The 3.0% stock gain reflects modest investor approval of IGI’s disciplined underwriting amid challenging conditions, with resilience shown in improved underwriting income and combined ratio despite geopolitical headwinds and a decline in premiums.

• Gross written premiums declined 4.5% year-over-year to $197.2 million, influenced by cycle management and the nonrenewal of two reinsurance programs.
• Underwriting income rose 35.1% to $37.7 million, driving an improved combined ratio of 89.1%, down 5.3 points from Q1 2025 and in line with long-term averages.
• The combined ratio included about $15 million of net losses related to the Middle East conflict, alongside 29 points of favorable prior year reserve development.
• Return on average equity stood at 12.7%, with core ROE at 14.3%, consistent with historical performance.
• Book value per share slightly declined to $15.60 after nearly $65 million was returned to shareholders through dividends and share repurchases.