Tough market conditions drive down profits at IGI
Tough market conditions have driven down profits at International General Insurance (IGI), a Dubai-based insurance group with operations in Bermuda and London, in the first half of 2015.
Its profits fell to $16.2 million in the first half of 2015, compared with $18.5 million in the first half of 2014.
IGI’s GWP also fell to $122 million in the first half of 2015, compared with $137.7 million in the same period of the prior year, while its combined ratio remained stable at 88 percent.
Wasef Jabsheh, vice chairman and chief executive officer of IGI, said; “Softness in the market has put pressure on our top line figures, yet as in the past, we continue to be diligent on the business we underwrite with the focus on our bottom line. Our investment philosophy continues to remain conservative given the volatile market environment.
“I am very pleased with our results given current market conditions. As we continue to strengthen our underwriting platforms and expand our geographic reach, I have confidence that IGI will endure the current market environment and continue to generate our target rate of return.”