IGI update on the Covid-19 pandemic
International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) has provided an update on the potential impacts of the COVID-19 pandemic and resulting uncertainties.
As the worldwide impact of the COVID-19 pandemic continues to evolve at a rapid pace, IGI’s first priority remains the health, safety and well-being of all its people and their families, and maintaining its ability to effectively serve clients, policyholders, business partners, vendors, and other stakeholders.
The Company enacted business continuity plans in each of the jurisdictions where it operates - Amman, London, Dubai, Casablanca, Labuan, and Kuala Lumpur - and all IGI employees worldwide are working from home for reasons related to the COVID-19 pandemic, including as a result of government-ordered restrictions. The Company is fully operational with teams utilizing virtual meeting and collaboration tools to stay connected and responsive both internally and externally.
Due to the scope and speed at which this situation continues to change, the significant uncertainty and volatility in the financial and capital markets, and the constantly evolving actions by governments and companies to the developing situation, it is premature at this time for the Company to reasonably evaluate the potential effects and impacts of the COVID-19 pandemic on our business.
IGI’s capital position was strengthened by the recently completed business combination with Tiberius Acquisition Corporation on March 17, 2020, when IGI became a public company listed on the Nasdaq Capital Market. At the time of closing, approximately $41 million of equity capital was added to IGI’s balance sheet. The Company has significant cash on its balance sheet, a strong liquidity position, and solvency comfortably in excess of applicable regulatory requirements.
On March 23, 2020, the Company updated its Risk Factors to include a risk factor related to public health crises, illness, epidemics and pandemics, in particular the COVID-19 pandemic. This information can be found in the Company’s report on Form 20-F filed with the SEC on March 23, 2020 and available at www.sec.gov and on IGI’s website at www.iginsure.com in the Investor section.
The Company is continuing to monitor the market and economic uncertainty that has arisen as a result of the COVID-19 pandemic, and any potential impacts to IGI’s business. IGI will continue to provide updates on this evolving situation.
Authored by IGI
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.