International General Insurance Holdings Ltd. Annual Report 2023

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FY2023 Annual Report · International General Insurance Holdings Ltd.

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INTERNATIONAL GENERAL
INSURANCE HOLDINGS LTD.

Annual
Report 2023

REACHING NEW
HEIGHTS

International General Insurance Holdings Ltd. Annual Report 2023ALWAYS LOOKING
BEYOND

CONTENTS

About us

Letter from the Executive Chairman

Year in Review: Report from the President & CEO

Financial highlights

Financial statements & accounts

Board of Directors

233

FORWARD LOOKING STATEMENTS DISCLOSURE

This Annual Report 2023 contains certain statements that are “forward
looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. You should not place undue reliance on such
statements because they are subject to numerous uncertainties and
factors relating to IGI’s operations and business environment, all of
which are difficult to predict and many of which are beyond IGI’s control.
Forward-looking statements include information concerning IGI’s
possible or assumed future results of operations, including descriptions
of our business strategy. These statements are often, but not always,
made through the use of words or phrases such as “believe,”
“anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,”
“potential,” “will,” “expect,” “believe,” “continue,” “strategy,”

“outlook” and similar expressions. Such statements are qualified by
the inherent risks and uncertainties surrounding future expectations
generally, and may differ materially from actual future experience.
For a more detailed discussion of such risks and uncertainties, see
IGI’s annual report on Form 20-F for the year ended December 31, 2023,
including those under “Risk Factors” therein, and in the Company’s other
filings with the SEC. IGI undertakes no obligation 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.

Annual Report 2023 International General Insurance Holdings Ltd.

GLOBALLY
CONNECTED

1. BERMUDA
Park Place, 1st Floor,
55 Par-la-Ville Road,
Hamilton HM 01 Bermuda

4. OSLO
c/o Tyveholmen AS
7 etg, Tjuvholmenallé 19
0252 Oslo Norway

6. AMMAN
74 Abdel Hamid Sharaf St.
P.O. Box 941428
Amman 11194 Jordan

8. KUALA LUMPUR
29th Floor, Menara TA One
Jalan P Ramlee 50250
Kuala Lumpur Malaysia

2. CASABLANCA
32-42, Bd Abdelmoumen
Residence Walili 25
4th Floor P.O. Box 20000
Casablanca Morocco

5. MALTA
3rd Floor - Development
House
St. Anne Street Floriana
FRN 9010 Malta

3. LONDON
15-18 Lime Street
London EC3M 7AN England

7. DUBAI
Office 606, Level 6, Tower 1
Al Fattan Currency House
Dubai International
Financial Centre
P.O. Box 506646, Dubai
United Arab Emirates

9. LABUAN
Level 1, LOT 7, Block F
Saguking Commercial
Building
Jalan Patau – Patau
87000 Labuan Malaysia

International General Insurance Holdings Ltd. Annual Report 2023ABOUT US

IGI has been a successful niche player in the insurance and reinsurance
specialty markets for more than 20 years. Formed in 2001 in Amman,
Jordan, the company began underwriting operations in 2002 writing five
specialty lines of business. Today, IGI writes a diverse global portfolio of
specialty lines.

From its beginnings, IGI’s focus has been on serving our clients, capital
strength and preservation, and generating shareholder value through
responsive and focused underwriting in markets we know and
understand. The result is a demonstrated track record of compounded
annual double-digit total value creation. While we have evolved and
grown significantly since 2002, the key cultural attributes that have
made us successful remain embedded throughout our Company today.

AM Best
Stable
Outlook

A-

S&P
Stable
Outlook

IGI
We are an international specialist insurance and reinsurance group,
registered in Bermuda and listed on Nasdaq Capital Markets under the
symbol “IGIC”.

Our business
Established in 2001, we are an entrepreneurial business with a
diversified risk 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.

We are truly international
Registered in Bermuda, we have offices in Bermuda, London, Amman,
Malta, Dubai, Oslo, Casblanca, and Kuala Lumpur. We have long
standing relationships in these regions, providing a high level of
cultural compatibiity and service to our clients and brokers.

An entrepreneurial success story
IGI has a long track record of success. Over the past 5 years, we have
grown our premiums at a compounded annual rate of more than 18%,
while achieveing an average combined ratio of 85.0% and an average
core operating return on equity of 16.7%.

Annual Report 2023 International General Insurance Holdings Ltd. LETTER FROM THE EXECUTIVE CHAIRMAN

To My Fellow Shareholders

2023 was an exceptional year for IGI. On virtually every measure, our financial results
were outstanding and exceeded the record results achieved in 2022.

We grew our gross premium portfolio by a healthy 18.3% with a combined ratio of
76.7% and delivered a core operating return on average equity of 28.1%. Our
shareholders were rewarded with a 61% increase in share price. In addition, and
consistent with our long-standing promise to shareholders, we returned approximately
$33 million in capital in the form of dividends and share repurchases. Our strategy has
always reflected our belief that we will generate the best returns for our shareholders
through our underwriting – growing when our markets are favorable, and when we
have excess capital, return it to our shareholders who have put their trust in us. I am
very pleased with our most recent decision to pay a $0.50 per share special cash
dividend for 2023 in addition to our regular quarterly dividends.

