HAMILTON, Bermuda–(BUSINESS WIRE)–International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today reported financial results for the second quarter and first six months of 2023. Beginning on January 1, 2023, IGI’s results have been reported in accordance with Generally Accepted Accounting Principles in the United States of America (“U.S. GAAP”). As a result of the voluntary change to U.S. GAAP, the Company no longer reports financial information in accordance with IFRS. The prior period comparatives for the second quarter and first six months of 2022 have been adjusted from those previously reported to conform with the current basis of accounting under U.S. GAAP.
Highlights for the second quarter and first half of 2023 include:
|
(in millions of U.S. Dollars, except percentages and per share information) |
||||
|
|
Quarter Ended June 30, |
Six Months Ended June 30, |
||
|
|
2023 |
2022 |
2023 |
2022 |
|
Gross written premiums |
$199.6 |
$180.7 |
$373.5 |
$307.1 |
|
Net premiums earned |
$118.4 |
$96.0 |
$223.4 |
$183.4 |
|
Underwriting income |
$50.2 |
$40.3 |
$90.0 |
$82.0 |
|
Net investment income (1) |
$14.4 |
($1.4) |
$26.7 |
$0.7 |
|
Net income for the period |
$40.5 |
$22.0 |
$74.4 |
$44.2 |
|
Combined ratio (2) |
73.5% |
74.9% |
75.7% |
73.5% |
|
Earnings per share (diluted) (3) |
$0.88 |
$0.45 |
$1.59 |
$0.92 |
|
Return on average equity (annualized) (4) |
36.1% |
23.5% |
33.9% |
23.4% |
|
Core operating income (4) |
$38.1 |
$29.0 |
$67.5 |
$52.3 |
|
Core operating earnings per share (diluted) (4) |
$0.83 |
$0.60 |
$1.44 |
$1.08 |
|
Core operating return on average equity (annualized) (4) |
34.0% |
31.0% |
30.8% |
27.7% |
- See Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
- See “Supplementary Financial Information” below.
- See Note (2) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
- See the section titled “Non-GAAP Financial Measures” below.
IGI CEO Mr. Waleed Jabsheh said, “IGI produced another set of exceptional results across all key measures in the second quarter of 2023 as we continued to benefit from sustained hard market conditions in many of our reinsurance and short-tail lines, and a more favorable investment environment. This culminated in net income of $40.5 million, a 73.5% combined ratio, a 36.1% return on average equity and 34.0% core operating return on average equity in the second quarter. Most importantly, we grew book value per share by 9.3% in the three months ended June 30, and 20.3% for the first six months of 2023.”
“The trends that we saw during the first quarter of 2023 continued throughout the second quarter resulting in gross premium growth of 10.5% in the second quarter and 21.6% for the first half of 2023. We are seeing plenty of opportunities to continue to show profitable growth in reinsurance and many short-tail markets where we have deep expertise, while being cautious in other short-tail and long-tail lines where there is more competitive pressure, and remaining focused on disciplined and selective underwriting.”
“All indications are that the positive trends in many short-tail and reinsurance lines that we have experienced over the last several quarters will remain for at least the near-term and we look forward to building on this momentum in the quarters ahead, and continuing to generate sustainable long-term value for our shareholders.”
Results for the Periods ended June 30, 2023 and 2022
Net income for the quarter ended June 30, 2023 increased 84.1% to $40.5 million from $22.0 million for the quarter ended June 30, 2022. The increase in net income was primarily driven by an increase of $22.4 million in net premiums earned, and positive movement of $15.8 million in net investment income, partially offset by increased net loss and loss adjustment expenses, net policy acquisition expenses and general and administrative expenses. Return on average equity (annualized) was 36.1% for the second quarter of 2023 compared to 23.5% for the second quarter of 2022.
Core operating income, a non-GAAP measure, defined below, was $38.1 million for the quarter ended June 30, 2023, compared to $29.0 million for the comparable period in 2022. The core operating return on average equity (annualized) was 34.0% for the second quarter of 2023 compared to 31.0% for the second quarter of 2022.
