Standard & Poor’s Ratings Services (S&P) has upgraded the financial strength ratings for International General Insurance Company Ltd (IGI) to “A-” with a stable outlook.
The new rating, which was announced on March 31, 2015, raises the rating to A- from BBB+ the counterparty credit and financial strength ratings. This rating applies to the Bermuda-based IGI group, which has operations in Dubai, Amman, London, Labuan and Casablanca.
S&P said: “IGI and its subsidiaries performed strongly and ahead of our expectations in 2014.”
The rating agency added: “We expect that IGI will be able to use retained earnings to maintain extremely strong risk-based capital adequacy relative to its retained insurance and investment risk.”
“We are delighted with the upgrade,” said Wasef Jabsheh, Chief Executive Officer of IGI. “This rating is a reflection on our strong results, good management, and disciplined underwriting.”
Mr. Jabsheh added: “This upgrade will enhance our stability and strengthen our relationships with our core brokers and clients.”
S&P said: “IGI’s strong financial risk profile specifically reflects our view that capital and earnings across the rated company and its subsidiary operations will remain very strong over the 2015-2017 ratings outlook period.”
Andreas Loucaides, who recently took up the post of Chief Executive Officer of IGI’s UK subsidiary, said: “This rating upgrade is further validation to the strength and steady growth of the company. It will assist us take the business on to the next phase of prudent and well-managed growth.”