Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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 and branches. This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the recent unaudited interim condensed consolidated financial statements of the Company as at and for the half-year ended June 30, 2024, and the press release included in the Form 6-K dated 6 August, 2024 which discusses the half year 2024 condensed unaudited financial results, in addition to the audited consolidated financial statements of the Company for the year ended December 31, 2023 and Item 5 “Operating and financial Review and Prospects” reported by the Company in its Annual Report filed with the SEC.

The financial information contained herein is taken or derived from such consolidated financial statements, unless otherwise indicated.

OVERVIEW

See Note 1 to the unaudited condensed consolidated financial statements of the Company and the Introduction section of Item 5 of the 2023 Annual Report on Form 20-F for an overview of the Company.

RESULTS OF OPERATIONS

The following section reviews IGI’s results of operations during the six months ended June 30, 2024 and 2023. The discussion includes presentations of IGI’s results on a consolidated basis and on a segment-by-segment basis.

Results of Operations — Consolidated

The following summarizes IGI’s results of operations for the six month periods ended June 30, 2024 and 2023 which should be read in conjunction with the Company’s unaudited interim condensed consolidated statements of income and comprehensive income and notes thereto for the six months ended June 30, 2024 and 2023 included separately within this Form 6-K.

Six months ended June 30, 2024 compared to six months ended June 30, 2023 (Consolidated)

Net income for the period

Net income for the period decreased from $74.4 million in the six months ended June 30, 2023 to $70.7 million in the six months ended June 30, 2024. The decrease in net income was primarily driven by the increase in net loss and loss adjustment expenses of $5.6 million, general and administrative expenses of $8.8 million and change in net foreign exchange (loss) gain of $7.0 million, partially offset by the increase in net premiums earned of $13.0 million, and positive movement of $2.1 million in net investment income, as discussed further below. 

Gross written premiums

Gross written premiums increased 3.7% from $373.5 million in the six months ended June 30, 2023 to $387.2 million in the six months ended June 30, 2024. This was primarily due to 6.1% growth (or $13.3 million) in the specialty short-tail segment, and 28.4% growth (or $14.4 million) in the reinsurance segment, partially offset by a 13.4% decrease (or $14.0 million) in the specialty long-tail segment. The increase in gross written premiums was the result of new business generated across most of the lines in our short-tail segment and our reinsurance segment, supported by the increase in overall premium renewal rates in these segments and benefitting from sustained hard market conditions in many of our reinsurance and short-tail lines.

Ceded written premiums

Ceded written premiums increased 15.2% from $81.4 million in the six months ended June 30, 2023 to $93.8 million in the six months ended June 30, 2024. This increase was primarily due to higher facultative reinsurance purchases recorded under the short-tail segment.

Net change in unearned premiums

Net change in unearned premiums decreased 17.0% from $68.7 million in the six months ended June 30, 2023 to $57.0 million in the six months ended June 30, 2024. The decrease in net change in unearned premiums was attributable to the decrease in net written premiums in our long-tail segment and the increase in ceded written premiums under our short-tail segment, both of which caused a lower level of net change in unearned premiums on a comparative basis.

Net premiums earned

As a result of the foregoing, net premiums earned increased 5.8% from $223.4 million in the six months ended June 30, 2023 to $236.4 million in the six months ended June 30, 2024.

Net investment income

Net investment income increased from $26.7 million in the six months ended June 30, 2023 to $28.8 million in the six months ended June 30, 2024 as a result of the following:

Investment income

Investment income (comprised of interest and dividend income, net of investment custodian fees and other investment expenses) increased 35.3% from $18.4 million in the six months ended June 30, 2023 to $24.9 million in the six months ended June 30, 2024. This was primarily due to a $6.4 million increase in interest income which was attributable to the rise in interest rates compared to the same period of 2023 along with a greater amount of funds invested in fixed maturity securities and bank term deposits combined together. 

