International General Insurance (IGI) has reported a 27% increase in gross written premiums (GWP) to $236.5m (£180.4m) for the six months ended 30 June.
GWP also increased to $137.3m (£104.7m) for the quarter ended June 30, an increase of 29.2% compared with $106.3m (£81.1m) during the same quarter last year.
The increase in gross written premiums during the quarter was the result of new business generated across virtually all lines, as well as improved renewal pricing. It said that given “firming market conditions”, the company also took the opportunity to “further refine” its existing portfolio, achieving improved terms and conditions.
Net profit after tax for the six months ended June 30 was $11.2m (£8.5m), compared with the net profit after tax of $14.9m (£11.3m) recorded in 2019. Core operating income also reached $23.7m (£18.1m) for the half-year period.
IGI chairman and CEO, Wasef Jabsheh, said: “We are very pleased with our strong performance in the second quarter and first half of 2020, particularly as we, along with the rest of the world, continue to navigate the effects of the Covid-19 pandemic.
“While we are hearing and reading of new lockdown measures in some of the jurisdictions where we operate, our view of the financial impact of the Covid-19 pandemic on IGI currently remains unchanged.”
He added: “Our underwriting results, reflected in a combined ratio of 82.6% for the half year, clearly demonstrate the strength of our technical capabilities and our ability to respond quickly to firming rates and conditions, particularly in those markets that are seeing the most significant changes.
“As expected, we continued to see rate increases in virtually every line of business we write during the second quarter, culminating in an overall average rate improvement of more than 19% across our book of business, enabling us to make further refinements to our existing portfolio while writing new business, including our new U.S. E&S portfolio.”