These results were achieved during a year in which we effected
a successful CEO transition – our first in 22 years, opened a
new office in Oslo – our eighth, while building out our product
offerings and skillsets in other offices. During 2023, we also
executed two successful capital markets transactions. It would
be fair to say that 2023 was not just an active year for IGI in
terms of seizing opportunities that would both expand and
diversify our footprint, but also in continuing to build a strong
foundation that would effectively and efficiently service our
growing company.

I said in my letter to you a year ago that our success is not
just in the numbers we publish, but in the people that make
up the IGI family. The results that you are seeing from IGI are
the consequence of a consistently well-executed strategy,
and a deep understanding of who we are and what our
capabilities are.

in the set of values that we live by, call it the IGI culture,
our DNA, or our corporate character. Throughout what was
in many ways a challenging year, we remained steadfastly
focused, ultimately producing what are exceptional results
and delivering on our promises largely because of our ability
to maintain that cultural integrity that defines us. What’s most
important to us is our ability to remain true to who we are and
continue to do what we do best, but always strive to do it better.

I thank every member of the IGI family for their dedication
and commitment in continuing to advance our goal of
creating consistent and sustainable long-term value for our
shareholders through responsible and selective underwriting,
and targeted growth and diversification.

On behalf of my fellow Directors, to our brokers, our clients,
shareholders and all our stakeholders, thank you for your
continued support of IGI.

I am exceedingly proud of everyone at IGI for their resilience,
discipline, and consistent and high-quality communication and
collaboration. Again, I truly believe that we have a uniqueness

Wasef S Jabsheh
Executive Chairman

Europe, Africa & Middle East

The Americas

Asia

International General Insurance Holdings Ltd. Annual Report 2023

BUILDING ON
STRONG FOUNDATIONS

“ Throughout what was in many ways
a challenging year, we remained
steadfastly focused, ultimately
producing what are exceptional
results and delivering on our
promises largely because of our
ability to maintain that cultural
integrity that defines us. “

Wasef S Jabsheh
Executive Chairman

SHAPING
THE FUTURE

We will continue to be
responsible stewards of
shareholder capital, while
building on the strong
foundations of the past
two decades.

Waleed Jabsheh
President & CEO

YEAR IN REVIEW
REPORT FROM THE PRESIDENT & CEO

It gives me great pleasure and pride to be writing to you for the first time as IGI’s
Chief Executive Officer, a position I took on in mid-2023. I have been entrusted
with great responsibility in taking over this role from my father and IGI founder,
Wasef Jabsheh, who has built and led IGI’s successful track record for over two
decades. I have been asked several times how I will put my own mark on IGI and
what I will do differently. The simple answer is nothing dramatic; I will continue
our focus on profitably growing and diversifying our portfolio, executing with
precision, maintaining high-quality service to our clients, and actively and
efficiently managing the capital entrusted to us so that we continue to generate
strong shareholder value. Most importantly, as we grow and evolve, preserving
our unique IGI culture is one of my single biggest priorities as that is what has
driven our history of success.

From our outset as a single modest office with three
employees to a $600 million-plus market capitalized public
company with over 400 people across eight offices globally,
we have been able to maintain our small company culture,
one that feels like a family, with a high level of engagement
and commitment across all levels of our organization. It is
a culture that fosters and drives the attitudes, actions and
decisions of our people. This gives us a uniqueness that is not
easy to replicate but can be difficult to maintain as we grow. I
am especially proud of all our people for the decisions made
throughout 2023 in anticipating and responding to challenging
and shifting market conditions.

In 2023, we achieved record results across virtually all financial
metrics, surpassing 2022 which was the best year in our
Company’s history. Given the challenging market and economic
conditions, as well as an increasingly concerning geo-political
global landscape, this speaks solidly to our steadfast focus
on intelligently managing our capital, moving swiftly to those
areas of our business with the highest margins, actively
positioning our investment portfolio, and ultimately returning
excess capital to our shareholders.

Our strategy is simple. We focus on specialty risks with an
“underwriting first” philosophy, as that is where we believe
we can achieve the best returns and add the most value for
all our stakeholders. We are a predominantly facultative – or
individual risk – underwriter, we understand our exposures
and our capabilities, ensuring we stay within our well-defined
risk appetite and risk tolerances. We focus on what we can do
and do it well, while always striving to improve. Working off a
single balance sheet across our group means we can make
decisions quickly and intelligently and we are not competing
with ourselves. Every team member understands what their
individual and collective responsibility is, and also how what
they do impacts the end result. We are details focused, we
have a deep understanding of our markets with people on the
ground providing cultural compatibility, we communicate with
transparency, and we execute with precision.

Ultimately, we will continue to be responsible stewards of
shareholder capital, while building on the strong foundations
of the past two decades.

We focus on what we can do and do it well, while
always striving to improve. Working off a single
balance sheet across our group means we can
make decisions quickly and intelligently and we
are not competing with ourselves.

Annual Report 2023 International General Insurance Holdings Ltd. FINANCIAL RESULTS

We produced record results again in 2023, exceeding the record
results posted in 2022. Book value per share was $12.40 at year end
2023, representing growth of 36.7% from year end 2022 and 67.3% for
the 15 quarters since we became a public company. Growth in book
value per share is our most important measure, as increases over
time are a key indicator of long-term shareholder value creation.

