A.M. Best Inc Affirms rating
16th May, 2010
A.M. Best Inc Affirms rating
We are pleased to announce that A.M. Best Company Inc., has affirmed the financial strength rating of International General Insurance Company Limited (Bermuda) (IGI) of A- (Excellent) and the issuer credit rating (ICR) of “a-“. The ICR of the parent company, International General Insurance Holdings Limited (IGIH) is also affirmed at “bbb-“ and A.M. Best have confirmed that the outlook for all ratings is stable.
Commenting on the above, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI said “Given the economic back drop to the environment in which we operate, I am very pleased with this affirmation of our rating. This is a good reflection of our financial strength and superior operating performance during 2009.”
About IGI International General Insurance Holdings Limited (‘IGIH’) is registered in the Dubai International Financial Centre (‘DIFC’) with operations in Bermuda (IGI Bermuda), the United Kingdom, Jordan and Malaysia. IGI Bermuda is class 3B (re)insurer regulated by the Bermuda Monetary Authority (‘BMA’) and is the principal underwriting entity for the Group with the Jordan office (IGI Underwriting Company Limited Amman) providing all management, underwriting and operational functions. IGI Bermuda had their AM Best Company, Inc financial strength rating of A-(Excellent) with a stable outlook reaffirmed in May 2010. The Group also has a subsidiary company in Labuan, Malaysia registered as a fist tier reinsurer which is regulated by the Labuan Financial Services Authority (‘LFSA’) and this is supported by a branch in Kuala Lumpur providing marketing services. The Group also has a marketing office in Dubai based in the DIFC and regulated by the Dubai Financial Services Authority (‘DFSA’). IGIH is the sole shareholder in North Star Underwriting Limited a specialist marine underwriting agency based in London and regulated by the United Kingdom Financial Services Authority (‘UKFSA’). The IGI Group commenced operations in March 2002 and has evolved as a major participant within its specialised lines of business. The Group underwrites a worldwide portfolio of energy, property, marine, engineering, financial institutions, general aviation and non-proportional reinsurance treaty business with the main geographical focus on the Afro – Asian markets. IGIH has assets of more than US$ 500 million as at 31st March, 2010. For more information please visit our website at www.iginsure.com Or e-mail us at info [at] iginsure [dot] com