IGIH earnings and profit boosted, but growth falls

International General Insurance Holdings (IGIH) has reported a growth in its net earnings and net underwriting profit for 2015, but has experienced a fall in its gross written premium (GWP).

The firm, which has operations in Bermuda, posted net earnings of $35.02 million for 2015, an increase of 2 percent compared with $34.34 million in 2014. Its net underwriting profit last year also increased to $52.7 million last year, compared with $50.1 million in the previous year.

IGIH’s combined ratio also improved to 84.31 percent in 2015, compared with 86.94 percent in 2014.

The firm’s GWP fell to $242.34 million last year however, compared with $251.52 million in 2014. Its investment income also fell to $13.24 million, compared with $14.77 million in 2014.

Wasef Jabsheh, vice chairman and chief executive officer of IGIH, said: “2015 was another good year for IGI in which our team was able to deliver an improved profit over 2014. The continued competitive trading environment coupled with further excess capacity and another benign year had kept the pressure on rates.

“Our underwriting teams maintained their focus on profitable business whilst keeping the discipline needed to navigate through these very challenging times. It should be noted that our gross written premiyms had declined from $252 million in 2014 to $242 million in 2015, however, our net underwriting profit increased from $50 million to $53 million, demonstrating our focus on the bottom line whilst insuring that we maintain our service standards to our clients and brokers.”

Jabsheh also said that 2015 was a year where the firm invested in the future by opening its new Casablanca operation and the further strengthening its existing underwriting teams and platforms. He also said that IGIH’s UK and Bermuda entities are now Solvency II compliant.