Jul. 31 at 4:06 PM
The 1.16B Insurer Most Investors Have Never Heard Of
$IGIC rarely makes headlines, but its financial performance has been difficult to ignore. The specialty insurer focuses on commercial property, casualty, energy, engineering, marine, aviation, and financial risks across the Middle East, Asia, Africa, Europe, and Latin America.
The numbers stand out. Revenue increased from 177M in 2017 to 539M in 2024, with the last twelve months at roughly 514M, representing about 190% total growth and a CAGR of 13.8%. Net income climbed from 7M to 135M over the same period, with 127M over the last twelve months, a gain of more than 1,700% and a CAGR of 43.6%.
At a 1.16B market cap and roughly 1B enterprise value, IGIC trades at 9.9x earnings, 1.8x book value, 2.0x EV to sales, 8.2x EV to EBITDA, and 9.8x free cash flow. For a specialty insurer with disciplined underwriting and consistent profitability, these valuation metrics remain below many peers, making IGIC a name worth watching.
