IGI’s existing AM Best & S&P ratings assigned to new Malta-based subsidary
Authored by IGI
International General Insurance Holdings Ltd. has announced that the financial strength ratings of the IGI group have been assigned to the Company’s new European subsidiary in Malta.
S&P Global Ratings has assigned an “A-” financial strength rating to International General Insurance Company (Europe) SE (“IGI Europe”), while AM Best has assigned an “A” (Excellent) financial strength rating to the Malta-based subsidiary. Both ratings have a stable outlook.
IGI Europe, which is a subsidiary of Bermuda-based International General Insurance Co. Ltd., was granted licensing by the Malta Financial Services Authority (“MFSA”) to begin writing business across Europe in July 2021.
IGI Europe CEO Keith Mallia-Milanes said, “Securing these equalized ratings from S&P and AM Best is an important step forward for IGI Europe. Our European subsidiary is obviously strategically important to the IGI group as it provides the Company access to business across Europe.”
“Europe is an attractive growth region for IGI, and I and the rest of the Malta team look forward to developing the Company’s European presence and platform in the months and years to come,” Mr. Mallia-Milanes said, adding, “We are already very pleased with the level of interest from clients and brokers in developing our European business.”
Both S&P and AM Best cited IGI Europe’s strategic relationship to and support from IGI as key factors in its decisions, as well as IGI’s balance sheet strength and its track record of strong operating performance.
About IGI
Established in 2001, International General Insurance (IGI) is a global privately-owned specialist commercial insurer and reinsurer. Our vision is to be the company of choice for clients and brokers through market-leading service and our reputation for stable management and capital security.
A diverse and highly experienced team of underwriters operates our office in London. We also have offices in Dubai, Amman, Casablanca and Kuala Lumpur.
Our diverse portfolio of specialty lines includes Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, Aviation, Professional Indemnity, Political Violence, Legal Expenses, D&O, Casualty, Forestry and Treaty Reinsurance.
Standard and Poor’s upgraded our financial strength rating to “A- “, with a Stable outlook. A.M. Best rated the company A- (Excellent), with a Positive outlook, stating, “the revised outlook reflects IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework.”
We take pride in providing proactive claims management, coupled with open communication, leading to the efficient handling of claims. We endeavour to act fairly and honourably in our relations with clients and brokers.