Net income for the six months ended June 30, 2023 increased 68.3% to $74.4 million from $44.2 million for the six months ended June 30, 2022. The increase in net income was primarily driven by an increase of $40.0 million in net premiums earned, and positive movement of $26.0 million in net investment income, partially offset by increased net loss and loss adjustment expenses, net policy acquisition expenses and general and administrative expenses. Return on average equity (annualized) was 33.9% for the first six months of 2023 compared to 23.4% for the first six months of 2022.
Core operating income was $67.5 million for the six months ended June 30, 2023, compared to $52.3 million for the comparable period in 2022. The core operating return on average equity (annualized) was 30.8% for the first six months of 2023 compared to 27.7% for the first six months of 2022.
Underwriting Results
Underwriting income, a non-GAAP measure, increased 24.6% to $50.2 million in the second quarter of 2023 compared to $40.3 million for the second quarter of 2022, with the increase largely driven by higher net premiums earned offsetting a higher level of net loss and loss adjustment expenses and net policy acquisition expenses.
Gross written premiums were $199.6 million for the quarter ended June 30, 2023, representing an increase of 10.5% compared to gross written premiums of $180.7 million for the quarter ended June 30, 2022. The increase was driven by growth in all segments.
The loss ratio improved by 1.5 points to 38.7% for the quarter ended June 30, 2023, compared to 40.2% for the quarter ended June 30, 2022, largely the result of proportionately higher net premiums earned in the second quarter of 2023 compared to the second quarter of 2022.
The net policy acquisition expense ratio was 18.9% in the second quarter of 2023, an increase of 1.1 points when compared to 17.8% in the same quarter of 2022, as a result of proportionately higher net policy acquisition expenses in the second quarter of 2023 compared to the second quarter of 2022.
The combined ratio for the quarter ended June 30, 2023 improved by 1.4 points to 73.5% compared to 74.9% for the quarter ended June 30, 2022.
Underwriting income increased 9.8% to $90.0 million for the first six months of 2023 compared to $82.0 million for the first six months of 2022, largely the result of proportionately higher net premiums earned offsetting a higher level of net loss and loss adjustment expenses and net policy acquisition expenses.
Gross written premiums were $373.5 million for the six months ended June 30, 2023, representing an increase of 21.6% compared to gross written premiums of $307.1 million for the six months ended June 30, 2022. The increase was driven by growth in all segments.
The loss ratio was 41.9% for the six months ended June 30, 2023, compared to 36.5% for the six months ended June 30, 2022, largely driven by an increased level of losses incurred during the first six months of 2023, partially offset by proportionately higher net premiums earned in the first six months of 2023, when compared to the comparable period in 2022.
The net policy acquisition expense ratio was 17.8% in the first six months of 2023, an improvement of 1.0 point when compared to 18.8% for the same period of 2022, as a result of higher net premiums earned in the first six months of 2023 compared to the first six months of 2022.
The combined ratio for the six months ended June 30, 2023 was 75.7% compared to 73.5% for the six months ended June 30, 2022. The increase was primarily the result of a higher loss ratio during the first six months of 2023, as described above.
Segment Results
The Long-tail Segment, which represented approximately 32% of the Company’s gross written premiums for the quarter ended June 30, 2023, recorded gross written premiums for the second quarter of 2023 of $62.7 million, an increase of 4.7% compared to $59.9 million for the second quarter of 2022. Net premiums earned for the quarter ended June 30, 2023 were $41.9 million, a decrease of 2.1% compared to $42.8 million in the comparable quarter in 2022. Underwriting income was $15.9 million, a decrease of 21.7% compared to $20.3 million in the second quarter of 2022. The decline was primarily due to a higher level of net loss and loss adjustment expenses and net policy acquisition expenses and a slightly lower level of net premiums earned in the second quarter of 2023.
Gross written premiums for the first six months of 2023 were $104.7 million, relatively flat when compared to $104.6 million for the first six months of 2022. Net premiums earned for the six months ended June 30, 2023 were $82.2 million, also relatively flat compared to $81.7 million in the comparable period in 2022. Underwriting income was $27.3 million, a decrease of 27.0% compared to $37.4 million in the first six months of 2022, for the same reasons described above.
