Today: October 19, 2017, 6:28 pm
  
Business

AM Best Gives International General Insurance Group a Positive Outlook and Affirms Rating

PR-Inside.com: 2017-08-09 14:05:02

AM Best Gives International General Insurance Group a Positive Outlook and Affirms Rating

IGI
Sarah Mortimer
T: +44 (0)7718 882011
Email: sarah.mortimer@rein4ce.co.uk.
or
Aaida Abu Jaber
PR & Marketing Manager
T: +96265662082 Ext. 311
M: +962770415540
Email: Aaida.AbuJaber@iginsure.com

Rating agency AM Best has revised the outlooks from stable to positive and affirmed the financial strength rating of A- (Excellent) for International General Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company (UK) Limited (IGI UK), the international specialist commercial insurer and reinsurer.

AM Best said the revised outlooks “reflect IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework.”

The rating agency also said IGI’s very strong operating performance was demonstrated by a five-year average return on capital and surplus of 12.6%, and has been driven by strong technical performance and stable investment income.

“We could not be more delighted at our outlook being uplifted to positive,” said Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI. “This is a significant achievement as we are operating in a very tough environment at the moment, and the revision to positive is a recognition of underwriting discipline, prudent growth, our great management team and all the hard work of our staff.”

The agency said in a release: “IGI has shown commitment to prudent risk selection with a focus on profitability over top-line growth. The credit ratings of IGI reflects its excellent risk-adjusted capitalisation and diversified business profile.”

IGI reported net income of $32.1 million in 2016 (2015: $35.0 million), a net combined ratio of 87.08%, and total comprehensive income (inclusive of investment gains) of $40.7 million (2015: $18.4 million). Gross written premiums stood at $231.4 million for the year.

A.M. Best said it expects IGI to continue to “manage its capital position at an excellent level, with retained earnings adequately matching any additional capital requirements from business growth over the medium term”.

It added: “Key management decisions will be supported by IGI’s recent advancements in its capital modelling and stress testing capabilities. IGI continues to diversify its business through the introduction of new products whilst expanding its operating platforms worldwide. This allows the company to access risks across a broad geographic spread.”

Ends

Issued by rein4ce on behalf of International General Insurance Holding Limited.

About IGI:

International General Insurance Holdings Limited is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, UAE, 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 positive outlook by A.M Best Company.

IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, political violence, forestry and reinsurance treaty business with the main geographical focus being the Afro-Asian markets.

International General Insurance Holdings Limited had assets in excess of US$ 818 million as at 31st December, 2016.

For more information, please visit www.iginsure.com or email info@iginsure.com

Press Information


Published by
Hossam Abdel-Kader
+43 1 9582319
e-mail
www.pr-inside.com/



# 633 Words
Related Articles
More From The Author
Outotec achieved EcoVadis Gold rating in supplier [..]
OUTOTEC OYJ  PRESS RELEASE  AUGUST 9, 2017  at 2.00 PM   Outotec achieved EcoVadis Gold rating in supplier CSR assessment [..]
Merus to Present at the 2017 Wedbush [..]
UTRECHT, The Netherlands, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Merus N.V. (Nasdaq:MRUS), a clinical-stage immuno-oncology company developing [..]
Sky9 Capital Announces the Addition of Chay, [..]
HONG KONG, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Sky9 Capital, a leading China venture capital firm, announced that China industry veterans [..]
Bestinver Gestion, S.A. SGIIC's indirect holdings in [..]
Tikkurila OyjStock Exchange ReleaseAugust 9, 2017 at 1:00 p.m. (CET+1) Bestinver Gestion, S.A. SGIIC's indirect holdings in [..]
Neustar Supports Strong Global Growth with Five [..]
Neustar : The new partners - SoftShell : The nodes in Frankfurt and Amsterdam have increased Neustar’s EMEA network capacity [..]
 
More From Business
New Silkroutes Group to Acquire 66% Stake [..]
SINGAPORE, Oct 19, 2017 - (ACN Newswire) - New Silkroutes Group Limited ("NSG") announced today that New Silkroutes Capital [..]
The 30th AVCJ Private Equity & Venture [..]
HONG KONG - (ACN Newswire) - The 30th Anniversary of the AVCJ Private Equity & Venture Forum ("AVCJ Forum") will [..]
Winter is Coming So ‘Batten Down the [..]
As the warning from the wildly popular series, Game of Thrones says, “Winter is coming” and it is a good [..]
Buro Seating Introduces Mentor Chairs in Australia
Buro Seating, a leading wholesaler of quality ergonomic seating in Australia, is launching the Mentor chair this month. This [..]
World's Largest Electronics Marketplace Opens in Hong [..]
HONG KONG, Oct 13, 2017 - (ACN Newswire) - The 37th HKTDC Hong Kong Electronics Fair (Autumn Edition), organised by [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.