Net unrealized gain on investments

Net unrealized gain on investments reflects a net gain of $3.9 million in the six months ended June 30, 2024 compared to $7.9 million in the six months ended June 30, 2023. This change was primarily due to a less favorable mark to market revaluation gain recorded on equity securities during the six months ended June 30, 2024 compared to the same period in 2023.

Net loss and loss adjustment expenses

Net loss and loss adjustment expenses represent claims occurring during the period, adjusted either upward or downward based on the prior period’s adverse (or favorable) development in claims, as follows:

Net loss and loss adjustment expenses increased 6.0% from $93.7 million in the six months ended June 30, 2023 to $99.3 million in the six months ended June 30, 2024. This was primarily due to the increase in current accident year losses in our short-tail and long-tail segments in the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The increase in current accident year losses was partially offset by higher favorable development on loss reserves from prior accident years.

IGI’s loss ratio, derived by dividing Net premiums earned by Net loss and loss adjustment expenses, was 41.9% for the six months ended June 30, 2023, relatively flat when compared to 42.0% for the six months ended June 30, 2024.

The tables below outline incurred losses on catastrophe events in the six months ended June 30, 2024 and 2023.

Net policy acquisition expenses 

Net policy acquisition expenses increased 0.3% from $39.7 million in the six months ended June 30, 2023 to $39.8 million in the six months ended June 30, 2024. The net policy acquisition expense ratio, derived by dividing Net premiums earned by Net policy acquisition expenses, for the six months ended June 30, 2023 was 17.8% compared to 16.8% for the six months ended June 30, 2024.

Change in allowance for expected credit losses on receivables

Change in allowance for expected credit losses on financial assets increased from $0.9 million in the six months ended June 30, 2023 to $1.6 million for the six months ended June 30, 2024.

General and administrative expenses

General and administrative expenses increased by 24.6% from $35.8 million in the six months ended June 30, 2023 to $44.6 million in the six months ended June 30, 2024. This was primarily caused by increased employee-related costs and IT related expenses.

Net foreign exchange (loss) gain

Net foreign exchange (loss) gain amounted to a loss of $3.9 million in the six months ended June 30, 2024 compared to a gain of $3.1 million in the six months ended June 30, 2023. The six months ended June 30, 2024 saw a negative currency movement in the Company’s major transactional currencies, primarily the Pound Sterling and the Euro, against the U.S. Dollar. 

Results of Operations — Segments

The following segment results should be read in conjunction with the Company’s unaudited segment results for the six months ended June 30, 2024 and 2023 presented within the Supplementary Financial Information to the condensed consolidated financial statements for the half year to June 30, 2024 included within IGI’s August 6, 2024 press release.

Specialty Long-tail Segment

The following table summarizes the results of operations of IGI’s specialty long-tail segment for the six month periods ended June 30, 2024 and 2023:

Gross written premiums

Gross written premiums in the specialty long-tail segment decreased from $104.7 million in the six months ended June 30, 2023 to $90.7 million in the six months ended June 30, 2024. This was primarily due to the decline in new business because of the Company’s cautious and selective approach driven by the softness in the market for this segment.

Ceded written premiums

Ceded written premiums in the specialty long-tail segment decreased from an expense of $29.5 million in the six months ended June 30, 2023 compared to an expense of $26.5 million in the six months ended June 30, 2024, in line with the decrease in gross written premiums.

Net change in unearned premiums

Net change in unearned premiums in the specialty long-tail segment increased by 34.3% from income of $7.0 million in the six months ended June 30, 2023 to income of $9.4 million in the six months ended June 30, 2024. The increase was primarily driven by our inherent defects insurance line of business, which contributed to a majority of the unearned premiums released during the six months ended June 30, 2024 as a result of ceasing to write this business.

Net premiums earned 

As a result of the foregoing, net premiums earned in the specialty long-tail segment decreased 10.5% from $82.2 million in the six months ended June 30, 2023 to $73.6 million in the six months ended June 30, 2024. 

