The financial strength rating of Bermuda-based International General Insurance (IGI) has been upgraded to ‘A-’ with a stable outlook by rating agency Standard & Poor’s (S&P).
S&P said that rating upgrade was driven by the strong performance of IGI and its subsidiaries, which was ahead of S&P’s expectations for 2014.
The new rating, which was announced on March 31, 2015, raises the rating to A- from BBB+ the counterparty credit and financial strength ratings.
The rating agency added: “We expect that IGI will be able to use retained earnings to maintain extremely strong risk-based capital adequacy relative to its retained insurance and investment risk.”
Wasef Jabsheh, chief executive officer (CEO) of IGI, said: “We are delighted with the upgrade.This rating is a reflection on our strong results, good management, and disciplined underwriting. This upgrade will enhance our stability and strengthen our relationships with our core brokers and clients.”
S&P said: “IGI’s strong financial risk profile specifically reflects our view that capital and earnings across the rated company and its subsidiary operations will remain very strong over the 2015-2017 ratings outlook period.”
Andreas Loucaides, who recently took up the post of CEO of IGI’s UK subsidiary, added: “This rating upgrade is further validation to the strength and steady growth of the company. It will assist us take the business on to the next phase of prudent and well-managed growth.
IGI, Bermuda, Standard & Poor's, S&P