Net claims and claim expense ratio <sup>(a)</sup>** | **55.7%** | **46.8%** | **41.9%** | **51.0%** |
| *Net policy acquisition expense ratio <sup>(b)</sup>* | 18.9% | 17.7% | 18.7% | 18.3% |
| *General and administrative expense ratio <sup>(c)</sup>* | 17.8% | 19.3% | 17.9% | 17.1% |
| **Expense ratio <sup>(d)</sup>** | **36.7%** | **37.0%** | **36.6%** | **35.4%** |
| **Combined ratio <sup>(e)</sup>** | **92.4%** | **83.8%** | **78.5%** | **86.4%** |

---

(a) Represents net claims and claim adjustment expenses as a percentage
of net premiums earned. The split of net claims and claims expense ratio between current accident year, current year CAT losses and prior
years' loss development is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Quarter Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** | **2021** | **2021** |
| <br>***(in millions of U.S. Dollars, except percentages)*** | **Claims and claim adjustment expenses %** | **of net premiums earned** | **Claims and claim adjustment expenses %** | **of net premiums earned** | **Claims and claim adjustment expenses %** | **of net premiums earned** | **Claims and claim adjustment expenses %** | **of net premiums earned** |
| **Current year net incurred claims** | $**54.0** | **55.7%** | $**40.4** | **46.8%** | $**157.7** | **41.9%** | $**176.2** | **51.0%** |
| *Minus:* Current accident year CAT losses | $12.1 | 12.5% | $9.9 | 11.5% | $24.4 | 6.5% | $28.9 | 8.4% |
| *Minus:* Effect of prior years' development | $4.3 | 4.4% | $(5.7) | (6.6)% | $(40.4) | (10.7)% | $(16.1) | (4.7)% |
| **Current accident year (before CAT losses)** | $**37.6** | **38.8%** | $**36.2** | **41.9%** | $**173.7** | **46.1%** | $**163.4** | **47.3%** |

---

(b) Represents net policy acquisition expenses as a percentage of
net premiums earned.

(c) Represents general and administrative expenses as a percentage
of net premiums earned.

(d) Represents the sum of the net policy acquisition expense ratio
and the general and administrative expense ratio.

(e) Represents the sum of the net claims and claim expense ratio
and the expense ratio.

International General Insurance Holdings Ltd.

**Supplementary Financial Information – Book Value per Share (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***(in millions of U.S. Dollars, except share and per share data)*** | **As at<br> December 31, <br> 2022** | **As at<br> December 31, <br> 2021** |
| Cash and cash equivalents and term deposits | $435.0 | $422.1 |
| Total investments \*\*\* | $555.8 | $492.2 |
| **Total investments, term deposits and cash and cash equivalents** | $**990.8** | $**914.3** |
| Common shares outstanding (in millions)\* | 49.0 | 48.9 |
| *Minus: Unvested shares (in millions)\*\** | 3.7 | 3.4 |
| **Number of vested common outstanding shares (in millions) (a)** | **45.3** | **45.5** |
| Total equity **(b)** | $429.8 | $401.9 |
| **Book value per share (b)/(a)** | $**9.49** | $**8.83** |

---

\* Common shares issued and outstanding as at December 31, 2022 and December 31, 2021 are as follows:

---

| | |
|:---|:---|
|  | ***No. of shares as at*** |
|  | ***December 31, <br> 2022*** |
| **Common shares as of December 31, 2021** | 45471084 |
| Vested restricted share awards | 146386 |
| Cancelled treasury shares | (308874) |
| **Common shares as of December 31, 2022** | **45308596** |
| Earnout shares as of December 31, 2022 | 3012500 |
| Unvested restricted share awards as of December 31, 2022 | 667181 |
| **Total unvested shares as of December 31, 2022** | **3679681** |
| Treasury shares as of December 31, 2022 | (1668) |
| **Total common shares outstanding** | **48986609** |

---

---

| | |
|:---|:---|
|  | ***No. of shares as at*** |
|  | ***December 31,<br> 2021*** |
| **Common shares as of December 31, 2020** | **45426251** |
| Vested restricted share awards | 44833 |
| **Common shares as of December 31, 2021** | **45471084** |
| Earnout shares as of December 31, 2021 | 3012500 |
| Unvested restricted share awards as of December 31, 2021 | 396857 |
| **Total unvested shares as of December 31, 2021** | **3409357** |
| **Total common shares outstanding** | **48880441** |

