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%.