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IGIC Stock Analysis: Top Small-Cap Buy (Score 61.3/100) | Blank Capital Research | Blank Capital Research
IGIC
International General Insurance Holdings Ltd.
$25.83
+0.08 (+0.31%)
Score61.3
Data as of Apr 6, 2026
IGIC
International General Insurance Holdings Ltd.
FinancialsInsurance
$25.83
+0.08 (+0.31%)
Open $25.97High $26.08Low $25.50Prev $25.75Vol ---52W: $20.82 – $27.63
Buy
Composite score
01234567890123456789.0123456789
Global rank
#4
Percentile
Top 1%
Business quality
74th
percentile
Exceptional capital efficiency and structural profitability. This enterprise generates superior returns on invested capital compared to industry peers.
International General Insurance Holdings Ltd. (IGIC) is an international specialty insurer and reinsurer. From its roots in the Middle East, it has grown into a global powerhouse in niche lines like energy, marine, and political risk.
Investment Thesis
IGIC is a master of niche specialty lines. Unlike mass-market insurers, IGIC focuses on complex risks that require specialized expertise to underwrite. This 'specialty' focus allows the company to command much higher margins and avoid the price competition of standard insurance markets. The company's global footprint provides a natural hedge against localized economic or weather-related events. With an exceptionally low combined ratio and a high return on equity (ROE), IGIC is one of the most profitable small-cap insurers in the world.
Key Growth Drivers
Specialty Underwriting Moat
Expertise in complex lines like energy and marine infrastructure allows IGIC to earn premium rates that generic insurers simply cannot access.
Exceptional ROE
A relentless focus on underwriting profitability over raw volume has resulted in consistent double-digit ROEs, driving rapid book value compounding.
Fortress Balance Sheet
IGIC maintains extremely high capital ratios and a very conservative investment book, ensuring the company can weather major global shocks.
Valuation & Financial Modeling
Despite its elite profitability, IGIC often trades at a discount to its U.S.-based peers due to its international headquarters. We view this as a major mispricing. As the company continues to deliver record earnings, we expect a violent re-rating of the stock.
Risk Factors & Bear Case
Global geopolitical instability is the primary risk given their focus on lines like 'political risk' and energy infrastructure. Furthermore, a severe global recession would reduce international trade and infrastructure spending, hitting their top-line revenue.
Conclusion
International General Insurance is a world-class specialty carrier trading at a bargain price. It offers exceptional quality and growth potential. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 73.9GRADE B+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
82.6%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, International General Insurance Holdings Ltd. (IGIC) receives a "Buy" rating with a composite score of 61.3/100, ranked #4 out of 4446 stocks. Key factor scores: Quality 74/100, Value 93/100, Momentum 50/100. This is quantitative analysis only — not investment advice.
International General Insurance Holdings Ltd. (IGIC) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does International General Insurance Holdings Ltd. Do?
International General Insurance Holdings Ltd. provides specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It underwrites a diversified portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, casualty, financial institutions, marine, contingency, and treaty reinsurance. The company was founded in 2001 and is based in Amman, Jordan. International General Insurance Holdings Ltd. (IGIC) is classified as a small-cap stock in the Financials sector, specifically within the Insurance industry. The company is led by CEO Wasef Salim Abdulrahman Al-Jabsheh and employs approximately 290 people. With a market capitalization of $1.1B, IGIC is one of the notable companies in the Financials sector.
International General Insurance Holdings Ltd. (IGIC) Stock Rating — Buy (April 2026)
As of April 2026, International General Insurance Holdings Ltd. receives a Buy rating with a composite score of 61.3/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.IGIC ranks #4 out of 4,446 stocks in our coverage universe. Within the Financials sector, International General Insurance Holdings Ltd. ranks #4 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
IGIC Stock Price and 52-Week Range
International General Insurance Holdings Ltd. (IGIC) currently trades at $25.83. The stock gained $0.08 (0.3%) in the most recent trading session. The 52-week high for IGIC is $27.63, which means the stock is currently trading -6.5% from its annual peak. The 52-week low is $20.82, putting the stock 24.1% above its annual trough. Recent trading volume was 69K shares, suggesting relatively thin trading activity.
