BUZZ-RBC Capital resumes coverage on International General Insurance with 'outperform'

Reuters12-16
BUZZ-RBC Capital resumes coverage on International General Insurance with 'outperform'

** RBC Capital Markets resumes coverage of International General Insurance IGIC.O with an "outperform" rating and a $28 PT, which implies a 12.4% upside from stock's last close

** Brokerage cites strong underwriting track record and a cautious management in a softening insurance market

** IGIC has consistently delivered better-than-industry margins for more than 20 years — a key strength as insurers face rising competition and slowing premium growth, brokerage says

** Company is managing the softening insurance market cautiously, holding back on growth and keeping its focus on profitability as global pricing power weakens - RBC

** One analyst rates the stock "strong buy"; median PT $32 - data compiled by LSEG

** As of last close, shares up 8.3% YTD

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))

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