Business

IGI receives ‘excellent’ financial strength rating

According to the group, the key factors cited by AM Best in affirming IGI’s ratings were its ‘very strong’ consolidated balance sheet and a “strong” operating performance underpinned 

International General Insurance Holdings (IGI) has had its financial strength affirmed by AM Best, with a rating of A (Excellent) with a ‘Stable’ outlook. 

The ratings apply to the group’s three subsidiaries: International General Insurance Co. Ltd. (Bermuda), International General Insurance Company (UK) Ltd. and International General Insurance Company (Europe) SE. 

According to the group, the key factors cited by AM Best in affirming IGI’s ratings were its “very strong” consolidated balance sheet and a “strong” operating performance underpinned by “robust underwriting”.

In addition, IGI’s underwriting discipline was reportedly a “key factor supporting its good financial results”. 

AM Best also noted the group’s “well-diversified” business profile by line of business and geography.

IGI chairman and CEO Wasef Jabsheh said: “AM Best’s reaffirmation of our financial strength ratings at A (Excellent), with a stable outlook, recognizes the significant progress we have made in strengthening our balance sheet, and growing and diversifying our portfolio while maintaining quality profitable underwriting. 

“We are continuing to find attractive opportunities in our various markets, especially in Europe where we recently launched our European business in Malta. In keeping with our long track record,  our further expansion will be thoughtful and measured.” 

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