IGI posts solid results as CEO flags attractive rate increases

Bermuda-based International General Insurance Holdings (IGI) enjoyed improved profits and growth in the second quarter and first six months of the year as its CEO highlighted the attractive rate increases it was still enjoying.

The company’s gross written premiums reached $304.4 million in the first six months, a solid increase on the $266.8 million of business it wrote in the same period a year earlier. Its profit increased to $41.3 million, a big jump on the $18.5 million it reported a year earlier and its combined ratio was a healthy 73.5% in the first six months compared with 88.5% the year before.

IGI Chairman and CEO Mr. Wasef Jabsheh (pictured) said: “IGI continues to perform well with excellent results recorded for the second quarter and first half of 2022. Highlighted by a combined ratio of 73.5% and a 26.8% core operating return on average shareholders’ equity, our results for the first half of 2022 demonstrate how our strategy and execution capabilities are driving continued high-quality returns and creating shareholder value.

“We continue to see attractive rate increases and favorable market conditions across a number of business lines and territories providing excellent opportunities to further grow our portfolio. In the first six months of 2022, premium production continued at a steady pace with increases in most lines of business, resulting in 14% growth in the first half of 2022. This is on top of the 56% growth we saw in 2020 and 2021. We are well-positioned to benefit from this momentum for the foreseeable future.

“Like others in our sector, we are monitoring the broader economic impacts of elevated inflationary pressures, rising interest rates and foreign exchange movements, which were evident in our results for the second quarter and first half of 2022. Notwithstanding these factors, our capital position remains very strong allowing us to continue to execute on our ‘underwriting first’ strategy to grow in the lines and territories where we see the most attractive returns. We remain optimistic about our future and delivering on our commitment to generate long-term shareholder value.”