(BUSINESS WIRE/AETOSWire)-- Rating agency A.M. Best has reaffirmed the financial strength rating of A- (Excellent) with a positive outlook for International General Insurance Co. Ltd (IGI Bermuda) and International General Insurance Company (UK) Limited (IGI UK), the global specialist commercial insurer and reinsurer.
A.M. Best said the positive outlook reflects “IGI’s record of strong operating results, driven by generally robust underwriting profitability and stable investment income”.
The rating agency also said IGI’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).
In addition, A.M. Best praised IGI’s Enterprise Risk Management (ERM) framework, calling it “well-developed” and its risk management capabilities “aligned appropriately with its risk profile”.
A.M. Best also believes that “IGI’s capital buffer will sufficiently support its strategic initiatives over the next three years (2018-2020).”
“We are pleased to have received from AM Best the A- (Excellent) with a positive outlook rating.” said Mr Wasef Jabsheh, Chief Executive Officer of IGI. AM Best stated IGI has achieved strong underwriting profitability in challenging market conditions. “The positive outlooks reflect the expectation that the company will generate strong profitability, while maintaining its balance sheet strength at a very strong level,” A.M Best said.
Issued by rein4ce on behalf of International General Insurance Holding Limited.