Net loss and loss adjustment expenses 

Net loss and loss adjustment expenses in the specialty long-tail segment decreased by 11.0% from $37.4 million in the six months ended June 30, 2023 to $33.3 million in the six months ended June 30, 2024. This was primarily due to $10.4 million of higher favorable development on loss reserves from prior accident years in this segment, partially offset by a $6.3 million increase in current accident losses on a comparative basis.

The loss ratio in the long-tail segment was 45.5% and 45.2% in the six months ended June 30, 2023 and 2024, respectively.

Net policy acquisition expenses

Net policy acquisition expenses in the specialty long-tail segment decreased by 19.4% from $17.5 million in the six months ended June 30, 2023 to $14.1 million in the six months ended June 30, 2024, in line with the decrease in gross written premiums in this segment.

The net policy acquisition expense ratio for the six months ended June 30, 2023 was 21.3% compared to 19.2% for the six months ended June 30, 2024. 

Results of Operations — Specialty Short-tail Segment

The following table summarizes the results of operations of IGI’s specialty short-tail segment for the periods indicated:

Gross written premiums

Gross written premiums in the specialty short-tail segment increased by 6.1% from $218.1 million in the six months ended June 30, 2023 to $231.4 million in the six months ended June 30, 2024. This was primarily due to the growth in gross written premiums in most of the lines, offset by the lines that contracted in this segment.

 Ceded written premiums

Ceded written premiums in the specialty short-tail segment increased by 26.8% from $51.9 million in the six months ended June 30, 2023 to $65.8 million in the six months ended June 30, 2024. This increase was primarily due to higher facultative reinsurance purchases recorded.

Net change in unearned premiums

Net change in unearned premiums decreased from expense of $53.4 million in the six months ended June 30, 2023 to expense of $39.4 million in the six months ended June 30, 2024. This decrease was attributable to a higher level of reinsurance ceded premiums under the short-tail segment on a comparative basis causing a lower level of change in unearned premiums on a net basis.

Net premiums earned

As a result of the foregoing, net premiums earned in the specialty short-tail segment increased by 11.9% from $112.8 million in the six months ended June 30, 2023 to $126.2 million in the six months ended June 30, 2024.  

Net loss and loss adjustment expenses

Net loss and loss adjustment expenses in the specialty short-tail segment increased by 35.4% from $36.4 million in the six months ended June 30, 2023 to $49.3 million in the six months ended June 30, 2024. This was primarily due to the increase in current accident year losses of $15.4 million within this segment on a comparative basis, which also included a higher level of catastrophe losses, mainly related to the earthquake in Taiwan. The increase in current accident year losses was partially offset by $2.5 million of more favorable development on loss reserves from prior accident years in the six months ended June 30, 2024 compared to the six months ended June 30, 2023.

The loss ratio increased by 6.8 percentage points to 39.1% during the six months ended June 30, 2024 as compared to 32.3% during the six months ended June 30, 2023 due to proportionately higher net loss and loss adjustment expenses in the first six months of 2024, when compared to the comparable period in 2023.

Net policy acquisition expenses

Net policy acquisition expenses in the specialty short-tail segment increased by 17.9% from $17.3 million in the six months ended June 30, 2023 to $20.4 million in the six months ended June 30, 2024 in line with the growth in premiums written.

The net policy acquisition expense ratio for the six months ended June 30, 2023 was 15.3% compared to 16.2% for the six months ended June 30, 2024. 

Results of Operations — Reinsurance Segment

The following table summarizes the results of operations of IGI’s reinsurance segment for the periods indicated:

Gross written premiums

Gross written premiums in the reinsurance segment increased 28.4% from $50.7 million in the six months ended June 30, 2023 to $65.1 million in the six months ended June 30, 2024 benefitting from growth in both new business premiums and renewal premiums under proportional and non-proportional lines of business. Also, growth in gross written premiums was supported by the increase in average renewal premium rates of 4.1%. 

