A.M. Best Reaffirms IGI’s Financial Strength Rating of A- (Excellent)
HAMILTON, Bermuda--(BUSINESS WIRE)--Aug 22, 2018--Rating agency A.M. Best has reaffirmed the financial strength rating of A- (Excellent) with a positive outlook for International General Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company (UK) Limited (IGI UK), the global specialist commercial insurer and reinsurer.
A.M. Best said the positive outlook reflects “IGI’s record of strong operating results, driven by generally robust underwriting profitability and stable investment income”.
The rating agency also said IGI’s balance sheet strength assessment was underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
In addition, A.M. Best praised IGI’s Enterprise Risk Management (ERM) framework, calling it “well-developed” and its risk management capabilities “aligned appropriately with its risk profile”.
A.M. Best also believes that “IGI’s capital buffer will sufficiently support its strategic initiatives over the next three years (2018-2020).”
“We are pleased to have received from AM Best the A- (Excellent) with a positive outlook rating.” said Mr Wasef Jabsheh, Chief Executive Officer of IGI. AM Best stated IGI has achieved strong underwriting profitability in challenging market conditions. “The positive outlooks reflect the expectation that the company will generate strong profitability, while maintaining its balance sheet strength at a very strong level,” A.M Best said.
Issued by rein4ce on behalf of International General Insurance Holding Limited.
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, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business.
International General Insurance Holdings Limited had assets in excess of US$ 900 million as at 30th June 2018.
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PUB: 08/22/2018 04:23 AM/DISC: 08/22/2018 04:23 AM