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FOR IMMEDIATE RELEASE
LONDON - NOVEMBER 30, 2022 11:06 AM (EST)
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of International General Insurance Co. Ltd., (IGICL) (Bermuda), International General Insurance Company (UK) Limited (IGIUK) (United Kingdom) and International General Insurance Company (Europe) SE (IGI Europe) (Malta). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of International General Insurance Holdings Ltd. (IGI) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect IGI’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings of IGICL, IGIUK and IGI Europe reflect their strategic importance to IGI.
IGI’s balance sheet strength assessment is underpinned by its consolidated risk-adjusted capitalisation assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The group’s balance sheet strength also is supported by a strong liquidity profile and a highly rated reinsurance panel. IGI does not have any debt leverage, and AM Best sees its listing on the Nasdaq in 2020 as enhancing its financial flexibility.
AM Best expects IGI to report strong results in 2022, driven by excellent underwriting performance during the first nine months of the year. Unrealised investment losses due to rising interest rates are expected to temper the company’s good operating performance; however, IGI’s good liquidity and limited exposure to catastrophe events reduces the likelihood of those losses being realised. IGI reported a combined ratio of 88% in 2021, and a five-year weighted average combined ratio of 92% (2017-2021).
IGI’s business is well-diversified by line of business and geography. The group reported 17% premium revenue growth in 2021, with USD 546 million of gross written premium. AM Best expects IGI to maintain strong underwriting discipline as it manages through the hard market cycle, with further growth expected over the short-to-medium term.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.