IGI doubles its Q3 profit in 2020 compared to previous year

International General Insurance Holdings (IGI) more than doubled its third quarter profit in 2020 compared to the previous year, shrugging off the challenges posed by COVID 19 and an active Atlantic hurricane season.

IGI reported a net profit of $9.5 million for Q3, compared to $4.3 million in Q3 2019. For the first nine months of the year IGI made a net profit of $20.7 million, up from $19.2 million in the same period of 2019.

Gross written premiums grew by 36.9 percent year on year in Q3 to $101.2 million, from $73.9 million. For the first nine months of the year they grew by 29.8 percent to $337.7 million, from $260.2 million in the first nine months of 2019.

IGI’s combined ratio crept up to 93.7 percent for Q3 2020, up from 89.3 percent in the same period of 2019. For the first nine months of the year, however, it came down to 86.5 percent, from 91.5 percent.

Wasef Jabsheh, chairman and chief executive officer at IGI, cited uncertainty in global financial markets caused by the COVID-19 pandemic, and the frequency worldwide of catastrophe events, as obstacles that it had overcome this year.  It is “a testament to IGI’s diversified business profile, risk management, targeted business focus and broad geographic footprint” that it had remained financially and operationally healthy, he said.