Standard & Poor’s Ratings Services (S&P) has reaffirmed the A- financial strength rating for International General Insurance Company Bermuda (IGI).
In March last year, S&P upgraded IGI’s financial strength ratings from BBB+ to A- after IGI outperformed the rating agency’s expectations in 2014.
S&P said it now regards both IGI Bermuda and IGI UK as “core operating companies” within the IGI Group, and the A- ratings were affirmed because of the “group’s strong financial risk profile and satisfactory business risk profile.”
“Despite highly competitive market conditions, we believe the IGI Group is establishing a successful track-record of strong, stable technical and overall earnings (2015 post-tax net income: $35 million; 2014: $34.3 million) and we assess its capital and earnings as very strong overall.”
Wasef Jabsheh, chief executive officer (CEO) of IGI, said: “We are delighted to have our rating re-affirmed. It reflects our strong results, prudent management and the disciplined underwriting that underpins the company’s success.”
In 2015, IGI Group wrote $242.3m of gross premiums, supported by $284.9m of reported shareholders’ funds, and generated $35 million of post-tax net income.
Andreas Loucaides, CEO of IGI UK, said: “We are very pleased with this announcement. This affirmation will enhance our market standing and strengthen our relationship with core brokers and clients and will help us on out next stage of prudent and well-managed growth.”
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