We reported record core operating income of $133.8 million,
representing an increase of 42.5% over 2022. On a per share
basis, core operating income increased 48.5%. Return on
average shareholders’ equity was 24.8% and core operating
return on average shareholders’ equity was 28.1%, 4.4 points
above that of 2022.

During 2023, we grew our underwriting portfolio by 18.3%
or $106.7 million to $688.7 million. To provide context on
our growth in recent years, we have grown our business by
almost 50% over the past three years. We generated record
underwriting profit, with $183.1 million in underwriting income,
representing an increase of 23.2% over 2022. Our combined
ratio for 2023 was 76.7%, representing a 1.8-point improvement
on 2022, and almost 10 points from 2021.

We saw solid growth in both the Short-tail and Reinsurance
Segments during 2023, but we took an increasingly more
cautious view in our Long-tail Segment where renewal rates,
while still adequate, have trended down in many lines for the
past 8 quarters and competition is intensifying. We expect this
to continue in 2024.

We continued to grow our balance sheet during 2023 while
remaining fully unlevered. Total assets increased 16.3% to $1.8
billion and total equity increased 31.5%, comfortably surpassing
the half a billion dollar mark to $540.5 million in 2023.

Our investment portfolio remains conservatively positioned with
96% of invested assets in fixed income securities, term deposits
and cash and cash equivalents. Throughout 2023, we took
action to mitigate inflationary impacts by keeping the duration
of our bond portfolio relatively steady with 2022, ending 2023 at
an average duration of 3.2 years. Our fixed income portfolio is
well-diversified by sector and by geography, with 76% having a
credit rating of “A” or above and improved our overall average
credit rating to “A”. We reported an increase in net investment
income of almost 250% to $50.2 million and we expect that
given the current interest rate environment, investment income
will continue to grow through 2024. We will continue to look
for opportunities to generate higher yields on our fixed income
portfolio while maintaining our low risk profile.

From a capital management perspective, we are increasingly
demonstrating our ability to pull the right levers to maximise
shareholder value. During 2023, we continued to repurchase
common shares under our existing 5 million common share
repurchase authorization. In addition, during the year, we
redeemed all outstanding warrants for cash at a total cost
of $16.3 million. And as our Board stated in 2022 when we
amended our dividend policy, we would consider special
dividends as and when appropriate. I am pleased that our Board
has declared a special cash dividend of 50 cents per common
share for 2023, alongside the regular quarterly dividends.

For the remainder of 2024, as market opportunities remain
relatively healthy overall in short-tail and reinsurance lines, we
will prioritise using our capital to grow our business with the
emphasis on maximising the overall profitability profile of IGI.

We continued to grow our balance sheet
during 2023 while remaining fully unlevered.
Total assets increased 16.3% to $1.8 billion
and total equity increased 31.5%, comfortably
surpassing the half a billion dollar mark to
$540.5 million in 2023.

International General Insurance Holdings Ltd. Annual Report 2023

REACHING
FURTHER

SUPPORTING
GROWTH &
SUCCESS

CORPORATE
CITIZENSHIP 2023

Intrinsic to our IGI culture is investing time,
compassion, and necessary funding in the many
territories around the world where we live and
work with the ultimate goal of making a positive
impact for our colleagues, clients, shareholders,
communities, and our planet. Individually and
collectively, we feel a deep sense of responsibility
to purposeful engagement in the well-being of our
communities from many perspectives including
socially, economically and environmentally.

International General Insurance Holdings Ltd. Annual Report 2023OPERATIONAL RESILIENCE

One of our biggest focuses as we continue to grow is having the right
infrastructure and the right people to support our growth, while
preserving our culture and those unique attributes that have driven
our success from the beginning.

To this end, we took a number of significant steps during 2023
to enhance our operations and provide greater efficiency. In line
with the growth of our portfolio in recent years, we continued
to expand our underwriting and operational capabilities, adding
a total of 47 new people across our offices. This includes
Bermuda where we added risk and actuarial talent, and Oslo
where we completed the acquisition of energy MGA EIO with a
view to increasing our product offering in the Nordic markets,
while adding capabilities in our other regional offices. We also
continued to supplement talent in our London underwriting
center and Amman operational center. And importantly, we
replaced what were previously outsourced roles with dedicated
in-house teams to provide for greater control and efficiency.

These efforts are continuing in 2024. Having multiple functions
represented across all our offices along with greater in-house
capabilities allows us to equip and empower our people
with sound information to make intelligent decisions, adapt
quickly, efficiently and effectively to changing environments
and find opportunities to continue to deliver on our promise of
generating strong value for our shareholders.

During 2023, we continued the support of charitable causes
that align with our values – education, medical research and
health initiatives, the arts and youth initiatives. Several years
ago, we established The Hana Project, a research program
at the Department of Neurological Science at the University
of California, San Francisco School of Medicine focused
exclusively on the development of improved therapies for
glioblastoma patients, and our support continues today.

In Bermuda, where IGI is domiciled and where we continued
to build out our on-the-ground presence in 2023, we are
partners with PALS, which provides vital support for cancer
patients and their families, and the Bermuda Education
Network, which provides learning support for teachers and
students in the Island’s public education sector.

