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Bermuda-based International General Insurance Holdings reported increased profits and premiums for 2021 in its end of year results.
Gross written premium was up to $545.6m for the 12 months to the end of December, from $467.3m in 2020, bolstered by a strong fourth quarter with GWP that was up by over a quarter year on year. Profits rose 60% from $27.2m to $43.6m, supported by its underwriting. Net underwriting results were $105.8m in 2021 against $77.4m in 2020, and its combined ratio improved from 89.3% to 86.4%.
Long-tail lines, including D&O, professional indemnity, financial institutions, legal expenses, as well as surety, marine liability, inherent defects insurance, and general third-party liability (non-U.S. casualty), represented 44% of the GWP in 2021. Its short-tail segment, including energy, property, general aviation, ports and terminals, marine trades, marine cargo, contingency, construction and engineering, and political violence, represented 52%.
“IGI is a diverse group of individual risk underwriters with recognized expertise in many specialty lines. We have grown our business organically since inception, and the past two years have seen an acceleration of that,” said IGI Chairman and CEO Wasef Jabsheh. “With our asset base now approaching $1.5 billion, we expect to continue our strong performance in 2022, focusing on our core strengths and capitalizing on sector tailwinds.”
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