The Short-tail Segment, which represented approximately 63% of the Company’s gross written premiums for the quarter ended June 30, 2023, recorded gross written premiums of $126.5 million, reflecting an increase of 11.7% compared to $113.3 million in the second quarter of 2022. Net premiums earned were $61.8 million, an increase of 35.5% compared to $45.6 million in the comparable quarter in 2022. Underwriting income was $30.3 million, an increase of 62.9% compared to $18.6 million for the comparable quarter of 2022, driven by higher net premiums earned and improved rates in a number of lines.
Gross written premiums for the first six months of 2023 were $218.1 million, an increase of 20.5% compared to $181.0 million in the first six months of 2022. Net premiums earned increased 29.5% to $112.8 million from $87.1 million in the comparable period in 2022. Underwriting income was $59.1 million, an increase of 43.1% compared to $41.3 million for the comparable quarter of 2022, for the same reasons described above.
The Reinsurance Segment, which represented approximately 5% of the Company’s gross written premiums for the quarter ended June 30, 2023, recorded gross written premiums of $10.4 million, an increase of 38.7% compared to $7.5 million for the second quarter of 2022. Net premiums earned for the quarter ended June 30, 2023 were $14.7 million, compared to $7.6 million for the comparable quarter in 2022. Underwriting income was $4.0 million for the second quarter of 2023, compared to $1.4 million for the second quarter of 2022. The improvement in underwriting income was the result of a 93.4% increase in net premiums earned due to improved pricing in reinsurance lines in the second quarter of 2023 compared to the second quarter of 2022.
Gross written premiums for the first six months of 2023 were $50.7 million, compared to $21.5 million for the first six months of 2022. Net premiums earned were $28.4 million, compared to $14.6 million for the comparable period in 2022. Underwriting income was $3.6 million, compared to $3.3 million for the first six months of 2022. The increase in underwriting income was the result of a significant increase of 94.5% in net premiums earned in the first six months of 2023 compared to the comparable period in 2022, for the same reason described above.
Net Foreign Exchange Gain (Loss)
The gain on foreign exchange in the second quarter of 2023 was $1.8 million, compared to a loss of $5.4 million in the second quarter of 2022, both of which largely represent currency revaluation movements. The second quarter of 2023 saw a greater degree of positive currency movement in the Company’s major transactional currencies (mainly Pound Sterling and Euro) against the U.S. Dollar, when compared with negative currency movement in the second quarter of 2022.
The gain on foreign exchange in the first six months of 2023 was $3.1 million, compared to a loss of $6.8 million in the first six months of 2022.
Investment Results
Net investment income was $14.4 million in the second quarter of 2023, compared to a loss of $1.4 million in the second quarter of 2022. Investment income was $9.7 million and $4.7 million for the quarters ended June 30, 2023 and 2022, respectively, which represented an annualized investment yield of 3.9% on average total investments and cash and cash equivalents in the second quarter of 2023, compared to 2.2% in the corresponding period in 2022. The increase in net investment income was primarily attributable to (a) the growth in interest income, driven by the rise in interest rates compared to the same period of 2022, and (b) the change in the net unrealized gain (loss) on equity investments from a loss of $6.2 million in the second quarter of 2022 to a gain of $4.9 million in the same period of 2023. Net investment income was $26.7 million in the first six months of 2023, compared to $0.7 million in the first six months of 2022. Investment income was $18.4 million and $8.6 million for the six months ended June 30, 2023 and 2022, respectively, which represented an annualized investment yield of 3.7% on average total investments and cash and cash equivalents in the first half of 2023, compared to a 2.0% annualized investment yield in the corresponding period in 2022. The increase in net investment income was primarily attributable to the reasons described above.
Total Shareholders’ Equity
Total shareholders’ equity at June 30, 2023 was $466.8 million, compared to $411.0 million at December 31, 2022. The movement in total shareholders’ equity during the quarter and six months ended June 30, 2023 is illustrated below:
|
(in millions of U.S. Dollars) |
Quarter Ended June 30, 2023 |
Six Months Ended June 30, 2023 |
|
Total Shareholders’ equity at beginning of period |
$430.2 |
$411.0 |
|
Net income for the period |
$40.5 |
$74.4 |
|
Unrealized gains (losses) arising during the period for available-for-sale investments |
($1.4) |
$4.8 |
|
Purchase of treasury shares |
($2.8) |
($23.8) |
|
Issuance of common shares under share-based compensation plan |
$0.8 |
$1.4 |
|
Cash dividends declared during the period |
($0.5) |
($1.0) |
|
Total shareholders’ equity at June 30, 2023 |
$466.8 |
$466.8 |
Book value per share was $10.91 at June 30, 2023, compared to $9.07 at December 31, 2022.
