AM Best has reaffirmed its financial strength rating of A- (Excellent) with a positive outlook for International General Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company (UK) Ltd (IGI UK), the global specialist commercial insurer and reinsurer.
According to the ratings agency, the positive outlook reflects “IGI’s record of strong operating results, driven by generally robust underwriting profitability and stable investment income.”
IGI has achieved strong underwriting profitability despite challenging market conditions, it noted.
“The positive outlooks reflect the expectation that the company will generate strong profitability, while maintaining its balance sheet strength at a very strong level,” AM Best said, adding that the firm’s balance sheet strength assessment was underpinned by its risk-adjusted capitalisation being at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
AM Best described IGI’s Enterprise Risk Management (ERM) framework as “well-developed” and its risk management capabilities as “aligned appropriately with its risk profile.”
For the next three years (2018-2020), AM Best believes that IGI’s capital buffer is sufficient to support its strategic initiatives.
“We are pleased to have received from AM Best the A- (Excellent) with a positive outlook rating.” said Wasef Jabsheh, chief executive officer of IGI.