IGI reports Third Quarter and Nine Months 2022 condensed and unaudited financial results
IGI Chairman and CEO Mr. Wasef Jabsheh said, “IGI recorded another strong set of results in the third quarter of 2022, continuing the momentum of the prior two quarters, and culminating in a combined ratio of 73.6% and a core operating return on average shareholders’ equity of 26.9% for the first nine months of 2022.”
“Market conditions and rates are holding up across our portfolio and we continue to grow at a steady pace, with gross written premiums up more than 11% year-to-date. As always, our primary focus is on profitable growth, diversification and managing volatility.”
“As we look ahead to 2023, we continue to closely monitor the broader economic effects of rising inflation and interest rates as well as foreign exchange movements. The effect of the strengthening U.S. Dollar against our transactional currencies, the Pound Sterling and the Euro, particularly in our long-tail business which accounts for about a third of our total gross premiums, was evident in prior quarterly results and is again evident in the third quarter, resulting in a positive impact on our underwriting results.”
“We expect to see further opportunities to continue on our profitable growth trajectory, particularly after the headline events of the third quarter, which we expect will positively impact rates in some of our markets. While we were less impacted than others in our industry by these catastrophic events - in particular the devastation of Hurricane Ian - they once again provide a reminder of why we do what we do - to provide peace of mind in times of uncertainty. That is our purpose and our commitment at IGI and it is what enhances the value that we provide to our customers and our shareholders.”
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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.