In the second quarter of 2023, the Company repurchased approximately 320,960 common shares at an average price per share of $8.61. In the first six months of 2023, the Company repurchased 2,768,775 common shares at an average price per share of $8.50. The Company has approximately 1.9 million common shares remaining under its existing 5 million common share repurchase authorization.
International General Insurance Holdings Ltd.
Condensed Consolidated Statements of Income (Unaudited)
|
|
Quarter Ended June 30, |
Six Months Ended June 30, |
||||||
|
(in millions of U.S. Dollars except per share data) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
||||
|
Gross written premiums………………………………………………………. |
$199.6 |
$180.7 |
$373.5 |
$307.1 |
||||
|
Ceded written premiums…………………………………………………….. |
($48.4) |
($52.3) |
($81.4) |
($85.0) |
||||
|
Net written premiums………………………………………………………… |
$151.2 |
$128.4 |
$292.1 |
$222.1 |
||||
|
Net change in unearned premiums……………………………………… |
($32.8) |
($32.4) |
($68.7) |
($38.7) |
||||
|
Net premiums earned…………………………………………………………. |
$118.4 |
$96.0 |
$223.4 |
$183.4 |
||||
|
Investment Income(1)…………………………………………………………… |
$9.7 |
$4.7 |
$18.4 |
$8.6 |
||||
|
Net realized loss on investments(1)………………………………………. |
($0.1) |
– |
– |
– |
||||
|
Net unrealized gain (loss) on investments(1)………………………… |
$4.5 |
($6.3) |
$7.9 |
($7.2) |
||||
|
Change in allowance for credit losses on investments(1)……… |
$0.3 |
$0.2 |
$0.4 |
($0.7) |
||||
|
Change in fair value of derivative financial liabilities…………… |
($3.3) |
$3.4 |
($3.4) |
$5.3 |
||||
|
Other revenues …………………………………………………………………… |
$0.4 |
$0.4 |
$1.1 |
$1.2 |
||||
|
Total revenues ……………………………………………………………………. |
$129.9 |
$98.4 |
$247.8 |
$190.6 |
||||
|
Expenses …………………………………………………………………………….. |
|
|
|
|
||||
|
Net loss and loss adjustment expenses ………………………………. |
($45.8) |
($38.6) |
($93.7) |
($67.0) |
||||
|
Net policy acquisition expenses ………………………………………….. |
($22.4) |
($17.1) |
($39.7) |
($34.4) |
||||
|
General & Administrative expenses…………………………………….. |
($18.8) |
($16.2) |
($35.8) |
($33.3) |
||||
|
Change in allowance for credit losses on financial assets……. |
($1.0) |
$1.3 |
($0.9) |
($2.2) |
||||
|
Other expenses …………………………………………………………………… |
($0.8) |
($0.7) |
($1.6) |
($2.0) |
||||
|
Net Foreign exchange gain (loss)…………………………………………. |
$1.8 |
($5.4) |
$3.1 |
($6.8) |
||||
|
Total expenses…………………………………………………………………….. |
($87.0) |
($76.7) |
($168.6) |
($145.7) |
||||
|
Net income before tax………………………………………………………… |
$42.9 |
$21.7 |
$79.2 |
$44.9 |
||||
|
Income tax Expense ……………………………………………………………. |
($2.4) |
$0.3 |
($4.8) |
($0.7) |
||||
|
Net income for the period …………………………………………………. |
$40.5 |
$22.0 |
$74.4 |
$44.2 |
||||
|
Diluted earnings per share attributable to equity holders (2) |
$0.88 |
$0.45 |
$1.59 |
$0.92 |
||||
See “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
International General Insurance Holdings Ltd.
