IGI’s ratings passed onto Maltese subsidiary

The financial strength ratings of Bermuda’s International General Insurance (IGI) have been passed onto its recently-formed subsidiary based in Malta.

These included an ‘A-‘ rating from S&P Global Ratings and an ‘A’ grade from AM Best. Both ratings have stable outlooks.

IGI Europe, a subsidiary of Bermuda-based IGI, was granted a licence to begin writing business by the Malta Financial Services Authority in July.

Both S&P and AM best cited IGI Europe’s strategic relationship with, and support from, IGI as influencing factors for its decisions.

IGI Europe CEO Keith Mallia-Milanes said: “Securing these equalised ratings from S&P and AM Best is an important step forward for IGI Europe.

“Our European subsidiary is obviously strategically important to the IGI group as it provides the Company access to business across Europe.”