Annual Report 2023 International General Insurance Holdings Ltd. OUTLOOK FOR 2024

As we did during 2023, our industry continues to face significant challenges:
extreme weather, political and social polarity, and economic instability in many
regions across the globe. Our sole purpose at IGI is to provide peace of mind in
times of uncertainty and this has never been more in demand than it is today.

While many areas of our business remain robust, many have
become more pressured as competition is increasing and it is
getting more challenging to find business that meets our risk
adjusted return requirements. We have grown significantly
over the past several years and while we expect to continue to
grow during 2024, we are not averse to putting our foot on the
brakes where and when required. We are maximizing current
opportunities, while laying the foundation for tomorrow, so that
we continue to navigate market cycles and allocate our capital
in the most efficient manner.

The significant enhancements we have made over the past
several years have allowed us to enter new lines of business,
expand into new geographies, make investments in our existing
teams, and hire judiciously to build out new teams, while
ensuring that we have the right technology and operational
infrastructure in place. As always, our promise is to service
our clients’ growing needs with efficiency, transparency and
intelligence, so that we are always creating shareholder value.

In London, we continued our long-time support
of Haven House Children’s Hospice, which serves
families in large areas northeast of central London,
and PalMusic UK, through the Edward Said National
Conservatory, providing musical education to and
promoting young Palestinian musicians.

And in Jordan, where more than half of our 400-
plus people are based and where we have long been
active and strong supporters of our communities,
we provided critical care and compassionate funding
for cancer patients from Gaza being treated at the
King Hussein Cancer Foundation and Center in
Jordan, and we continued our educational support of
underprivileged Jordanian children and young women.

International General Insurance Holdings Ltd. Annual Report 2023OUR THANKS

I want to thank all our people for their support, collaboration and leadership and
their consistent dedication and commitment to fulfilling our promise to stakeholders
and each other. I am excited to work together, to continue to challenge each other
and ourselves.

I look forward to working with our Board of Directors to steer IGI forward. Together,
we face the remainder of 2024 and beyond with confidence and excitement at the
opportunities in front of us, and a commitment to continuing the record that we have
built at IGI.

Most importantly, I thank our shareholders for their continued confidence
and support.

Waleed Jabsheh
President & CEO

D&I continues to be a critical part of
our culture at IGI as we believe that
diverse and inclusive businesses are
more innovative, creative and successful
in the long-term. IGI is spread across
8 offices around the world, but our
people represent many more countries,
communities and cultures.

We embrace our differences by
focusing on mutual respect, inclusion,
collaboration and empowerment.
Among our many initiatives, we
continued to support the Lloyd’s of
London “Dive In Festival” promoting
diversity and inclusion in insurance for
the sixth consecutive year.

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Annual Report 2023 International General Insurance Holdings Ltd. FINANCIAL HIGHLIGHTS

TOTAL
ASSETS

$1.8b

2023

2022

0
.
0
8
5
,
1
$

n
o
i
l
l
i

9
.
7
3
8
,
1
$

+
16.3%

UNDERWRITING
INCOME

2023

n
o
i
l
l
i

1
.
3
8
1
$

2022

6
.
8
4
1
$

+
23.2%

GROSS WRITTEN
PREMIUMS

TOTAL
EQUITY

BOOK VALUE
PER SHARE

$688.7m

$540.5m

$12.40

2023

0
4
.
2
1
$

2022

7
0
.
9
$

+
36.7%

2023

2022

0
.
2
8
5
$

n
o
i
l
l
i

7
.
8
8
6
$

+
18.3%

COMBINED
RATIO

2022

2023

%
5
.
8
7

%
7
.
6
7

+
1.8bps
IMPROVEMENT

2023

n
o
i
l
l
i

5
.
0
4
5
$

2022

0
.
1
1
4
$

+
31.5%

CORE OPERATING
INCOME

2023

n
o
i
l
l
i

8
.
3
3
1
$

2022

9
.
3
9
$

+
42.5%

CORE OPERATING
EARNINGS PER SHARE

CORE OPERATING RETURN
ON AVERAGE EQUITY

2023

2022

%
7
.
3
2

%
1
.
8
2

+
4.4bps
IMPROVEMENT

2023

2022

4
9
.
1
$

8
8
.
2
$

+
48.5%

SECURITIES AND EXCHANGE COMMISSION

UNITED STATES

WASHINGTON, D.C. 20549

________________________________________

FORM 20-F

________________________________________

(Mark One)

 REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF

THE SECURITIES EXCHANGE ACT OF 1934

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

Commission File Number: 001-39255

________________________________________

International General Insurance Holdings Ltd.

