S&P Reaffirms Its ‘A-’ Financial Strength and Counterparty Credit Ratings for IGI Bermuda and ‘A-’ Financial Strength Rating for IGI UK
Standard & Poor’s Ratings Services (S&P) reaffirmed the “A-” insurer financial strength and counterparty credit ratings on International General Insurance Company Ltd (IGI)’s Bermuda and “A-” insurer financial strength rating for UK operations and affirmed its stable outlook.
In March last year, S&P upgraded the Group’s financial strength ratings to “A-” from “BBB+” after IGI outperformed the ratings agency's expectations in 2014.
S&P said it now regards both IGI Bermuda and IGI UK as “core operating companies” within the IGI Group, and the A- ratings were affirmed because of the “group's strong financial risk profile and satisfactory business risk profile”.
“Despite highly competitive market conditions, we believe the IGI Group is establishing a successful track-record of strong, stable technical and overall earnings (2015 post-tax net income: US$35.0 million; 2014: US$34.3 million) and we assess its capital and earnings as very strong overall,” S&P said.
“We are delighted to have our rating re-affirmed,” said Wasef Jabsheh, Chief Executive Officer of IGI. “It reflects our strong results, prudent management and the disciplined underwriting that underpins the company’s success.”
In 2015, IGI Group wrote US $242.3 million of gross premiums, supported by US $284.9 million of reported shareholders' funds, and generated US $35.0 million of post-tax net income.
Andreas Loucaides, Chief Executive Officer of IGI UK, said: “We are very pleased with this announcement. This affirmation will enhance our market standing and strengthen our relationship with core brokers and clients and will help us on our next stage of prudent and well-managed growth.”
Issued by rein4ce on behalf of IGI UK.
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook by A.M Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry, and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
IGIH has assets in excess of US$ 761 million as at 31st December, 2015.
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