Condensed Consolidated Balance Sheets
|
(in millions of U.S. Dollars) |
As at June 30, 2023 (Unaudited) |
As at December 31, 2022 (Unaudited) |
|
|
ASSETS |
|
|
|
|
Investments |
|
|
|
|
Fixed maturity securities available-for-sale, at fair value |
$590.0 |
$489.1 |
|
|
Fixed maturity securities held to maturity |
$2.0 |
$2.0 |
|
|
Equity securities, at fair value |
$42.9 |
$31.4 |
|
|
Other investments |
$11.4 |
$12.2 |
|
|
Short-term investments |
$176.2 |
$265.7 |
|
|
Term Deposits |
$35.9 |
$31.3 |
|
|
Equity-method investments measured at fair value |
$3.6 |
$4.9 |
|
|
Cash and cash equivalents |
$170.4 |
$122.2 |
|
|
Accrued investment income |
$11.4 |
$6.3 |
|
|
Premiums receivables |
$281.8 |
$216.0 |
|
|
Reinsurance recoverables |
$202.6 |
$188.8 |
|
|
Ceded unearned premiums |
$79.8 |
$93.2 |
|
|
Deferred policy acquisition costs, net of ceding commissions |
$65.0 |
$59.5 |
|
|
Deferred tax assets |
$4.9 |
$5.8 |
|
|
Other assets |
$55.5 |
$52.0 |
|
|
TOTAL ASSETS |
$1,733.4 |
$1,580.4 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Reserve for unpaid loss and loss adjustment expenses |
$685.0 |
$636.2 |
|
|
Unearned premiums |
$445.6 |
$390.2 |
|
|
Other liabilities |
$23.4 |
$28.8 |
|
|
Insurance and reinsurance payables |
$85.4 |
$90.4 |
|
|
Derivative financial liabilities |
$27.2 |
$23.8 |
|
|
TOTAL LIABILITIES |
$1,266.6 |
$1,169.4 |
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY |
|
|
|
|
Common shares at par value |
$0.4 |
$0.5 |
|
|
Additional paid-in capital |
$125.8 |
$147.9 |
|
|
Treasury shares |
($0.3) |
– |
|
|
Accumulated other comprehensive income, net of taxes |
|
|
|
|
Foreign currency translation reserve |
($0.4) |
($0.4) |
|
|
Fair value reserve |
($39.0) |
($43.8) |
|
|
Retained earnings |
$380.3 |
$306.8 |
|
|
TOTAL SHAREHOLDERS’ EQUITY |
$466.8 |
$411.0 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$1,733.4 |
$1,580.4 |
See “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
Supplementary Financial Information – Combined Ratio (Unaudited)
International General Insurance Holdings Ltd.
|
|
Quarter Ended June 30, |
Six Months Ended June 30, |
||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
||||
|
Loss ratio (a)………………………………………………….. . |
38.7% |
40.2% |
41.9% |
36.5% |
||||
|
Net policy acquisition expense ratio (b)…………………………… |
18.9% |
17.8% |
17.8% |
18.8% |
||||
|
General and administrative expense ratio (c)………………….. |
15.9% |
16.9% |
16.0% |
18.2% |
||||
|
Expense ratio (d)……………………………………………… |
34.8% |
34.7% |
33.8% |
37.0% |
||||
|
Combined ratio (e)…………………………………………… |
73.5% |
74.9% |
75.7% |
73.5% |
||||
(a) Represents net loss and loss adjustment expenses as a percentage of net premiums earned. The split of loss ratio between current accident year, current year Catastrophe (“CAT”) losses, which are included in ‘Net loss and loss adjustment expenses’, and prior years’ loss development is as follows:
|
|
Quarter Ended June 30, |
Six Months Ended June 30, |
||||||||||||||
|
|
2023 |
2022 |
2023 |
2022 |
||||||||||||
|
(in millions of U.S. Dollars, except percentages) |
Net loss and loss adjustment expenses |
% of net premiums earned |
Net loss and loss adjustment expenses |
% of net premiums earned |
Net loss and loss adjustment expenses |
% of net premiums earned |
Net loss and loss adjustment expenses |
% of net premiums earned |
||||||||
|
Current year net incurred claims |
$45.8 |
38.7% |
$38.6 |
40.2% |
$93.7 |
41.9% |
$67.0 |
36.5% |
||||||||
|
Minus: Current accident year CAT losses |
$9.6 |
8.1% |
$0.4 |
0.4% |
$24.0 |
10.7% |
$5.6 |
3.1% |
||||||||
|
Minus: Effect of prior years’ development |
($15.5) |
(13.1%) |
($5.5) |
(5.7%) |
($27.5) |
(12.3%) |
($23.1) |
(12.6%) |
||||||||
|
Current accident year (before CAT losses) |
$51.7 |
43.7% |
$43.7 |
45.5% |
$97.2 |
43.5% |
$84.5 |
46.0%
|
||||||||
(b) Represents net policy acquisition expenses as a percentage of net premiums earned.