(Exact name of Registrant as specified in its charter)

________________________________________

Not applicable

Bermuda

(Translation of Registrant’s name into English)

(Jurisdiction of incorporation or organization)

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

+962 6 562 2009

(Address of principal executive offices)

________________________________________

Rawan Alsulaiman

+962 6 562 2009

Rawan.Alsulaiman@iginsure.com

________________________________________

(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common shares, $0.01 par value per share

IGIC

The Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

________________________________________

International General Insurance Holdings Ltd. Annual Report 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

________________________________________

FORM 20-F
________________________________________

(Mark One)

 REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF
THE SECURITIES EXCHANGE ACT OF 1934

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

 SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report:

Commission File Number: 001-39255
________________________________________

International General Insurance Holdings Ltd.
(Exact name of Registrant as specified in its charter)
________________________________________

Not applicable
(Translation of Registrant’s name into English)

Bermuda
(Jurisdiction of incorporation or organization)

74 Abdel Hamid Sharaf Street, P.O. Box 941428, Amman 11194, Jordan
+962 6 562 2009
(Address of principal executive offices)
________________________________________

Rawan Alsulaiman
74 Abdel Hamid Sharaf Street, P.O. Box 941428, Amman 11194, Jordan
+962 6 562 2009
Rawan.Alsulaiman@iginsure.com
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)
________________________________________

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class
Common shares, $0.01 par value per share

Trading Symbol(s)
IGIC

Name of each exchange on which registered
The Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

________________________________________

International General Insurance Holdings Ltd. Annual Report 2021
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the

INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD.

close of the period covered by the annual report: 46,074,179

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities

Act. Yes  No 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file

reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes  No 

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or

15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required
to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 
Emerging growth company 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment
of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act
(15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial
statements of the registrant included in the filing reflect the correction of an error to previously issued financial
statements. 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis
of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery
period pursuant to §240.10D-1(b). 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements

included in this filing:

U.S. GAAP 

International Financial Reporting Standards as issued by the
International Accounting Standards Board 

Other 

If “Other” has been checked in response to the previous question, indicate by check mark which financial

statement item the registrant has elected to follow. Item 17  Item 18 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in

Rule 12b-2 of the Exchange Act). Yes  No 

†

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.

TABLE OF CONTENTS

Item 1�

Item 2�

Item 3�

Item 4�

Item 5�

Item 6�

Item 7�

Item 8�

Item 9�

Item 10�

Item 11�

Item 12�

Item 13�

Item 14�

Item 15�

Item 16�

FORWARD-LOOKING STATEMENTS � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

IMPORTANT INFORMATION ABOUT U�S� GAAP AND NON-GAAP FINANCIAL MEASURES � � � �

FREQUENTLY USED TERMS � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

PART I � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Identity of Directors, Senior Management and Advisers � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Offer Statistics and Expected Timetable � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Key Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Information on the Company � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 4A�

Unresolved Staff Comments � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Operating and Financial Review and Prospects � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Directors, Senior Management and Employees � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Major Shareholders and Related Party Transactions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Financial Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

The Offer and Listing � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Additional Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Quantitative and Qualitative Disclosures about Market Risks � � � � � � � � � � � � � � � � � � � � � � � � � �

Description of Securities other than Equity Securities � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

PART II � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Defaults, Dividend Arrearages and Delinquencies � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Material Modifications to the Rights of Security Holders and Use of Proceeds � � � � � � � � � � � �

Controls and Procedures � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

[Reserved] � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16A�

Audit Committee Financial Expert � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16B�

Code of Ethics � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16C�

Principal Accountant Fees and Services � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16D�

Exemptions from the Listing Standards for Audit Committees � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16E�

Purchases of Equity Securities by the Issuer and Affiliated Purchasers� � � � � � � � � � � � � � � � � � �

Item 16F�

Change in Registrant’s Certifying Accountant � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16G�

Corporate Governance � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16H�

Mine Safety Disclosure � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16I�

Item 16J�

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections� � � � � � � � � � � � � � � � � � � � �

Insider Trading Policies � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 16k�

Cybersecurity � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

PART III � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Item 17�

Item 18�

Item 19�

Financial Statements � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

Exhibits � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

PAGE

iii

112

123

129

130

147

149

150

151

152

153

157

International General Insurance Holdings Ltd. Annual Report 2023
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the

INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD.

close of the period covered by the annual report: 46,074,179

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities

Act. Yes  No 

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file

reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes  No 

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or

15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of

the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was

required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required

to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or

for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated

filer, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” and “emerging

growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Emerging growth company 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by

check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment

of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act

(15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial

statements of the registrant included in the filing reflect the correction of an error to previously issued financial

statements. 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis

of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery

period pursuant to §240.10D-1(b). 

included in this filing:

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements

U.S. GAAP 

International Financial Reporting Standards as issued by the

Other 

International Accounting Standards Board 

If “Other” has been checked in response to the previous question, indicate by check mark which financial

statement item the registrant has elected to follow. Item 17  Item 18 

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in

Rule 12b-2 of the Exchange Act). Yes  No 

†

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards

Board to its Accounting Standards Codification after April 5, 2012.

TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
IMPORTANT INFORMATION ABOUT U�S� GAAP AND NON-GAAP FINANCIAL MEASURES � � � �
FREQUENTLY USED TERMS � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

PART I � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Identity of Directors, Senior Management and Advisers � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 1�
Offer Statistics and Expected Timetable � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 2�
Key Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 3�
Information on the Company � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 4�
Unresolved Staff Comments � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 4A�
Operating and Financial Review and Prospects � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 5�
Directors, Senior Management and Employees � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 6�
Major Shareholders and Related Party Transactions � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 7�
Financial Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 8�
The Offer and Listing � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 9�
Additional Information � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 10�
Quantitative and Qualitative Disclosures about Market Risks � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 11�
Description of Securities other than Equity Securities � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 12�

