A.M. Best Affirms Ratings Of IGI Bermuda
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].
A.M. Best, which released the rating on Thursday, July 2, also has affirmed the ICR of “bbb-”of International General Insurance Holdings Limited [IGIH] [United Arab Emirates]. The outlook for all ratings remains stable.
In its release, A.M. Best said: “The ratings of IGI reflect its solid risk-adjusted capitalisation, consistently good technical performance and diversified business profile. The ratings of IGI UK benefit from rating enhancement from IGI, given its strategic importance to the group. “
A.M. Best also said that IGI’s risk-adjusted capitalisation remained solid and benefited from a conservative investment portfolio and a reinsurance panel of good credit quality. It added: “A.M. Best expects IGI’s capital position to be further strengthened by high earnings retention, maintaining a sufficient capital buffer to absorb the company’s strategic initiatives over the next two years.”
“We are delighted with the rating affirmation,” said Wasef Jabsheh, CEO & Vice Chairman of IGIH. “We are continuing to diversify our business lines whilst expanding geographically. A.M. Best pointed to our growing platform that allows us access to a spread of risks.”
Andreas Loucaides, CEO of IGI [UK], went on to say: “We are writing high quality business and the rating recognises the strength of the backing we have from our Bermuda-based parent. The business is in robust health and is growing.”
In March Standard & Poor’s assigned its ‘A-‘ long-term counter-party credit and insurer strength rating of IGI Bermuda, and later assigned IGI UK an ‘A-‘ financial strength rating. It also assigned a stable outlook on both companies.
