International General Insurance Holdings Ltd reported a fall in first-quarter profits as it sustained losses related to the war in the Middle East.

The Bermudian-based specialty insurer and reinsurer saw net income fell to $21.7 million from $27.3 million in the same period last year. Gross written premiums also slipped to $197.2 million, compared with $206.5 million in the first quarter of 2025, largely due to the non-renewal of two sizeable reinsurance programmes.

IGI posted underwriting income of $37.7 million for the first quarter, up from $27.9 million a year earlier, while its combined ratio improved to 89.1 per cent from 94.4 per cent. The company said disciplined underwriting and lower loss expenses helped drive the improvement.

Catastrophe losses totalled $21.3 million during the quarter, primarily linked to the ongoing conflict in the Middle East and a large energy-related loss. Even so, the insurer improved its loss ratio to 49.3 per cent from 55.5 per cent a year earlier.

Waleed Jabsheh, IGI Group’s chief executive officer, said the company’s results demonstrated “consistent and disciplined execution” despite war-related losses. He added that IGI remained focused on profitable growth.

IGI said it returned nearly $65 million to shareholders during the quarter through dividends and share buybacks, including an extraordinary dividend of $1.15 per share. Total shareholders’ equity stood at $653.6 million at the end of March, down from $710.2 million at the close of 2025.

• This story was generated by machine and edited by The Royal Gazette newsroom