Standard & Poor’s Reaffirms IGI’s A- Rating With Stable Outlook

LONDON-Thursday 27 June 2019 [ AETOS Wire ]

(BUSINESS WIRE) -- Standard & Poor’s (S&P) Global Ratings has confirmed the financial strength rating of A- with a stable outlook for International General Insurance (IGI), the global specialist commercial insurer and reinsurer.

IGI also had its long-term issuer credit rating of A- reaffirmed by S&P. Both ratings remain unchanged from 2018.

“We are delighted to have our A-/Stable rating confirmed,” said Wasef Jabsheh, Vice Chairman and Chief Executive Officer at IGI. “IGI works hard to maintain a truly global company, with strong results, excellent management and sensible underwriting, matched with an increased adoption of technology and innovation.”

In March, IGI reported a solid set of full-year results for 2018. The company saw gross written premium (GWP) rise by 9.5% to US $301.56 million in 2018, compared to US $275.3 million the year before. The Group also announced a 237% increase in net profit to US$ 26.47 million from US $7.86 million as at 31 December 2017. The combined operating ratio was 88.97%, down from last year’s figure of 103.08%.

 

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 positive outlook by A.M Best Company.

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$ 907 million as at 31 December 2018.

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/20190626005309/en/

Contacts

For further information, call Sarah Hills on +44 (0)7718 882011 or email sarah.hills@rein4ce.co.uk.

Aaida Abu Jaber, PR & Marketing Manager, IGI

T: +96265662082 Ext. 311

M: +962770415540

Email: Aaida.AbuJaber@iginsure.com

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