---

\*\* Earnout Shares are subject to vesting at stock prices ranging from $11.50 to $15.25, are entitled to dividends and voting rights, but are non-transferable by their holders until they vest. If the Earnout Shares do not vest on or prior to March 17, 2028, they will be cancelled by the Company. Restricted Share Awards were issued in 2022, 2021 and 2020 pursuant to the Company's 2020 Omnibus Incentive Plan and beneficiaries are entitled to dividends and voting rights. However, the Restricted Share Awards are non-transferable by their holders until they vest as per the respective Restricted Share Award Agreements. As at December 31, 2022, the vesting conditions attached to both Earnout Shares and unvested Restricted Share Awards to employees have not been met, and as a result these shares were not included in the weighted average number of common shares for both basic and diluted earnings per share.

\*\*\* See Note 4 in the "Notes to Consolidated Financial Statements (Unaudited)" below.

International General Insurance Holdings Ltd.

**Supplementary Financial Information - Segment Results (Unaudited)**

Segment information for IGI's consolidated operations is as follows:

**For the quarter ended December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****(in millions of U.S. Dollars)****  | **Specialty<br> Long-tail** | **Specialty<br> Short-tail** | **Reinsurance** | **Total** |
| **Underwriting revenues** | | | | |
| Gross written premiums | $75.4 | $77.1 | $4.2 | $156.7 |
| Reinsurers' share of insurance premiums | $(27.0) | $(23.1) | - | $(50.1) |
| **Net written premiums** | $48.4 | $54.0 | $4.2 | $106.6 |
| Net change in unearned premiums | $(6.7) | $(6.9) | $4.0 | $(9.6) |
| **Net premiums earned** | $41.7 | $47.1 | $8.2 | $97.0 |
| Net claims and claim adjustment expenses | $(23.4) | $(27.0) | $(3.6) | $(54.0) |
| Net policy acquisition expenses | $(8.2) | $(8.7) | $(1.4) | $(18.3) |
| **Net underwriting results** | $**10.1** | $**11.4** | $**3.2** | $**24.7** |

---

**For the quarter ended December 31, 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions of U.S. Dollars)*** | **Specialty<br> Long-tail** | **Specialty<br> Short-tail** | **Reinsurance** | **Total** |
| **Underwriting revenues** | | | | |
| Gross written premiums | $82.9 | $76.6 | $4.0 | $163.5 |
| Reinsurers' share of insurance premiums | $(25.4) | $(27.3) | - | $(52.7) |
| **Net written premiums** | $57.5 | $49.3 | $4.0 | $110.8 |
| Net change in unearned premiums | $(17.5) | $(9.6) | $2.5 | $(24.6) |
| **Net premiums earned** | $40.0 | $39.7 | $6.5 | $86.2 |
| Net claims and claim adjustment expenses | $(20.6) | $(13.3) | $(6.5) | $(40.4) |
| Net policy acquisition expenses | $(8.1) | $(6.1) | $(1.0) | $(15.2) |
| **Net underwriting results** | $**11.3** | $**20.3** | $**(1.0)** | $**30.6** |

---

International General Insurance Holdings Ltd.

**Supplementary Financial Information - Segment Results (Unaudited)**

**For the year ended December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions of U.S. Dollars)*** | **Specialty<br> Long-tail** | **Specialty<br> Short-tail** | **Reinsurance** | **Total** |
| **Underwriting revenues** | | | | |
| Gross written premiums | $232.2 | $318.6 | $31.0 | $581.8 |
| Reinsurers' share of insurance premiums | $(64.1) | $(122.4) | - | $(186.5) |
| **Net written premiums** | $168.1 | $196.2 | $31.0 | $395.3 |
| Net change in unearned premiums | $(0.7) | $(17.5) | $(0.7) | $(18.9) |
| **Net premiums earned** | $167.4 | $178.7 | $30.3 | $376.4 |
| Net claims and claim adjustment expenses | $(50.6) | $(90.0) | $(17.1) | $(157.7) |
| Net policy acquisition expenses | $(33.1) | $(31.5) | $(5.6) | $(70.2) |
| **Net underwriting results** | $**83.7** | $**57.2** | $**7.6** | $**148.5** |

