LONDON--(BUSINESS WIRE/AETOSWire)-- 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.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190626005309/en/ *Source: AETOSWire