HAMILTON, Bermuda--(BUSINESS
WIRE/AETOS Wire)-- Rating agency S&P Global has confirmed the financial
strength and counterparty credit rating of A-/Stable for International General
Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company
(UK) Limited (IGI UK), the international specialist commercial insurer and
reinsurer, and affirmed its stable outlook.
S&P Global gave IGI a “strong”
financial risk profile based on its view that its capital and earnings are
“very strong”, its risk position moderate and its financial flexibility
adequate.
“We are delighted to have our
A-/Stable rating confirmed,” said Wasef Jabsheh, Vice Chairman and Chief
Executive Officer of IGI. “We have worked tirelessly to create a truly global
company, with strong results, excellent management and disciplined
underwriting. We have a programme of prudent, well-managed growth and this
rating is confirmation that we are succeeding in this.”
IGI reported net income of $32.1
million in 2016 (2015: $35.0 million), a net combined ratio of 87.08%, and
total comprehensive income (inclusive of investment gains) of $40.7 million
(2015: $18.4 million). Gross written premiums stood at $231.4 million for the
year.
In its report, S&P Global said
the company “maintains a track record of very strong capital and earnings, with
modelled risk-based capital adequacy ratios likely to remain extremely strong”.
It said that despite “highly competitive” market conditions, the group reported
satisfactory net income during 2016.
“Increasing sophistication is now
apparent in all areas of activity, from planning to risk management. Particular
progress is being made in areas such as claims controls, risk measurement and
pricing, catastrophe modelling, capital modelling, and general management
information systems. The result has been increasingly consistent, stable, and
profitable growth despite highly competitive market conditions.”
S&P Global added: “The companies
that comprise the IGI Group are regulated by six authorities--in Bermuda, the
U.K., Jordan, Labuan, Casablanca Finance City, Morocco, and the DIFC in Dubai.
This extensive regulatory supervision, combined with the group's steadily
growing capital base, its compliance with Solvency II, its effective use of
technology, its full membership of the International Underwriting Association
of London, and its strong ratings have in our view all served to render the
main operating companies of the IGI Group robustly solvent, successful,
attractive to brokers, and acceptable to most counterparties.”