IGI implements succession plan

International General Insurance Holdings (IGI) has announced that founder and current chairman and chief executive Wasef Jabsheh (pictured) will become executive chairman, while current president Waleed Jabsheh will assume the role of chief executive.

The changes come into effect on July 1, 2023. IGI said that it is carrying out the succession plan that was put in place in 2020 when IGI became a public company.

According to IGI as executive chairman Wasef Jabsheh will continue to be engaged in overseeing the strategic direction of the company. Waleed Jabsheh, who joined IGI in 2002 shortly after inception and who has served as president since 2011, will take on expanded responsibilities beyond the insurance and reinsurance business, to include all aspects of the holding company activities. The IGI board noted that: “Waleed Jabsheh has exhibited exceptional leadership during a period of significant growth and transition for IGI and that in recent years, the company has delivered some of the best financial results in its history.”

Wasef Jabsheh said, “This is a natural transition for us and is part of the succession plan our board set in motion several years ago. The company has been on an excellent trajectory of profitable growth and expansion, and Waleed and I will continue to work together to maintain our company’s commitment to excellence and to delivering long-term shareholder value. Waleed has played an important role in developing the IGI culture that has supported our long track record of success and this ensures a seamless transition to chief executive. The board and I look forward to continuing to provide strong stewardship to the IGI group.”

“It is an honour and a great privilege to take on the role of chief executive and follow in the footsteps of our founding chief executive, Wasef,” said Waleed Jabsheh. “It is Wasef’s vision, leadership and consistent commitment to our clients, shareholders and most importantly our people, that IGI has achieved its many successes over the past two decades. I am committed to carrying on this legacy and building upon it; we have deep talent across the IGI group with an embedded culture of performance. I look forward to continuing to work with Wasef, the board, and my colleagues, and I am grateful for their support in taking on this role.”