International General Insurance Holdings Ltd. launches Cipher, a specialty treaty reinsurance platform focused on cyber risks. Launch of specialized cyber reinsurance platform marks major strategic move into high-growth segment.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 1.38 |
—
—
—
—
|
| 2025 | 1.03 |
—
—
—
—
|
| 2024 | 0.09 |
—
—
—
—
|
| 2023 | 0.04 |
—
—
—
—
|
| 2022 | 0.22 |
—
—
—
—
|
| 2021 | 0.33 |
—
—
|
| 2020 | 0.09 |
—
|
| 2019 | ‡‡‡ |
|
| 2018 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 177.02 | 155.25 | 186.18 | 197.20 |
| Receivables | 566.31 | 595.06 | 622.13 | 710.40 |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 743.34 | 750.31 | 808.31 | 907.60 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,245.33 | 1,349.54 | 1,364.11 | 1,480.70 |
| ST’ Debt | — | — | — | — |
| Other | — | — | — | — |
| 1,245.33 | 1,349.54 | 1,364.11 | 1,480.70 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | — | ‡‡‡‡‡ | ‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 111.20 | 125.00 | — | — |
—
|
| ’25 | 112.80 | 115.00 | 114.70 | 111.31 |
453.81
|
| ’24 | 114.50 | 121.80 | 126.10 | 120.73 |
483.13
|
| ’23 | 105.10 | 118.40 | 108.90 | 114.75 |
447.15
|
| ’22 | 87.30 | 96.00 | 96.40 | 96.69 |
376.39
|
| ’21 | 82.30 | 85.50 | 91.20 | 86.20 |
345.20
|
| ’20 | 68.50 | 67.70 | 73.30 | 74.02 |
283.52
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | 54.93 | — | — |
—
|
| ’25 | — | 27.17 | — | 108.14 |
108.14
|
| ’24 | — | 120.73 | — | 209.47 |
209.47
|
| ’23 | — | 87.82 | — | 196.61 |
196.61
|
| ’22 | — | (13.81) | — | 154.88 |
154.88
|
| ’21 | — | 58.95 | — | 129.79 |
129.79
|
| ’20 | 0.00 | (53.13) | — | (90.57) |
(90.57)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | 54.35 | — | — |
—
|
| ’25 | — | 26.76 | — | 107.24 |
107.24
|
| ’24 | — | 119.81 | — | 202.87 |
202.87
|
| ’23 | — | 86.95 | — | 193.45 |
193.45
|
| ’22 | — | (14.40) | — | 153.63 |
153.63
|
| ’21 | — | 57.27 | — | 127.44 |
127.44
|
| ’20 | 0.00 | (53.25) | — | (92.48) |
(92.48)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.49 | 0.49 | — | — |
—
|
| ’25 | 0.59 | 0.77 | 0.75 | 0.76 |
2.89
|
| ’24 | 0.86 | 0.73 | 0.75 | 0.65 |
2.98
|
| ’23 | 0.71 | 0.88 | 0.24 | 0.72 |
2.55
|
| ’22 | 0.39 | 0.44 | 0.38 | 0.53 |
1.74
|
| ’21 | 0.30 | 0.11 | 0.31 | 0.19 |
0.89
|
| ’20 | (0.02) | 0.24 | 0.20 | 0.22 |
0.69
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 6.72 | 7.80 | 11.51 | 20.82 | — | — | — |
Low Price
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.38 | 13.46 | 27.00 | 27.76 | — | — | — |
High Price
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 355 | 401 | 473 | 484 | — | — | — |
Employees
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.06 | 1.12 | 1.02 | 0.94 | — | — | — |
Revenue/Emp
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 376.39 | 447.15 | 483.13 | 453.81 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 39.49% | 40.95% | 38.81% | 35.51% | — | — | — |
Gross Margin
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 92.17 | 126.05 | 132.29 | 127.14 | — | — | — |
EBT
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 24.49% | 28.19% | 27.38% | 28.02% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 89.23 | 118.19 | 135.15 | 127.15 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.27 | 4.63 | 5.56 | 6.53 | — | — | — |
Depreciation
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.26 | 10.41 | 10.92 | 10.49 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 1.74 | 2.55 | 2.98 | 2.89 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ |
Earnings/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.40 | 4.58 | 4.74 | 2.50 | — | — | — |
Cash Flow/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.03) | (0.07) | (0.15) | (0.02) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.37 | 4.50 | 4.59 | 2.48 | — | — | — |
Free CF/Sh
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.02 | 12.58 | 14.80 | 16.41 | — | — | — |
Book Value/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 45.55 | 42.94 | 44.24 | 43.28 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.70 | 5.08 | 7.95 | 8.74 | ‡‡‡‡ | ‡‡‡‡ | — |
PE Ratio
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.99 | 1.24 | 2.18 | 2.39 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.91 | 1.03 | 1.61 | 1.53 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.67 | 0.85 | 1.86 | 1.99 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.78 | 0.91 | 1.49 | 1.98 | — | — | — |
EV/FCF
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 154.88 | 196.61 | 209.47 | 108.14 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.25) | (3.16) | (6.60) | (0.90) | — | — | — |
Capex
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 153.63 | 193.45 | 202.87 | 107.24 | — | — | — |
FCF
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (404.74) | (501.99) | (599.23) | (555.79) | — | — | — |
Working Cap'
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | — | — | — | — | — | — | — | — | — |
Total Debt
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (122.14) | (177.02) | (155.24) | (186.18) | — | — | — |
Net Debt
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 410.94 | 540.43 | 654.83 | 710.15 | — | — | — |
Sh' Equity
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.55% | 6.48% | 6.87% | 6.10% | — | — | — |
ROA
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.61% | 17.91% | 12.15% | 7.65% | — | — | — |
ROIC
|
| — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.71% | 23.27% | 22.29% | 18.50% | — | — | — |
ROE
|
International General Insurance Holdings Ltd. (IGIC) has forged an impressive trajectory in the specialty insurance arena, with revenue compounding at 18% annually to reach $483 million in 2024 from $183 million in 2018, alongside exploding profitability—EBT margins hitting 27.4% and net income at $135 million. Gross margins expanded to nearly 39%, ROE clocked in at a robust 22.3%, and free cash flow per share surged to $4.59, underscoring operational discipline and a fortress balance sheet with negligible debt. Yet, the stock has lagged this revenue quadrupling, trading volatile amid historical cycles, while analyst targets imply 11-27% upside that this contrarian analysis probes for overoptimism.
Red flags temper the bull case: zero insider trading over the past year signals potential caution or stasis, working capital swings negative, and insurance’s cyclical brutality—evident in 2020’s cash flow plunge—looms large with black swans like hurricanes or geopolitical shocks. Valuations scream bargain at 8x forward earnings, 2.2x sales, and 1.6x book value, but forecasts show revenue peaking then dipping 5% by 2027, with EPS growth slowing to 6% CAGR amid competition in marine, energy, and reinsurance lines.
This dissection correlates fundamentals with stock performance, uncovers subtle cracks in the growth narrative, and projects a steady-state outlook potentially stalled by softening markets or unpriced tail risks—urging true contrarians to weigh the FCF war chest for buybacks against the calm before the next storm.
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