HAMILTON, Bermuda-Saturday 7 September 2019 [ AETOS Wire ]
(BUSINESS WIRE)
-- Rating agency AM Best has upgraded the financial strength and credit
rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer
Credit Rating (Long-Term ICR) to “a” from “a-” of International General
Insurance Co Ltd., (IGICL) (Bermuda) and International General Insurance
Company (UK) Limited (IGIUK) (United Kingdom). The outlook of these
Credit Ratings is stable.
AM Best said
that the rating upgrade reflected IGI’s balance sheet strength, which AM
Best categorises as “very strong”, as well as citing its strong
operating performance, limited business profile and appropriate
enterprise risk management (ERM).
AM Best said
in its report: “The upgrade reflects IGI’s resilient operating results,
which have been driven by robust underwriting performance over the
longer term. The company has a five-year average combined ratio of 90%
(2014-2018) despite the impact of catastrophe losses in 2017. AM Best
views IGI’s underwriting discipline as a key driver of its good
financial results.”
“We are
delighted to have received an ‘A’ rating from AM Best,” said Mr Wasef
Jabsheh, Chief Executive Officer and Vice Chairman of IGI. “This is a
significant achievement for IGI, and the upgrade is a recognition of the
company’s commitment to underwriting discipline and focus on
profitability over top-line growth.”
“AM Best
pointed to IGI’s balance sheet strength assessment that is underpinned
by risk-adjusted capitalisation at ‘the strongest level’ and pointed to
our good liquidity and conservative investment portfolio.”
Mr. Jabsheh
went on to say: “IGI’s team of dedicated and committed professionals has
been the backbone of our success and has allowed the company to achieve
what it has so far in its evolution.”
Issued by Rein4ce on behalf of International General Insurance Holding Limited.
About IGI:
International
General Insurance Holdings Limited is registered in the Dubai
International Financial Centre (DIFC) with operations in Bermuda,
Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
IGI Bermuda
is a class 3B (re)insurer regulated by the Bermuda Monetary Authority
(BMA). This subsidiary is the principal underwriting entity for the
Group. The Group also has a branch in Labuan, Malaysia, registered as a
second-tier offshore reinsurer.
Both IGI
Bermuda and IGI UK are rated A- with a stable outlook by Standard &
Poor’s and A (Excellent) with a stable outlook by AM Best.
IGI Group of
companies underwrites a worldwide portfolio of energy, property,
engineering, casualty, legal expenses, directors and officers, financial
institutions, general aviation, ports & terminals, marine
liability, political violence, forestry and reinsurance treaty business.
International General Insurance Holdings Limited had assets in excess of US$ 950 million as at 30th June 2019.
For more information, please visit www.iginsure.com or email info@iginsure.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190906005105/en/Contacts
Sarah Hills
+44 (0)7718 882011
sarah.hills@rein4ce.co.uk.
Aaida Abu Jaber, PR & Marketing Manager, IGI
T: +96265662082 Ext. 407
M: +962770415540
Email: Aaida.AbuJaber@iginsure.com
No comments:
Post a Comment