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.”
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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.