IGI AM Best rating upgraded to A (Excellent)
Rating agency AM Best has upgraded the financial strength and credit rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” from “a-” of International General Insurance Co Ltd., (IGICL) (Bermuda) and International General Insurance Company (UK) Limited (IGIUK) (United Kingdom). The outlook of these Credit Ratings is stable.
AM Best said that the rating upgrade reflected IGI’s balance sheet strength, which AM Best categorises as “very strong”, as well as citing its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).
AM Best said in its report: “The upgrade reflects IGI’s resilient operating results, which have been driven by robust underwriting performance over the longer term. The company has a five-year average combined ratio of 90% (2014-2018) despite the impact of catastrophe losses in 2017. AM Best views IGI’s underwriting discipline as a key driver of its good financial results.”
“We are delighted to have received an ‘A’ rating from AM Best,” said Mr Wasef Jabsheh, Chief Executive Officer and Vice Chairman of IGI. “This is a significant achievement for IGI, and the upgrade is a recognition of the company’s commitment to underwriting discipline and focus on profitability over top-line growth.”
“AM Best pointed to IGI’s balance sheet strength assessment that is underpinned by risk-adjusted capitalisation at ‘the strongest level’ and pointed to our good liquidity and conservative investment portfolio.”
Mr. Jabsheh went on to say: “IGI’s team of dedicated and committed professionals has been the backbone of our success and has allowed the company to achieve what it has so far in its evolution.”
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.
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