shutterstock_1938248254_ake-studio
shutterstock/Ake Studio
4 March 2022ILS

IGI reports strong results

Bermuda-based International General Insurance Holdings reported increased profits and premiums for 2021 in its end of year results.

Gross written premium was up to $545.6m for the 12 months to the end of December, from $467.3m in 2020, bolstered by a strong fourth quarter with GWP that was up by over a quarter year on year. Profits rose 60% from $27.2m to $43.6m, supported by its underwriting. Net underwriting results were $105.8m in 2021 against $77.4m in 2020, and its combined ratio improved from 89.3% to 86.4%.

Long-tail lines, including D&O, professional indemnity, financial institutions, legal expenses, as well as surety, marine liability, inherent defects insurance, and general third-party liability (non-U.S. casualty), represented 44% of the GWP in 2021. Its short-tail segment, including energy, property, general aviation, ports and terminals, marine trades, marine cargo, contingency, construction and engineering, and political violence, represented 52%.

“IGI is a diverse group of individual risk underwriters with recognized expertise in many specialty lines. We have grown our business organically since inception, and the past two years have seen an acceleration of that,” said IGI Chairman and CEO Wasef Jabsheh. “With our asset base now approaching $1.5 billion, we expect to continue our strong performance in 2022, focusing on our core strengths and capitalizing on sector tailwinds.”




More on this story

News
15 November 2023   The specialty re/insurer’s core operating profit rose 29.5% as short-tail and reinsurance segments improved.
News
31 January 2020   The BMA has granted regulatory approval to International General Insurance to combine business with Tiberius Acquisition Corp, the special purpose acquisition company.
News
20 August 2018   International General Insurance Holdings, which owns reinsurer IGI Bermuda, has reported a net profit of $11.0 million for the first six months of 2018, down from the $14.8 million it made in the same period of 2017.

More on this story

News
15 November 2023   The specialty re/insurer’s core operating profit rose 29.5% as short-tail and reinsurance segments improved.
News
31 January 2020   The BMA has granted regulatory approval to International General Insurance to combine business with Tiberius Acquisition Corp, the special purpose acquisition company.
News
20 August 2018   International General Insurance Holdings, which owns reinsurer IGI Bermuda, has reported a net profit of $11.0 million for the first six months of 2018, down from the $14.8 million it made in the same period of 2017.