COMP <GO>

IGIC vs BOW // EV/EBITDA & P/E VALUATION

International General Insurance Holdings Ltd. Ordinary Share (NASDAQ) VS. Bowhead Specialty Holdings Inc. (NYSE) • 15-METRIC TALLY: IGIC 4 — BOW 4

■ METRIC PARITY

IGIC — International General Insurance Holdings Ltd. Ordinary Share ROARABLE D+ • RQD 58/100

LAST: $24.67 (+1.69%) • MKT CAP: $1.06B

DES <GO> FA <GO> 10-K RED <GO>

valuation

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BOW — Bowhead Specialty Holdings Inc. ROARABLE C • RQD 62/100

LAST: $34.13 (-0.23%) • MKT CAP: $1.12B

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (IGIC VS. BOW) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	IGIC	BOW	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	17.90%	12.00%	+5.90	IGIC	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	10.23%	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	24.60%	9.80%	+14.80	IGIC	/net-margins <GO>
Revenue Growth (YoY)	-4.10%	29.60%	-33.70	BOW	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	4.37%	0.00%	+4.37	IGIC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	3/9	6/9	-3.00	BOW	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	43.1	52.9	-9.77	BOW	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	7.7x	17.6x	-9.90	IGIC	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.06B	$1.12B	-$67.4M	BOW	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	IGIC REV	BOW REV	IGIC GROSS %	BOW GROSS %	IGIC FCF	BOW FCF
FY 2025	$516.9M	$551.6M	—	—	$108.1M	$326.0M
FY 2024	$539.0M	$425.7M	—	—	$209.5M	$291.2M
FY 2023	$499.2M	$283.4M	—	—	$196.6M	$236.2M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

IGIC // BETA —

BOW // BETA —