Net change in unearned premiums

Net change in unearned premiums in the reinsurance segment increased from expense of $22.3 million in the six months ended June 30, 2023 to expense of $27.0 million in the six months ended June 30, 2024. This increase was attributable to the increase in net written premiums in this segment, with the majority of the increase contributed by new insurance policies incepted in the first half of 2024.

Net premiums earned

As a result of the foregoing, net premiums earned in the reinsurance segment increased 28.9% from $28.4 million in the six months ended June 30, 2023 to $36.6 million in the six months ended June 30, 2024. 

Net loss and loss adjustment expenses

Net loss and loss adjustment expenses in the reinsurance segment decreased 16.1% from $19.9 million in the six months ended June 30, 2023 to $16.7 million in the six months ended June 30, 2024. This was primarily due to the decrease in current year accident year losses by $2.1 million on a comparative basis coupled with $1.1 million of more favorable development on loss reserves from prior accident years in the six months ended June 30, 2024 compared to the six months ended June 30, 2023. 

Net policy acquisition expenses

Net policy acquisition expenses in the reinsurance segment increased by 8.2% from $4.9 million in the six months ended June 30, 2023 to $5.3 million in the six months ended June 30, 2024.

The net policy acquisition expense ratio for the six months ended June 30, 2023 was 17.3% compared to 14.5% for the six months ended June 30, 2024.

Non-GAAP Financial Measures

In presenting our results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP measures, which may be defined and calculated differently by other companies, explain and enhance investor understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.

Core operating income

“Core operating income” measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amount of these gains and losses is heavily influenced by, and fluctuates in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premium growth, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company’s exposure to loss through favorable risk selection and diversification, IGI’s management of claims, the use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses.

In addition to presenting profit for the period determined in accordance with GAAP, we believe that showing “core operating income” provides investors with a valuable measure of profitability and enables investors, rating agencies and other users of our financial information to more easily analyze the Company’s results in a manner similar to how management analyzes the Company’s underlying business performance. Core operating income is calculated by the addition or subtraction of certain income statement line items from net income for the period, the most directly comparable GAAP financial measure, as illustrated in the table below:

Return on average equity and core operating return on average equity, which are both non-GAAP financial measures, represent the returns generated on common shareholders’ equity during the period. Our objective is to generate superior returns on capital that appropriately reward shareholders for the risks assumed.

The following is a reconciliation of net income for the period to core operating income together with calculations of return on average equity and core operating return on average equity and basic and diluted operating earnings per share metrics:

Liquidity and Capital Resources

Our principal sources of capital are equity and external reinsurance. The principal sources of funds for our operations are insurance and reinsurance premiums and investment returns. The principal uses of our funds are to pay claims benefits, related expenses, other operating costs and dividends to shareholders.

We have not historically incurred debt. As of June 30, 2024, we had $3.6 million of letters of credit outstanding to the order of reinsurance companies for collateralizing insurance contract liabilities in accordance with reinsurance arrangements. 

We have historically paid regular dividends to our shareholders. The payment of dividends is subject to approval by the Company’s board of directors and will depend on numerous factors, including our results of operations, market conditions, regulatory requirements, contractual obligations, legal restrictions and other relevant factors. The most recent dividends paid per share for the first half of 2024 were $0.510 and $0.025 per share in April and June 2024, respectively.

In May 2022 the board of directors approved a share repurchase program of up to 5 million shares and in June 2024, increased the Company’s existing share repurchase authorization by 2.5 million to 7.5 million shares of its issued and outstanding common stock. There can be no assurance that the Company will repurchase all 7.5 million shares pursuant to this authorization or as to the timing of any purchases. During the six months ended June 30, 2024, the Company repurchased an aggregate of 927,033 shares for a total cost of $12.6 million. See Note 7 to the interim condensed consolidated financial statements for further details.

