International General Insurance Holdings Limited (IGIH) today reported earnings for the 1st half, 2014 financial year. The Group announced net earnings of US$18.5 million for the first 6 months of the year as compared to $21.32m for the same period in 2013.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “Although we were unable to surpass last year’s profits for the first half, our results were in line with our projections given the soft market the industry is facing. Attaining a combined ratio of 87.64% in the current environment continues to prove that IGI remains focused on writing profitable business whilst firmly managing risk and expenses. We will continue to adhere to our philosophy of writing for profit rather than volume in the current environment.”
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both Bermuda and UK subsidiaries are rated A- (Excellent) by A.M. Best Company Inc.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence and non-proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
IGIH has assets of about $700m as at 30th June, 2014.