IGI sees profits slip but premiums rise

20-08-2018

International General Insurance Holdings, which owns reinsurer IGI Bermuda, has reported a net profit of $11.0 million for the first six months of 2018, down from the $14.8 million it made in the same period of 2017.

However the company also reported a 20 percent rise in gross premiums written from $138.12 million in June 2017 to $165.87 million in June 2018. According to the company growth occurred across all IGI’s major lines of business.

The company posted a 7 percent rise in gross underwriting profits of $23.75 million, mainly due to growth in gross earned premium from last year, partially offset by increase in net claims incurred primarily due to strengthening of IBNR.

IGI posted a combined ratio of 91.3 percent, compared to 89.8 percent in June 2017.

“We are pleased with the first six months of the year and we continue to remain optimistic that barring major catastrophes as occurred in the third Quarter of 2017, we should be able to deliver our planned results for 2018,” said Wasef Jabsheh, vice chairman and chief executive officer of IGIH.

In July 2018, rating agency Standard & Poor reaffirmed IGI’s financial strength rating of A- stable outlook, citing IGI’s strength in maintaining sound underwriting and operating performance. AM Best also reaffirmed IGI’s financial strength rating of A- (Excellent) with a positive outlook in the first week of August 2018.

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Bermuda Re