PRESS RELEASE
18- IGI and Energy Insurance Oslo AS.
4th March 2010
We are pleased to announce that IGI has entered into a Managing General Underwriting (MGU) agreement with Energy Insurance Oslo (EIO) to underwrite Norwegian and other Scandinavian energy and utility business. Target business will encompass all upstream and downstream accounts produced by Nordic brokers.
Commenting on the above, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI said “Energy insurance business is our largest line of business and a core one for our group; thus, it makes a lot of sense for us to expand to Norway and other Scandinavian markets where we can see a good opportunity to write profitable business. The Norwegian oil sector is quite sizeable generating large insurance premiums which makes it important for our group’s operation and future development”.
EIO was founded late last year by Mr. Stig G. Andersen, Chairman, and Mr. Kjell-Frode Grøttås, CEO of the company. Mr. S.G. Andersen was previously the Chairman and CEO of Aon Grieg and Aon in the Nordic region. He is presently the Managing Partner of Holmen Industri, a private equity management company in Oslo.
Mr. K.F. Grøttås was a senior member of the Energy insurance team of AON Grieg who are major energy insurance brokers in Norway. Prior to joining AON Grieg, he assumed underwriting positions in Polaris and Storebrand insurance companies.
Chairman and co-founder, Stig G. Andersen said “The idea behind establishing Energy Insurance Oslo was to take advantage of the high volume of energy business that is generated in the Scandinavian Insurance Market and bring alternative and supplemental quality security into the market.
Energy Insurance Oslo plans to develop a broad underwriting scope within energy underwriting, and we are very pleased that IGI is supporting this set-up, and that both parties have a long term view on the business relationship”.
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17- International General Insurance Holdings Limited announces 2007 year end results Dubai, United Arab Emirates 4th June, 2008 International General Insurance Holdings Limited (IGIH) today reported earnings for the full year ended March 31, 2008. Net earnings increased 38 percent for the 2007 fiscal year to US$ 20.4 million, compared to US$ 14.8 million for the year before. Net underwriting profit also increased 16 percent to US$ 14.1 million from US$ 12.2 million for 2006. “The results achieved in 2007 are attributable to the IGI Group’s continued focus and emphasis on core underwriting principles and sound management. We are extremely pleased with the Company’s performance in 2007,” IGIH Vice Chairman and Chief Executive Officer Wasef Jabsheh said. Gross written premium for 2007 amounted to US$ 117 million, an increase of 31% compared to US$ 89 million for the 2006 year. Net earned premium increased by 66% to US$ 75 million in 2007, compared to US$ 45 million for the year before. Investment income for 2007 also increased significantly by 92% to US$ 11.5 million. “Our assets continue to be well-managed maintaining our sound and conservative investment philosophy of protecting shareholders’ interests,” Mr. Jabsheh said. “We continue to build on our successes in 2007. IGIH’s performance reflects the competency and expertise of the management team we have put together, along with the Company’s prudent operating and underwriting practices. I am very confident that we will continue our exemplary performance in 2008 and the years to come as we fulfil our expansion plans both laterally and within existing product lines,” Mr. Jabsheh said. The expansion plans of the Group include establishing a subsidiary company in Dublin, Ireland. This is to support both the Group’s diversification to new product lines along with the acquisition of the S. R. Bishop Underwriting Limited marine agency. IGI Co. Ltd. is also in the process of creating marketing offices in the Dubai International Financial Centre and Kuala Lumpur, Malaysia designed to enhance IGI’s brand in their focused geographic regions. |
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16- INTERNATIONAL GENERAL INSURANCE CO. LTD. ATTAINS A.M. BEST A- RATING 31ST March 2008 We are pleased to announce that on the 28th March 2008 A.M. Best Company assigned a financial strength rating of A- (Excellent) and an issuer credit rating (ICR) of “a-“ to International General Insurance Company Limited (IGI) (Bermuda). A.M Best has also assigned an issuer credit rating of “bbb-“ to International General Insurance Holdings Limited (IGIH). The A.M. Best press release evidencing this can be found on their website (http://www.ambest.com). Commenting on the above Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer said “I am very pleased with this news and would like to thank everyone at IGI for the part that they played in this achievement. At IGI we are committed to offering the highest possible levels of service, professionalism and expertise to our stakeholders and look forward to maintaining and improving this rating in the years to come”. |
