A.M. Best Affirms Ratings of International General Insurance Holdings Limited and Its Subsidiaries
Insurance and reinsurance rating agency A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating (ICR) “A-” of International General Insurance Company Limited (IGI) (Bermuda) and International General Insurance Company (UK) Limited (IGI UK) (United Kingdom).
The news follows rating agency Standard & Poor’s also reaffirming its “A-” insurer financial strength rating and counterparty credit ratings on IGI’s Bermuda and UK operations earlier this month.
A.M. Best said the ratings of IGI “reflect its solid risk-adjusted capitalisation, consistently good technical performance and diversified business profile”.
“We are delighted with the rating affirmation,” said Wasef Jabsheh, CEO of IGI. “A.M. Best pointed to our prudent risk selection and focus on profitability over top-line growth. We are writing high quality business and the rating recognises the strength of our philosophy and strategy.”
“We are continuing to expand geographically whilst diversifying our product range. The business is in robust health and is growing.”
A.M. Best said that IGI has demonstrated a track record of good operating performance, generating a net profit of USD 35 million in 2015, which was consistent with 2014.
“IGI’s earnings are driven by strong technical performance with a five-year average combined ratio of 84% and stable investment income generated by IGI’s conservative investment strategy,” A.M Best said.
A.M. Best also acknowledged that IGI UK is seen as fundamental to IGI’s overall strategy. “The ratings of IGI UK benefit from rating enhancement from IGI, given its strategic importance to the group,” A.M. Best said.
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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