Our overall capital requirements are based on regulatory capital adequacy and solvency margins and ratios imposed by the Bermuda Monetary Authority (BMA), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority of the Bank of England (PRA) in the United Kingdom and the Malta Financial Services Authority (MFSA). In addition, we set our own internal capital policies. Our overall capital requirements can be impacted by a variety of factors including economic conditions, business mix, the composition of our investment portfolio, year-to-year movements in net reserves, our reinsurance program and regulatory requirements. Historically, we have met the external regulatory and internal capital requirements.

We are a holding company with no direct source of operating income. We are therefore dependent on our capital raising abilities and dividend payments from our subsidiaries. The ability of our subsidiaries to distribute cash to us to pay dividends is limited by regulatory capital requirements.

We target group capitalization in excess of A/A- rating requirements under both the AM Best and S&P models, respectively. In addition, we maintain a solvency ratio above 120% of the group capital requirement under the solvency capital rules of the Bermuda Monetary Authority for the group. We have historically held capital and maintained an annual solvency ratio above the minimum required for the group. 

Cash flows

IGI has three main sources of cash flows: operating activities, investing activities and financing activities.

Our operations generate cash flow as a result of the receipt of premiums in advance of the time when claim payments are required. Net cash from operating activities, together with other available sources of liquidity, historically has enabled us to meet our long-term liquidity requirements.

The movement in net cash provided by or used in operating, investing and financing activities and the effect of foreign currency rate changes on cash and cash equivalents is provided in the following table:

Net cash flows from operating activities

Net cash flows from operating activities increased to a net cash inflow of $120.7 million in the six months ended June 30, 2024 from $87.8 million in the six months ended June 30, 2023. This increase was largely driven by the higher level of net premiums written in excess of net claim payments and acquisition costs paid. 

Net cash flows used in investing activities

Net cash flows used in investing activities increased to a net cash outflow of $93.2 million in the six months ended June 30, 2024 from $15.3 million in the six months ended June 30, 2023. This was primarily due to the decrease in the term deposits and short-term investments combined, which was supported by higher purchases of fixed maturity securities available-for-sale.

Net cash flows used in financing activities

Net cash flows used in financing activities increased to a net cash outflow of $36.9 million in the six months ended June 30, 2024 from $25.0 million in the six months ended June 30, 2023. The cash outflow from financing activities in the six months ended June 30, 2024 included a dividend payment of $24.4 million. The cash outflow from financing activities in the six months ended June 30, 2024 also included a repurchase of common shares under our share repurchase program of $12.6 million compared to $23.8 million for the same period of 2023.

Investments

Our primary investment objectives are to maintain liquidity, preserve capital and generate a stable level of investment income. We purchase securities that we believe are attractive on a relative value basis and seek to generate returns in excess of predetermined benchmarks. Our investment strategy is established by our investment committee and has been approved by our board of directors. The strategy is comprised of high-level objectives and prescribed investment guidelines which govern asset allocation. In accordance with our investment guidelines, we maintain certain minimum thresholds of cash, short-term investments, and highly-rated fixed maturity securities relative to our consolidated net reserves and estimates of probable maximum loss exposures to provide necessary liquidity in a wide range of reasonable scenarios. As such, we structure our managed cash and investment portfolio to support policyholder reserves and contingent risk exposures with a liquid portfolio of high quality fixed-income investments with a comparable duration profile.

We manage most of our investment portfolio in-house, with the exception of approximately $23.4 million which is managed by a third-party investment advisor. Our investment team is responsible for implementing the investment strategy as set by the investment committee established by our management and routinely monitors the portfolio to ensure that these parameters are met. 

The fair value of our investments, cash and cash equivalents and restricted cash as of June 30, 2024 and December 31, 2023 was as follows:

The following table shows the distribution of bonds and debt securities with fixed interest rates according to the international rating agencies’ classifications as of June 30, 2024:

The following table summarizes our investment yield as of June 30, 2023 and 2024: 

For comparison, the following are the coupon returns for the Barclays U.S. Aggregate Bond Index and the dividend returns for the S&P 500® Index as of June 30, 2024:

The cost or amortized cost and carrying value of our fixed-maturity investments as of June 30, 2024 is presented below by contractual maturity. Actual maturities could differ from contractual maturities because borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.

