LONDON--(BUSINESS WIRE)--
Insurance and reinsurance rating agency A.M. Best has affirmed the
financial strength rating of A- (Excellent) and the issuer credit rating
(ICR) “A-” of International General Insurance Company Limited (IGI)
(Bermuda) and International General Insurance Company (UK) Limited (IGI
UK) (United Kingdom).
The news follows rating agency Standard & Poor’s also reaffirming its
“A-” insurer financial strength rating and counterparty credit ratings
on IGI’s Bermuda and UK operations earlier this month.
A.M. Best said the ratings of IGI “reflect its solid risk-adjusted
capitalisation, consistently good technical performance and diversified
business profile”.
“We are delighted with the rating affirmation,” said Wasef Jabsheh, CEO
of IGI. “A.M. Best pointed to our prudent risk selection and focus on
profitability over top-line growth. We are writing high quality business
and the rating recognises the strength of our philosophy and strategy.”
“We are continuing to expand geographically whilst diversifying our
product range. The business is in robust health and is growing.”
A.M. Best said that IGI has demonstrated a track record of good
operating performance, generating a net profit of USD 35 million in
2015, which was consistent with 2014.
“IGI’s earnings are driven by strong technical performance with a
five-year average combined ratio of 84% and stable investment income
generated by IGI’s conservative investment strategy,” A.M Best said.
A.M. Best also acknowledged that IGI UK is seen as fundamental to IGI’s
overall strategy. “The ratings of IGI UK benefit from rating enhancement
from IGI, given its strategic importance to the group,” A.M. Best said.
Issued by rein4ce on behalf of IGI UK.
About IGI:
International General Insurance Holdings Limited (IGIH) is registered in
the Dubai International Financial Centre (DIFC) with operations in
Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the
U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary
Authority (BMA). This subsidiary is the principal underwriting entity
for the Group. The Group also has a branch in Labuan, Malaysia,
registered as a second-tier offshore reinsurer.
Both IGI Bermuda and IGI UK are rated A- with a stable outlook by
Standard & Poor’s and A- (Excellent) with a stable outlook by A.M Best
Company.
IGI Group of companies underwrites a worldwide portfolio of energy,
property, marine, engineering, casualty, financial institutions, general
aviation, ports & terminals, political violence, forestry, and
proportional reinsurance treaty business with the main geographical
focus being the Afro-Asian markets.
IGIH has assets in excess of US$ 761 million as at 31st December,
2015.
For more information, please visit www.iginsure.com
or email info@iginsure.com
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