Is IGIC Overvalued or Undervalued? — Valuation Analysis
International General Insurance Holdings Ltd. (IGIC) carries a value factor score of 93/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 8.55x, compared to the Financials sector average of 14.88x — a discount of 43%. The price-to-book ratio stands at 1.65x, versus the sector average of 1.22x. The price-to-sales ratio is 0.50x, compared to 0.90x for the average Financials stock. On an enterprise value basis, IGIC trades at 1.68x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, International General Insurance Holdings Ltd. appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
International General Insurance Holdings Ltd. Profitability — ROE, Margins, and Quality Score
International General Insurance Holdings Ltd. (IGIC) earns a quality factor score of 74/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 82.6%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 26.5% versus the sector average of 1.2%.
On a margin basis, International General Insurance Holdings Ltd. reports gross margins of 59.9%. The operating margin is 24.5% (sector: 21.8%). Net profit margin stands at 25.1%, versus 17.7% for the average Financials stock. The overall profitability profile is adequate, though there may be room for margin expansion.
IGIC Debt, Balance Sheet, and Financial Health
International General Insurance Holdings Ltd. has a debt-to-equity ratio of 0.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 0.18x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $0. Cash and equivalents stand at $155M.
IGIC has a beta of 0.53, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for International General Insurance Holdings Ltd. is 75/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
International General Insurance Holdings Ltd. Revenue and Earnings History — Quarterly Trend
In TTM 2026, International General Insurance Holdings Ltd. reported revenue of $539M and earnings per share (EPS) of $3.01. Net income for the quarter was $135M. Gross margin was 59.9%. Operating income came in at $132M.
In FY 2024, International General Insurance Holdings Ltd. reported revenue of $539M and earnings per share (EPS) of $3.01. Net income for the quarter was $135M. Gross margin was 59.9%. Revenue grew 8.0% year-over-year compared to FY 2023. Operating income came in at $132M.
In FY 2023, International General Insurance Holdings Ltd. reported revenue of $499M and earnings per share (EPS) of $2.58. Net income for the quarter was $118M. Gross margin was 62.1%. Revenue grew 26.8% year-over-year compared to FY 2022. Operating income came in at $336M.
In FY 2022, International General Insurance Holdings Ltd. reported revenue of $394M. Net income for the quarter was $89M. Gross margin was 60.0%. Operating income came in at $-67M.
Over the past 8 quarters, International General Insurance Holdings Ltd. has demonstrated a growth trajectory, with revenue expanding from $327M to $539M. Investors analyzing IGIC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
IGIC Dividend Yield and Income Analysis
International General Insurance Holdings Ltd. (IGIC) does not currently pay a dividend. This is common among smaller companies in the Insurance industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
IGIC Momentum and Technical Analysis Profile
International General Insurance Holdings Ltd. (IGIC) has a momentum factor score of 50/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 31/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 19/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
IGIC vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing IGIC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full IGIC vs S&P 500 (SPY) comparison to assess how International General Insurance Holdings Ltd. stacks up against the broader market across all factor dimensions.
IGIC Next Earnings Date
No upcoming earnings date has been announced for International General Insurance Holdings Ltd. (IGIC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy IGIC? — Investment Thesis Summary
The bull case for International General Insurance Holdings Ltd. rests on several quantitative strengths. The quality score of 74/100 indicates above-average profitability and business fundamentals. The value score of 93/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 75/100) reduces downside risk.
In summary, International General Insurance Holdings Ltd. (IGIC) earns a Buy rating with a composite score of 61.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on IGIC stock.
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Execution Benchmarks audit
Gross Margin
Core pricing power
59.9%
Sector: 0.0%
+Infinity% VS SCTR
Operating Margin
Operating efficiency
24.5%
Sector: 21.8%
+13% VS SCTR
Net Margin
Bottom-line conversion
25.1%
Sector: 17.7%
+41% VS SCTR
Return on Equity
Equity capital efficiency
82.6%
Sector: 8.5%
+868% VS SCTR
Return on Assets
Asset base utilization
26.5%
Sector: 1.2%
+2057% VS SCTR
Debt/Equity
Financial leverage load
0.0%
Sector: 121.0%
+100% VS SCTR
+35%
Price / Sales
0.5x
-44%
International General Insurance Holdings Ltd. exhibits a 25% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
26.5%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
59.9%
Sector: 0.0%
Operating Margin
Core business profitability
24.5%
Sector: 21.8%
Net Margin
Bottom-line profitability
25.1%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.