17 July 2020News

S&P Global affirms IGI’s rating in first review since IPO

S&P Global Ratings has confirmed its financial strength ratings of Bermuda re/insurer International General Insurance at A- with a Stable outlook.

The ratings affirmation was important for the company as it has transitioned to a publicly traded company since the last ratings review.

The ratings apply to IGI’s two subsidiaries International General Insurance (Bermuda) and International General Insurance Company (UK).

S&P indicated the key factors in its decision were: its strong risk-based capital adequacy and strong risk controls to manage IGI’s key risk exposures; its track record of technical outperformance relative to sector peers; and its experienced management team with a proven history of attracting high-calibre technical and underwriting staff.

IGI chairman and CEO Wasef Jabsheh said: “We are pleased that S&P has taken the decision to reaffirm our ratings at A- with a Stable outlook, particularly given that IGI has transitioned to a publicly traded company in the U.S. since S&P’s last ratings review. It also underscores the strength of the IGI brand – our balance sheet, our track record of profitable growth and our long-standing relationships.”