Underwriting drives strong results at IGI

Bermuda’s International General Insurance Holdings has reported its lowest full-year combined ratio ever in 2023, along with growth in gross written premium (GWP) and profits. 

The combined ratio for the business fell to 76.7% for the calendar year 2023, down from 78.5% in 2022. Over the same period, GWP rose over 18% from $582.0 million to $688.7m. Net income was up almost a third from $89.2m to $118.2m. This was primarily driven by a 23% boost to underwriting income, mainly from its short-tail and reinsurance segments. 

The results demonstrated “consistent selective and disciplined underwriting, focusing on those lines with the strongest margins”, said IGI CEO Waleed Jabsheh.

The outlook also remained positive but challenging, he added. 

“Market conditions remained positive through the January 1 renewal period, and we are continuing to see healthy opportunities in reinsurance and many short-tail lines. Pricing in our long-tail lines remains adequate by and large, although conditions in these lines are becoming more challenging,” he said.

“We are committed to our strategic priority of managing the cyclicality and inherent volatility of our business and focused on maximizing shareholder value through active and efficient capital management,” Jabsheh concluded.

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