PART II � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Defaults, Dividend Arrearages and Delinquencies � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 13�
Material Modifications to the Rights of Security Holders and Use of Proceeds � � � � � � � � � � � �
Item 14�
Controls and Procedures � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 15�
[Reserved] � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16�
Audit Committee Financial Expert � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16A�
Code of Ethics � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16B�
Principal Accountant Fees and Services � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16C�
Exemptions from the Listing Standards for Audit Committees � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16D�
Purchases of Equity Securities by the Issuer and Affiliated Purchasers� � � � � � � � � � � � � � � � � � �
Item 16E�
Change in Registrant’s Certifying Accountant � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16F�
Corporate Governance � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16G�
Mine Safety Disclosure � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16H�
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections� � � � � � � � � � � � � � � � � � � � �
Item 16I�
Insider Trading Policies � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16J�
Cybersecurity � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 16k�

PART III � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Financial Statements � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 17�
Financial Statements � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 18�
Exhibits � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �
Item 19�

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Annual Report 2023 International General Insurance Holdings Ltd.
FORWARD-LOOKING STATEMENTS

IMPORTANT INFORMATION ABOUT U.S. GAAP AND NON-GAAP FINANCIAL MEASURES

Some of the statements in this annual report on Form 20-F (this “annual report”) of International General
Insurance Holdings Ltd., a Bermuda exempted company (“we,” “IGI” or the “Company”), constitute forward-looking
statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such
statements because they are subject to numerous uncertainties and factors relating to our operations and business
environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking
statements include information concerning our possible or assumed future results of operations, including descriptions
of our business strategy. These statements are often, but not always, made through the use of words or phrases such
as ability,” “anticipate,” “believe,” “budget,” “can,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,”
“forecast,” “hope,” “impact,” “intend,” “may,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,”
“should,” “strategy,” “target,” “value,” “will,” “would” and similar expressions. You should read statements that contain
these words carefully because they:

•

discuss future expectations;

contain projections of future results of operations or financial condition; or

state other “forward-looking” information.

All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties
and other factors that could cause actual results to differ materially from the results expressed in the statements. We
believe it is important to communicate our expectations to our security holders. However, there may be events in the
future that we are not able to predict accurately or over which they have no control. The risk factors and cautionary
language discussed in this annual report provide examples of risks, uncertainties and events that may cause actual
results to differ materially from the expectations described by us in such forward-looking statements, including among
other things:

•

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;

competition, the ability of IGI to grow and manage growth profitably and IGI’s ability to retain its key
employees;

changes in applicable laws or regulations;

the outcome of any legal proceedings that may be instituted against the Company;

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;

the effects of the military conflict between Israel and Hamas and the humanitarian crisis resulting
therefrom;

the inability to maintain the listing of the Company’s common shares on Nasdaq; and

other risks and uncertainties indicated in IGI’s filings with the SEC, including the risks discussed under
the “Risk Factors” section and elsewhere in this annual report on Form 20-F.

These risks could cause actual results to differ materially from those implied by the forward-looking statements

contained in this annual report.

All forward-looking statements included herein attributable to us or any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent
required by applicable laws and regulations, we undertake no obligation to update these forward-looking statements to
reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.

Our financial statements are prepared in accordance with United States Generally Accepted Accounting

Principles (referred to in this annual report as “U.S. GAAP” or “GAAP”). We refer in various places within this annual

report to core operating income and core operating return on average equity, which are non-GAAP measures that

are more fully explained in “Operating and Financial Review and Prospects.” The presentation of this non-GAAP

information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared

in accordance with U.S. GAAP.

FREQUENTLY USED TERMS

As used in this annual report, unless the context otherwise requires or indicates, references to “we,” “us,” “our,”

“IGI,” the “Group” and the “Company,” refer to International General Insurance Holdings Ltd., a Bermuda exempted

company, and its consolidated subsidiaries subsequent to the Business Combination and references to “IGI Dubai”

refer to our wholly owned subsidiary International General Insurance Holdings Limited, a company organized under

the laws of the Dubai International Financial Centre, on a stand-alone basis.

In this annual report:

“2020 Plan” means the 2020 Omnibus Incentive Plan of the Company.

“Amended and Restated Bye-laws” means the amended and restated bye-laws of the Company.

“Business Combination Agreement” means the Business Combination Agreement, dated as of October 10,

2019, as amended, by and among Tiberius, IGI Dubai, the Purchaser Representative, the Seller Representative and,

pursuant to a joinder thereto, the Company and Merger Sub.

“Business Combination” means the Merger, the Share Exchange and the other transactions contemplated by the

Business Combination Agreement that were completed on March 17, 2020.

“Cash Consideration” means an aggregate of $80.0 million paid to the Sellers in connection with the Share

Exchange.

“Closing” means the closing of the Business Combination on March 17, 2020.

“Code” means the Internal Revenue Code of 1986, as amended.

“Companies Act” means the Companies Act of 1981 of Bermuda, as amended.

“Company” or “IGI” or “Group” means International General Insurance Holdings Ltd., a Bermuda exempted

company, which became the parent company of Tiberius and IGI Dubai as a result of the Business Combination.

“Equity Consideration” means common shares of the Company issued to the Sellers equal in value to the

Transaction Consideration minus the Cash Consideration.

