IGI reports Q3 2020 condensed and unaudited financial results
International General Insurance Holdings Ltd has announced condensed and unaudited financial results for the third quarter and first nine months of 2020.
Highlights for the third quarter and first nine months of 2020 include:
IGI Chairman and CEO Mr. Wasef Jabsheh said, “We are pleased to share another set of strong financial results for the third quarter and first nine months of 2020.”
“With the continued uncertainty in global financial markets caused by the COVID-19 pandemic and the frequency worldwide of catastrophe events continuing unabated, it is a testament to IGI’s diversified business profile, risk management, targeted business focus and broad geographic footprint that the Company has not been severely affected either financially or operationally in 2020. Our focus on successfully executing our strategy, the provision of excellent service to our clients and partners, and our inherent financial strength gives us confidence that we will maintain our track record of maximizing value for shareholders over the long-term.”
“The pricing environment remains robust – with rates across our book of business up over 21% for the year-to-date – and we continue to thoughtfully, carefully, and profitably grow our book of business, as demonstrated by the 29.8% increase in gross written premiums so far this year. We remain cautious in managing our net exposures to minimize our overall risk profile, and again, this is demonstrated in our combined ratio of 93.7% for the third quarter and 86.5% for the year-to-date. I congratulate all our people across our various offices for the excellent results achieved in what, particularly operationally, has been a very demanding year for IGI.”
To read the full statement CLICK HERE
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.