---

**For the year ended December 31, 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in millions of U.S. Dollars)*** | **Specialty<br> Long-tail** | **Specialty<br> Short-tail** | **Reinsurance** | **Total** |
| **Underwriting revenues** | | | | |
| Gross written premiums | $239.6 | $282.0 | $24.0 | $545.6 |
| Reinsurers' share of insurance premiums | $(61.8) | $(101.2) | - | $(163.0) |
| **Net written premiums** | $177.8 | $180.8 | $24.0 | $382.6 |
| Net change in unearned premiums | $(10.2) | $(26.9) | $(0.3) | $(37.4) |
| **Net premiums earned** | $167.6 | $153.9 | $23.7 | $345.2 |
| Net claims and claim adjustment expenses | $(86.2) | $(72.6) | $(17.4) | $(176.2) |
| Net policy acquisition expenses | $(30.5) | $(28.8) | $(3.9) | $(63.2) |
| **Net underwriting results** | $**50.9** | $**52.5** | $**2.4** | $**105.8** |

---

International General Insurance Holdings Ltd.

**Notes to the Condensed Consolidated Financial Statements (Unaudited)**

(1) The following are the calculated investment yields and the reconciliation
of net investment income and share of profit from associates included in the Condensed Consolidated Statements of Income (Unaudited)
to Total investment income, net, used to calculate investment yield:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended**<br> **December 31,** | **Quarter Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** | **Year Ended**<br> **December 31,** |
| <br>***(in millions of U.S. Dollars, except percentages)*** | **2022** | **2021** | **2022** | **2021** |
| Net investment income\* | $7.6 | $3.0 | $16.4 | $16.1 |
| Share of (loss) profit from associates | $(0.1) | $(7.0) | $0.2 | $(7.3) |
| **Total investment income** | $**7.5** | $**(4.0)** | $**16.6** | $**8.8** |
| **Minus** |  |  |  |  |
| Realized (loss) gain on investments | $(0.1) |  | $(0.7) | $0.3 |
| Unrealized gain (loss) on investments | $1.3 | $1.0 | $(2.9) | $3.1 |
| Realized loss on investment properties | $(0.1) |  | $(0.1) |  |
| Fair value loss on investment properties | $(0.1) | $(0.1) | $(0.6) | $(1.3) |
| Expected credit losses on investments | $(0.1) | $(0.1) |  | $(0.2) |
| Share of (loss) profit from associates | $(0.1) | $(7.0) | $0.2 | $(7.3) |
| **Total investment income, net *(a)*** | $**6.7** | $**2.2** | $**20.7** | $**14.2** |
| Average total investments and term deposits, at cost, ***(b1)*** | $899.7 | $689.5 | $820.2 | $666.7 |
| **Investment Yield *(a) / (b1)* annualized** | **3.0%** | **1.3%** | **2.5%** | **2.1%** |
| Average total investments, term deposits, and cash and<br> cash equivalents, at cost ***(b2)*** | $1023.7 | $881.5 | $957.7 | $827.3 |
| **Investment Yield *(a) / (b2)* annualized** | **2.6%** | **1.0%** | **2.2%** | **1.7%** |

---

\* Net investment income is comprised of interest and dividend income, realized and unrealized gain (loss) on investments, realized and unrealized gain (loss) on investment properties, expected credit loss on investments, investment custodian fees and other investment expenses.

(2) Represents the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br> December 31,** | **Quarter Ended<br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| <br>***(in millions of U.S. Dollars)*** | **2022** | **2021** | **2022** | **2021** |
| Other revenues | $0.5 | $0.4 | $2.3 | $1.9 |
| Other expenses | $(0.8) | $(0.6) | $(2.8) | $(2.7) |
| Impairment loss on insurance receivables | $(0.9) | $(2.4) | $(3.2) | $(5.2) |
| **Other expenses, net** | $**(1.2)** | $**(2.6)** | $**(3.7)** | $**(6.0)** |

---

(3) Represents net profit for the period attributable to vested
common shares divided by the weighted average number of vested common shares – basic and diluted calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br> December 31,** | **Quarter Ended<br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| <br>***(in millions of U.S. Dollars, except share and per share information)*** | **2022** | **2021** | **2022** | **2021** |
| Profit for the period | $25.7 | $9.1 | $85.5 | $43.6 |
| *Minus: Profit attributable to the Earnout Shares* | $1.6 | $0.5 | $5.3 | $2.7 |
| *Minus: Profit attributable to the Restricted Shares* | $0.3 | $0.1 | $1.2 | $0.3 |
| **Net profit for the period attributable to equity holders (a)** | $**23.8** | $**8.5** | $**79.0** | $**40.6** |
| Weighted average number of vested common shares – basic and<br> diluted (in millions of shares) (b)\* | 45.2 | 45.5 | 45.5 | 45.5 |
| **Basic and diluted earnings per share attributable to equity holders (a/b)** | $**0.53** | $**0.19** | $**1.74** | $**0.89** |

---

\* The weighted average number of common shares refers to the number of common shares calculated after adjusting for the changes in issued and outstanding common shares over a reporting period.