(c) Represents general and administrative expenses as a percentage of net premiums earned.
(d) Represents the sum of the net policy acquisition expenses ratio and the general and administrative expense ratio.
(e) Represents the sum of the loss ratio and the expense ratio.
International General Insurance Holdings Ltd.
Supplementary Financial Information – Book Value per Share (Unaudited)
|
(in millions of U.S. Dollars, except share and per share data) |
As at June 30, 2023 |
As at December 31, 2022 |
||
|
Investments………………………………………………………………………………………….. |
$862.0 |
$836.6 |
||
|
Cash and cash equivalents……………………………………………………………………. |
$170.4 |
$122.2 |
||
|
Total investments and cash and cash equivalents………………………………. |
$1,032.4 |
$958.8 |
||
|
|
|
|
||
|
Common shares outstanding (in millions)* …………………………………………. |
46.6 |
49.0 |
||
|
Minus: Unvested shares (in millions)** ………………………………………………. |
3.8 |
3.7 |
||
|
Number of vested common outstanding shares (in millions) (a) ………. |
42.8 |
45.3 |
||
|
|
|
|
||
|
Total shareholders’ equity (b) …………………………………………………………… |
$466.8 |
$411.0 |
||
|
Book value per share (b)/(a) ……………………………………………………………. |
$10.91 |
$9.07 |
* Common shares issued and outstanding as at June 30, 2023 and December 31, 2022 are as follows:
|
|
No. of shares as at |
|
|
|
June 30, 2023 |
|
|
Vested common shares as of December 31, 2022 |
45,308,596 |
|
|
Vested restricted share awards |
283,859 |
|
|
Cancelled treasury shares |
(2,741,477) |
|
|
Treasury shares balance as of June 30, 2023 |
(31,966) |
|
|
Total vested common shares as of June 30, 2023 |
42,819,012 |
|
|
|
|
|
|
Unvested earnout shares as of June 30, 2023 |
3,012,500 |
|
|
Unvested restricted share awards as of June 30, 2023 |
762,322 |
|
|
Total unvested shares as of June 30, 2023 |
3,774,822 |
|
|
Total common shares outstanding |
46,593,834 |
|
|
No. of shares as at |
|
|
|
December 31, 2022 |
|
|
Vested common shares as of December 31, 2021 |
45,471,084 |
|
|
Vested restricted share awards |
146,386 |
|
|
Cancelled treasury shares |
(308,874) |
|
|
Treasury shares balance as of December 31, 2022 |
(1,668) |
|
|
Total vested common shares as of December 31, 2022 |
45,306,928 |
|
|
|
|
|
|
Unvested earnout shares as of December 31, 2022 |
3,012,500 |
|
|
Unvested restricted share awards as of December 31, 2022 |
667,181 |
|
|
Total unvested shares as of December 31, 2022 |
3,679,681 |
|
|
Total common shares outstanding |
48,986,609 |
** Earnout Shares are subject to vesting at stock prices ranging from $11.
Contacts
IGI Contacts:
Investors:
Robin Sidders, Head of Investor Relations
T: + 44 (0) 2072 204937
M: + 44 (0) 7384 514785
Email: [email protected]
Media:
Aaida Abu Jaber, AVP PR & Marketing
T: +96265662082 Ext. 407
M: +962770415540
