A.M. Best Affirms Ratings Of IGI And Subsidiaries
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].
The news follows rating agency Standard & Poor’s also reaffirming its “A-” insurer financial strength rating and counterparty credit ratings on IGI’s Bermuda and UK operations earlier this month.
A.M. Best said the ratings of IGI “reflect its solid risk-adjusted capitalisation, consistently good technical performance and diversified business profile”.
“We are delighted with the rating affirmation,” said Wasef Jabsheh, Chief Executive Officer of IGI. “A.M. Best pointed to our prudent risk selection and focus on profitability over top-line growth. We are writing high quality business and the rating recognises the strength of our philosophy and strategy.”
“We are continuing to expand geographically whilst diversifying our product range. The business is in robust health and is growing.”
A.M. Best said that IGI has demonstrated a track record of good operating performance, generating a net profit of USD 35 million in 2015, which was consistent with 2014.
“IGI’s earnings are driven by strong technical performance with a five-year average combined ratio of 84% and stable investment income generated by IGI’s conservative investment strategy,” A.M Best said.
A.M. Best also acknowledged that IGI UK is seen as fundamental to IGI’s overall strategy. “The ratings of IGI UK benefit from rating enhancement from IGI, given its strategic importance to the group,” A.M. Best said.