(4) Total Investments includes the following:

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| <br>***(in millions of U.S. Dollars)*** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| Investments | $534.7 | $470.2 |
| Investment properties | $15.1 | $16.3 |
| Investments in associates | $6.0 | $5.7 |
| **Total investments** | $**555.8** | $**492.2** |

---

International General Insurance Holdings Ltd.

**Non-IFRS Financial Measures**

In presenting IGI's results, management has included and discussed certain non-IFRS financial measures. We believe that these non-IFRS measures, which may be defined and calculated differently by other companies, help to explain and enhance an understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with IFRS.

**Reconciliation of Combined Ratio to Accident year Combined Ratio Prior to CAT Losses**

The table below illustrates the reconciliation of the combined ratio on a financial and accident year basis. The combined ratio is the sum of our net claims and claim adjustment expenses ratio, our net policy acquisition expenses ratio and our general and administrative expenses ratio. We show the combined ratio because we believe investors can utilize the combined ratio to illustrate our underwriting results.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended <br> December 31,** | **Quarter Ended <br> December 31,** | **Year Ended <br> December 31,** | **Year Ended <br> December 31,** |
| <br>***(In millions of U.S. Dollars, except percentages)*** | **2022** | **2021** | **2022** | **2021** |
| Net premiums earned (a) | $97.0 | $86.2 | $376.4 | $345.2 |
| Net claims and claim adjustment expenses (b) | $(54.0) | $(40.4) | $(157.7) | $(176.2) |
| Net policy acquisition expenses (c) | $(18.3) | $(15.2) | $(70.2) | $(63.2) |
| General and administrative expenses (d) | $(17.3) | $(16.7) | $(67.5) | $(58.9) |
| Prior years unfavorable (favorable) development (e) | $4.3 | $(5.7) | $(40.4) | $(16.1) |
| CAT losses (f) | $12.1 | $9.9 | $24.4 | $28.9 |
| **Combined ratio ((b+c+d)/a)\*** | **92.4%** | **83.8%** | **78.5%** | **86.4%** |
| *Minus: Prior years unfavorable (favorable) development (e/a)* | 4.4% | (6.6%) | (10.7%) | (4.7%) |
| **Accident year combined ratio** | **88.0%** | **90.4%** | **89.2%** | **91.1%** |
| *Minus: CAT losses on an accident year basis (f/a)* | 12.5% | 11.5% | 6.5% | 8.4% |
| **Accident year combined ratio prior to CAT losses** | **75.5%** | **78.9%** | **82.7%** | **82.7%** |

---

\* See "Supplementary Financial Information - Condensed Consolidated Statements of Income (Unaudited)."

 ****

***Core Operating Income***

Core operating income measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amounts of these gains and losses are heavily influenced by, and fluctuate in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premiums, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company's exposure to loss through favorable risk selection and diversification, IGI's management of claims, use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses.

In addition to presenting profit for the period determined in accordance with IFRS, we believe that showing "core operating income" provides investors with a valuable measure of profitability and enables investors, rating agencies and other users of our financial information to analyze the Company's results in a similar manner to the way in which Management analyzes the Company's underlying business performance.