Reinsurance 

The description of our reinsurance purchases and PMLs have not materially changed from those reported in the 2023 Annual Report on 20-F.

Our reinsurance strategy has remained unchanged since December 31, 2023.

Reinsurance Recoverables

At June 30, 2024, approximately 83.9% of IGI’s reinsurance recoverables on unpaid and paid losses (not including ceded unearned premiums) of $210.6 million were due from carriers which had a “A-” or higher rating from a major rating agency. The largest reinsurance recoverables from any one carrier was approximately 5.9% of total shareholders’ equity available to IGI at June 30, 2024.

The following table shows credit ratings of our top 5 reinsurers as of June 30, 2024 and the reinsurance recoverable from such reinsurers as of both June 30, 2024 and December 31, 2023 (dollars in millions):

Reserves

The following should be read in conjunction with the information reported in the “Reserves” section of Item 5 of the Company’s 2023 Annual Report on Form 20-F. There have been no material changes to the reserving policy or methodology described in the 20-F in the first half of 2024.

IGI Booked Reserves

The following table provides a reconciliation of the beginning of period and end of period reserves for the six months ended June 30, 2024, and the reserve surplus and deficiencies recognized over this period. 

The following table sets out our claims reserving provisions including ULAE as of June 30, 2024 compared to December 31, 2023:

Change in Case Reserves, IBNR and ULAE

During the six months ended June 30, 2024, net ultimate losses increased by $140.8 million for accident year 2024 and decreased by $41.5m million for accident year 2023 and prior accident years. The decrease in prior years was split between $22.0m for the short-tail business, $15.0m for the long-tail business, and $4.4m for the reinsurance book.

Assumptions regarding future inflation have been updated to reflect the increase in the costs of goods and some services and an anticipated resulting change in wage related costs. Refer to the “Effects of Inflation” section in Item 5 of the Company’s 2023 Annual Report on Form 20-F for further information on the effects of inflation related to reserving.

The decrease in the short-tail book was primarily due to favorable catastrophe experience in the 2023 accident year. The decrease in the long-tail book was driven by favorable claims experience on the 2018 and 2020-2023 accident years. This was partially offset by unfavorable experience on the 2019 accident year.

Reserve releases/strengthening

There have been no significant changes to the information disclosed in the 2023 Annual Report on Form 20-F in Item 5 under the “Best Estimate”, “Booked Reserves”, “Time value of money”, and “Reserve Strengthening/Reserving Release” sections.

Increases in Reserves/Decreases in Reserves: The size of reserves is determined by many factors. Key drivers that cause increases in the volume of reserves held remain unchanged from those reported in the 2023 Annual Report on Form 20-F. 

As of June 30, 2024, IGI had $289.6 million of incurred but not reported (IBNR) loss reserves including ULAE, net of reinsurance.

Ultimate Claims Development 

The table below shows the development of IGI’s net ultimate losses and loss adjustment expenses by accident year.

For additional information about our reserves and reserves development, see Note 4 to IGI’s unaudited interim consolidated financial statements.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes in our critical accounting estimates described in the 2023 Annual Report on Form 20-F during the six months ended June 30, 2024.

Trend Information 

Other than as disclosed in the Company’s 2023 Annual Report on Form 20-F filed with the SEC, in this “Management’s Discussion and Analysis,” and in the separate unaudited “Interim Condensed Consolidated Financial statements” for the first half of 2024, we are not aware of any significant trends, uncertainties, demands, commitments or events that have a material effect on our net revenues, income, profitability, liquidity or capital reserves, or that causes the reported financial information to be not necessarily indicative of future operating results or financial conditions.