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

“Exchange Shares” means common shares of the Company equal in value to the total Transaction Consideration

less $80.0 million of Cash Consideration issued to former shareholders of IGI Dubai in exchange for their IGI Dubai

shares.

Board (“IASB”).

Combination.

“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards

“IGI Dubai” means International General Insurance Holdings Ltd., a company organized under the laws of

the Dubai International Financial Centre, which became a subsidiary of the Company as a result of the Business

“IGI Bermuda” means International General Insurance Co. Ltd.

“IGI Europe” means International General Insurance Company (Europe) Ltd

iii

International General Insurance Holdings Ltd. Annual Report 2023Some of the statements in this annual report on Form 20-F (this “annual report”) of International General

Insurance Holdings Ltd., a Bermuda exempted company (“we,” “IGI” or the “Company”), constitute forward-looking

statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such

statements because they are subject to numerous uncertainties and factors relating to our operations and business

environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking

statements include information concerning our possible or assumed future results of operations, including descriptions

of our business strategy. These statements are often, but not always, made through the use of words or phrases such

as ability,” “anticipate,” “believe,” “budget,” “can,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,”

“forecast,” “hope,” “impact,” “intend,” “may,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,”

“should,” “strategy,” “target,” “value,” “will,” “would” and similar expressions. You should read statements that contain

these words carefully because they:

discuss future expectations;

contain projections of future results of operations or financial condition; or

state other “forward-looking” information.

All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties

and other factors that could cause actual results to differ materially from the results expressed in the statements. We

believe it is important to communicate our expectations to our security holders. However, there may be events in the

future that we are not able to predict accurately or over which they have no control. The risk factors and cautionary

language discussed in this annual report provide examples of risks, uncertainties and events that may cause actual

results to differ materially from the expectations described by us in such forward-looking statements, including among

other things:

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;

employees;

changes in applicable laws or regulations;

the outcome of any legal proceedings that may be instituted against the Company;

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;

the effects of the military conflict between Israel and Hamas and the humanitarian crisis resulting

therefrom;

the inability to maintain the listing of the Company’s common shares on Nasdaq; and

other risks and uncertainties indicated in IGI’s filings with the SEC, including the risks discussed under

the “Risk Factors” section and elsewhere in this annual report on Form 20-F.

These risks could cause actual results to differ materially from those implied by the forward-looking statements

contained in this annual report.

All forward-looking statements included herein attributable to us or any person acting on our behalf are expressly

qualified in their entirety by the cautionary statements contained or referred to in this section. Except to the extent

required by applicable laws and regulations, we undertake no obligation to update these forward-looking statements to

reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.

•

FORWARD-LOOKING STATEMENTS

IMPORTANT INFORMATION ABOUT U.S. GAAP AND NON-GAAP FINANCIAL MEASURES

Our financial statements are prepared in accordance with United States Generally Accepted Accounting
Principles (referred to in this annual report as “U.S. GAAP” or “GAAP”). We refer in various places within this annual
report to core operating income and core operating return on average equity, which are non-GAAP measures that
are more fully explained in “Operating and Financial Review and Prospects.” The presentation of this non-GAAP
information is not meant to be considered in isolation or as a substitute for our consolidated financial results prepared
in accordance with U.S. GAAP.

FREQUENTLY USED TERMS

As used in this annual report, unless the context otherwise requires or indicates, references to “we,” “us,” “our,”
“IGI,” the “Group” and the “Company,” refer to International General Insurance Holdings Ltd., a Bermuda exempted
company, and its consolidated subsidiaries subsequent to the Business Combination and references to “IGI Dubai”
refer to our wholly owned subsidiary International General Insurance Holdings Limited, a company organized under
the laws of the Dubai International Financial Centre, on a stand-alone basis.

In this annual report:

“2020 Plan” means the 2020 Omnibus Incentive Plan of the Company.

“Amended and Restated Bye-laws” means the amended and restated bye-laws of the Company.

“Business Combination Agreement” means the Business Combination Agreement, dated as of October 10,
2019, as amended, by and among Tiberius, IGI Dubai, the Purchaser Representative, the Seller Representative and,
pursuant to a joinder thereto, the Company and Merger Sub.

“Business Combination” means the Merger, the Share Exchange and the other transactions contemplated by the

Business Combination Agreement that were completed on March 17, 2020.

“Cash Consideration” means an aggregate of $80.0 million paid to the Sellers in connection with the Share

competition, the ability of IGI to grow and manage growth profitably and IGI’s ability to retain its key

Exchange.

“Closing” means the closing of the Business Combination on March 17, 2020.

“Code” means the Internal Revenue Code of 1986, as amended.

“Companies Act” means the Companies Act of 1981 of Bermuda, as amended.

“Company” or “IGI” or “Group” means International General Insurance Holdings Ltd., a Bermuda exempted

company, which became the parent company of Tiberius and IGI Dubai as a result of the Business Combination.

“Equity Consideration” means common shares of the Company issued to the Sellers equal in value to the

Transaction Consideration minus the Cash Consideration.

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

“Exchange Shares” means common shares of the Company equal in value to the total Transaction Consideration
less $80.0 million of Cash Consideration issued to former shareholders of IGI Dubai in exchange for their IGI Dubai
shares.

