The ratings are applied to IGI's two subsidiaries: International General Insurance Co. Ltd. (Bermuda) and International General Insurance Company (UK) Ltd.
S&P affirmed the IGI`s ratings based on the improved competitive position, elevating that position to "strong" from "satisfactory" a year ago. S&P noted IGI's financial outperformance relative to other 'A-' rated reinsurer peers, while growing and diversifying its premium base.
IGI President Waleed Jabsheh declared: "We are pleased that S&P has reaffirmed our financial strength ratings at A- with a Stable outlook, and particularly gratified by the recognition of the quality growth and continued diversification we achieved in 2020. In addition to the new business written in the U.S. through our E&S license, we introduced new marine lines products, and most recently announced our entry into the global contingency market. We are continuing on this path of profitable growth and diversification in 2021, while maintaining our focused and judicious approach to underwriting new risks."
IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, surety, marine trades, marine liability, contingency, and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated "A" (Excellent)/Stable by AM Best and "A-"/Stable by S&P Global Ratings.