S&P Reaffirms ‘A-’ Ratings For IGI Bermuda
Standard & Poor’s Ratings Services [S&P] reaffirmed the “A-” insurer financial strength and counterparty credit ratings on International General Insurance Company Ltd [IGI]’s Bermuda and “A-” insurer financial strength rating for UK operations and affirmed its stable outlook.
In March last year, S&P upgraded the Group’s financial strength ratings to “A-” from “BBB+” after IGI outperformed the ratings agency’s expectations in 2014.
S&P said it now regards both IGI Bermuda and IGI UK as “core operating companies” within the IGI Group, and the A- ratings were affirmed because of the “group’s strong financial risk profile and satisfactory business risk profile”.
“Despite highly competitive market conditions, we believe the IGI Group is establishing a successful track-record of strong, stable technical and overall earnings [2015 post-tax net income: US$35.0 million; 2014: US$34.3 million] and we assess its capital and earnings as very strong overall,” S&P said.
“We are delighted to have our rating re-affirmed,” said Wasef Jabsheh, Chief Executive Officer of IGI. “It reflects our strong results, prudent management and the disciplined underwriting that underpins the company’s success.”
In 2015, IGI Group wrote US $242.3 million of gross premiums, supported by US $284.9 million of reported shareholders’ funds, and generated US $35.0 million of post-tax net income.
Andreas Loucaides, Chief Executive Officer of IGI UK, said: “We are very pleased with this announcement. This affirmation will enhance our market standing and strengthen our relationship with core brokers and clients and will help us on our next stage of prudent and well-managed growth.”
