International General Insurance (IGI) returned to profitability in the first quarter of 2021, turning around the small loss it reported in the same period the previous year, as it announced plans to expand its operations in Europe.
Wasef Jabsheh, chairman and chief executive officer at IGI, said IGI will launch a European platform in Malta to write business inside the EU.
“We expect to be able to start writing business inside the European Union in the near future,” Jabsheh said.
IGI reported net profit of $14.5 million for the first three months of 2021. In Q1 2020 it reported a loss of $0.9 million.
Gross written premiums increased slightly to $100.6 million, from $99.2 million in the same period of 2020, while IGI’s combined ratio inched up to 84.6 percent, from 81.3 percent the previous year.
Jabsheh called it “a very solid start to 2021,” insisting the results “clearly illustrate the strength of our underwriting capabilities and our agility in managing the portfolio to maximise returns.”
He added: “While rate momentum remained robust with increases of more than 15 percent across our portfolio during the first quarter, we saw the pace of rate acceleration slowing down in certain lines.”
Jabsheh admitted the contingency market, which IGI recently entered, has experienced significant disruption because of COVID-19. “Consistent with our underwriting philosophy, we will grow this book carefully and thoughtfully,” he said.
International General Insurance, IGI, Wasef Jabsheh, Results