Core operating income is calculated by the addition or subtraction of certain line items reported in the "Condensed Consolidated Statements of Income" from profit for the period and tax effecting each line item (resulting in each item being a non-IFRS measure), as illustrated in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br> December 31,** | **Quarter Ended<br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| <br>***(in millions of U.S. Dollars, except for percentages and per share data)*** | **2022** | **2021** | **2022** | **2021** |
| **Profit for the period** | $**25.7** | $**9.1** | $**85.5** | $**43.6** |
| *Reconciling items between profit for the period and core operating income:* |  |  |  |  |
| Realized loss (gain) on investments (tax adjusted) <sup>(i)</sup> | $0.1 |  | $0.7 | $(0.3) |
| Expected credit losses on investments (tax adjusted)<sup>(i)</sup> | $0.1 | $0.1 |  | $0.2 |
| Unrealized (gain) loss on investments (tax adjusted) <sup>(i)</sup> | $(1.4) | $(1.0) | $2.8 | $(3.0) |
| Realized loss on investment properties | $0.1 |  | $0.1 |  |
| Fair value loss on investment properties | $0.1 | $0.1 | $0.6 | $1.3 |
| Fair value loss (gain) on investment properties held through associates | $0.1 | $7.0 | $(0.3) | $7.3 |
| Change in fair value of derivative financial liability | $0.2 | $0.9 | $(2.9) | $(0.7) |
| (Gain) loss on foreign exchange (tax adjusted) <sup>(i)</sup> | $(11.5) | $(2.6) | $7.9 | $4.7 |
| **Core operating income** | $**13.5** | $**13.6** | $**94.4** | $**53.1** |
| Average shareholders' equity <sup>(ii)</sup> | $415.1 | $398.7 | $415.8 | $391.4 |
| Core operating return on average equity (*annualized*) <sup>(iii) and (v)</sup> | 13.0% | 13.7% | 22.7% | 13.6% |
| Basic and diluted core operating earnings per share <sup>(iv)</sup> | $0.28 | $0.28 | $1.92 | $1.09 |
| **Return on average equity *(annualized)* <sup>(v)</sup>** | **24.8%** | **9.2%** | **20.6%** | **11.1%** |

---

i. Represents a non-IFRS financial measure as components within
the line-item balances for Net investment income and loss on foreign exchange reported in "Condensed Consolidated Statements of
Income (Unaudited)" have been adjusted above for the related tax impact.

ii. Represents the total equity at the reporting period end plus
the total equity as of the beginning of the reporting period, divided by 2.

iii. Represents annualized core operating income for the period divided
by average shareholders' equity.

iv. Represents core operating income attributable to vested equity
holders divided by weighted average number of vested common shares – basic and diluted as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarter Ended<br> December 31,** | **Quarter Ended<br> December 31,** | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
| <br>***(in millions of U.S. Dollars, except per share information)*** | **2022** | **2021** | **2022** | **2021** |
| Core operating income | $**13.5** | $**13.6** | $**94.4** | $**53.1** |
| *Minus: Core operating income attributable to the Earnout Shares subject to vesting* | $0.8 | $0.8 | $5.8 | $3.3 |
| *Minus: Core operating income attributable to the Restricted Shares Awards subject to vesting* | $0.2 | $0.1 | $1.3 | $0.4 |
| **Core operating income for the period attributable to vested equity holders\* (a)** | $**12.5** | $**12.7** | $**87.3** | $**49.4** |
| Weighted average number of vested common shares – basic and diluted (in millions of shares) (b) | $45.2 | $45.5 | $45.5 | $45.5 |
| **Basic and diluted core operating earnings per share (a/b)** | $**0.28** | $**0.28** | $**1.92** | $**1.09** |

---

v. Return on average equity (annualized) and core operating return
on average equity (annualized), both non-IFRS financial measures, represent the returns generated on common shareholders' equity
during the year.

*The Company has posted a Fourth Quarter 2022 investor presentation deck on its website at **www.iginsure.com** in the Investors section under the Presentations & Webcasts tab.*

---

**About IGI:**

IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, marine liability and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Kuala Lumpur and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated "A" (Excellent)/Stable by AM Best and "A-"(Strong)/Stable by S&P Global Ratings. For more information about IGI, please visit www.iginsure.com.

---

**Forward-Looking Statements:**

This press release contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "commitment," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI's services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably and IGI's ability to retain its key employees; (3) changes in applicable laws or regulations; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) the potential effects of the COVID-19 pandemic and emerging variants; (6) the effects of the hostilities between Russia and Ukraine and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the inability to maintain the listing of the Company's common shares or warrants on Nasdaq; (8) the inability of the Company to complete the proposed acquisition of EIO or the failure to realize the anticipated benefits of the proposed acquisition of EIO; and (9) other risks and uncertainties indicated in IGI's filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI's financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except to the extent that is required by law.

**IGI Contacts:**

**Investors:**<br> Robin Sidders, Head of Investor Relations<br> T: + 44 (0) 2072 204937<br> M: + 44 (0) 7384 514785<br> Email: robin.sidders@iginsure.com

**Media:**

Aaida Abu Jaber, AVP PR & Marketing

T: +96265662082 Ext. 407

M: +962770415540

Email: aaida.abujaber@iginsure.com