IGI posts solid results; CEO eyes reinsurance dislocation

Bermuda-based International General Insurance Holdings (IGI) posted solid results for 2022, enjoying some growth and an increased profit. Its CEO also flagged future opportunities in reinsurance driven by a dislocation in the markets.

The company posted gross written premiums of $581.8 million last year, compared with $545.6 million a year earlier. It made a profit of $85.5 million, a solid increase on the $43.6 million it made a year earlier. Its combined ration was 78.5%, also an improvement on the 86.4% it posted in 2021.

IGI Chairman and CEO Wasef Jabsheh said: “IGI finished its 20th anniversary year with excellent results across the board, marked by continued profitable growth, diversification and consistent execution of our strategy, reflected in a 78.5% combined ratio and 22.7% core operating return on average shareholders’ equity for the full year. This is particularly gratifying given the many challenges our industry faced during 2022, including significant natural catastrophes, rising financial and social inflation, currency volatility, and political instability.

“So far in 2023, the market overall continues to be robust, though there remains wide variation in terms and conditions by line of business and geography. We expect the dislocation in reinsurance markets that was evident in the lead up to the January renewals will result in plenty of opportunity for us to continue to achieve profitable growth.

“While our industry continues to be challenged on many levels, IGI, as always, remains focused on consistently executing our strategy, growing our company, and being a reliable and trusted partner to our clients. We have a demonstrated ability to successfully manage the cyclicality and inherent volatility of our business. We are excited and confident about our future and to continuing our commitment to delivering value to our customers and our shareholders over the long term.”