Standard & Poor’s reaffirms IGI’s A- rating with stable outlook
Standard & Poor’s (S&P) Global Ratings has confirmed the financial strength rating of A- with a stable outlook for International General Insurance (IGI), the global specialist commercial insurer and reinsurer.
IGI also had its long-term issuer credit rating of A- reaffirmed by S&P. Both ratings remain unchanged from 2018.
“We are delighted to have our A-/Stable rating confirmed,” said Wasef Jabsheh, Vice Chairman and Chief Executive Officer at IGI. “IGI works hard to maintain a truly global company, with strong results, excellent management and sensible underwriting, matched with an increased adoption of technology and innovation.”
In March, IGI reported a solid set of full-year results for 2018. The company saw gross written premium (GWP) rise by 9.5% to US $301.56 million in 2018, compared to US $275.3 million the year before. The Group also announced a 237% increase in net profit to US$ 26.47 million from US $7.86 million as at 31 December 2017. The combined operating ratio was 88.97%, down from last year’s figure of 103.08%.
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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