IGI Q3 profits triple

Increased premiums and lower claims saw profits for the first quarter at International General Insurance Holdings rise to $16.1 million from $5.1m in the same period in 2021. For the first nine months of the year, net profit now stands at $34.5m for the Bermuda-registered business, compared with a net profit of $19.6 million for January to September in 2020.

Gross written premiums for the quarter were also up on last year, rising to $115.3m from $101.2m, while the combined ratio improved from 93.7% to 85.0%.

Net underwriting profits were $26.6m for the quarter, up from $16.4m last year.

“This was another strong quarter for IGI, and our results for the year-to-date reflect the robust underlying fundamentals of IGI’s business. Through the first nine months of 2021, we have performed well on all key measures, most notably growing our book value per share by 3.6%,” said IGI chairman and CEO Wasef Jabsheh.

He continued: “Attractive market conditions are holding up with further rate increases across our portfolio in excess of 13%, though I would note that we are now seeing some easing in upwards rate momentum, and we expect this to continue as we approach the January 2022 renewal period. Having said that, we are seeing attractive opportunities across our markets, particularly in Europe, following the launch of our European subsidiary in Malta in July.

“We look forward to continuing the significant progress we have made since becoming a public company in March 2020 and maintaining our track record of generating long-term value for our shareholders.”