“IFRS” refers to International Financial Reporting Standards as issued by the International Accounting Standards

Board (“IASB”).

“IGI Dubai” means International General Insurance Holdings Ltd., a company organized under the laws of
the Dubai International Financial Centre, which became a subsidiary of the Company as a result of the Business
Combination.

“IGI Bermuda” means International General Insurance Co. Ltd.

“IGI Europe” means International General Insurance Company (Europe) Ltd

iii

Annual Report 2023 International General Insurance Holdings Ltd. “IGI Nordic” means International General Insurance Company Nordic AS

“IGI UK” means International General Insurance Company (UK) Limited.

“Insurance Act” means the Insurance Act of 1978 of Bermuda, as amended, and related rules and regulations.

“Tiberius warrant” means a warrant to purchase one share of Tiberius common stock at a price of $11.50 per

share.

“Transaction Consideration” means the total consideration paid by the Company to the Sellers for their shares

of IGI as part of the Business Combination, consisting of Cash Consideration and Equity Consideration.

“IRS” means the Internal Revenue Service of the United States.

“USD” or “$” means the currency in dollars of the United States of America.

“Jabsheh Director” means a director appointed by Wasef Jabsheh in accordance with the Amended and Restated

“U.S. GAAP” means United States generally accepted accounting principles.

“warrant” means a warrant to purchase one common share of the Company at a price of $11.50 per share.

Bye-laws.

“Jabsheh Family” means members of Wasef Jabsheh’s immediate family and/or natural lineal descendants
of Wasef Jabsheh or a trust or other similar entity established for the exclusive benefit of Wasef Jabsheh and his
immediate family and natural lineal descendants.

“Labuan Branch” means the Labuan Branch of International General Insurance Co. Ltd.

“Merger” means the merger of Merger Sub with and into Tiberius, with Tiberius surviving such merger.

“Merger Sub” means Tiberius Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the

Company that merged with and into Tiberius as part of the Business Combination.

“Nasdaq” means the Nasdaq Capital Market.

“Non-Competition Agreement” means the Non-Competition and Non-Solicitation Agreement, dated

October 10, 2019, among Wasef Jabsheh, Tiberius and, pursuant to a joinder thereto, the Company.

“Ominvest” means Oman International Development & Investment Company SAOG.

“private warrants” means 4,500,000 warrants of the Company issued in exchange for 4,500,000 Tiberius

private warrants at the closing of the Business Combination.

“Purchaser Representative” means Lagniappe Ventures LLC, a Delaware limited liability company.

“Registration Rights Agreement” means the registration rights agreement, dated as of March 17, 2020, by and

among the Company, the Purchaser Representative, and the Sellers party thereto as “Investors” thereunder.

“Sarbanes-Oxley Act” means the U.S. Sarbanes-Oxley Act, as amended.

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the U.S. Securities Act of 1933, as amended.

“Sellers” means the shareholders of IGI who are parties to the Share Exchange Agreements.

“Seller Representative” means Wasef Jabsheh, who executed the Business Combination Agreement in his

capacity as the representative of the Sellers.

“Share Exchange” means the exchange of all of the share capital of IGI Dubai as part of the Business

Combination for a combination of our common shares and aggregate cash consideration of $80.0 million.

“Share Exchange Agreements” means the Share Exchange Agreements, dated October 10, 2019 or otherwise
prior to the Closing, by and among the holders of all of the outstanding share capital of IGI Dubai, Tiberius and the
Seller Representative and, pursuant to a joinder thereto, the Company.

“Sponsor” means Lagniappe Ventures LLC, a Delaware limited liability company.

“Sponsor Share Letter” means the letter agreement between the Sponsor, Tiberius, IGI Dubai, Wasef Jabsheh
and Argo Re Limited, dated October 10, 2019, to which the Company became a party after the date thereof by executing
and delivering a joinder thereto.

“Tiberius” means Tiberius Acquisition Corporation, a Delaware corporation, which became a subsidiary of the

Company as a result of the Business Combination, and which has subsequently been dissolved.

“Tiberius common stock” means shares of common stock of Tiberius, par value $0.0001 per share.

International General Insurance Holdings Ltd. Annual Report 2023“IGI Nordic” means International General Insurance Company Nordic AS

“IGI UK” means International General Insurance Company (UK) Limited.

“Insurance Act” means the Insurance Act of 1978 of Bermuda, as amended, and related rules and regulations.

“Tiberius warrant” means a warrant to purchase one share of Tiberius common stock at a price of $11.50 per

share.

“Transaction Consideration” means the total consideration paid by the Company to the Sellers for their shares

of IGI as part of the Business Combination, consisting of Cash Consideration and Equity Consideration.

“IRS” means the Internal Revenue Service of the United States.

“USD” or “$” means the currency in dollars of the United States of America.

“Jabsheh Director” means a director appointed by Wasef Jabsheh in accordance with the Amended and Restated

“U.S. GAAP” means United States generally accepted accounting principles.

“warrant” means a warrant to purchase one common share of the Company at a price of $11.50 per share.

Bye-laws.

“Jabsheh Family” means members of Wasef Jabsheh’s immediate family and/or natural lineal descendants

of Wasef Jabsheh or a trust or other similar entity established for the exclusive benefit of Wasef Jabsheh and his

immediate family and natural lineal descendants.