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15- INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD. ELECTS NEW BOARD MEMBERS. 11th March, 2007 International General Insurance Holdings Ltd (IGIH) has announced the election of two new board members during its Board of Directors meeting recently held in Dubai. Mr. Hani Tarazi and Mr. Jonathan Silver have joined the board, which is comprised of eleven directors each bringing complimentary experience. They include Mr. Majid Al Ghurair, Chairman; Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer; Mr. Akbar Habib; and Mr. Mohammed Abu Ghazaleh. “The Board of Directors of the Company has elected members of the highest calibre to help it achieve its ambitious vision of becoming (re)insurer of choice in the region. We welcome Mr. Tarazi and Mr. Silver as new members of the board and look forward to drawing on their experience." Vice Chairman and Chief Executive Officer, Mr. Wasef Jabsheh said. Mr. Hani Tarazi joins the board bringing his experience as former Managing Partner U.A.E of Deloitte & Touche (Middle East) where he specialized in auditing and management consultancy. Mr. Tarazi is presently a director in Saba & Co. Intellectual Property and a member of various international trade mark associations. Mr. Jonathan Silver brings over 27 years of legal practice experience working in the Middle East in areas of international banking and finance, mergers and acquisitions, private equity, project and construction work. Mr. Silver heads up the regional offices of Clyde & Co., the largest international commercial law firm in the U.A.E, where he has overseen a dynamic period of continued growth. Mr. Jabsheh also stated, “Mr. Tarazi and Mr. Silver will be of great value in helping with the execution of the Company’s expansion plans." It is worth noting that IGIH recently announced that it had agreed to acquire S.R. Bishop Underwriting Ltd. (SRB). SRB is an underwriting agency located in London and a recognized leading marine insurer. The agency has been in operation since 2002 and underwrote a premium income of over US$ 55 million in its last full underwriting year. The transaction is expected to close shortly. |
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14- INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD. ACQUIRES S.R. BISHOP UNDERWRITING LTD. 19th November, 2006 International General Insurance Holdings Ltd. (IGIH) announced today that the Company had reached agreement in principle to acquire a controlling interest in S. R Bishop Underwriting Ltd. The transaction is expected to close shortly. S. R. Bishop Underwriting Ltd. is an underwriting agency located in London and is recognized as a leading underwriter in marine insurance. The management team of Stephen Bishop, Richard Chown, Jeremy Battersby and Ken Freeman will remain with the Company following completion of the transaction. S. R. Bishop Underwriting Ltd. has been in operation since 2002 and underwrote a premium income of over US$ 50 million in its last full underwriting year. IGIH will provide underwriting capacity for the agency and it will be the focal point for the groups marine business. Wasef Jabsheh, Vice Chairman and CEO of IGIH, stated, “The acquisition and support of the agency reinforces our commitment to diversification and further supports the groups expansion plan in line with the strategic objectives." Mr. Jabsheh added, “I believe the addition of Stephen and his team, as established leading market underwriters, underlines our confidence in the marine account and will enable us to develop this important area of our business profitability." Regarding the transaction, agency Managing Director, Stephen Bishop commented “I look forward to working closely with the management of IGIH. Whilst the agency considered a number of different alternatives, the commitment, professionalism and vision of IGIH management left me in no doubt this provided the best opportunity for the agency to maintain a long term presence in the market. The excellent reputation and quality of security offered by IGIH will be of significant advantage to the agency in developing a portfolio of quality business." |
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13- IGI STANDARD AND POOR'S RATING AFFIRMED AND OUTLOOK REVISED TO POSITIVE. 30th August, 2006 International General Insurance Company Ltd (IGI) are pleased to announce that their Standard and Poor’s long term and counterparty credit and insurer rating, attained in 2005, has been affirmed at BBB with a revision in its outlook from stable to positive. Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI commenting on the rating for 2006 said “The affirmation of the rating, which was initially achieved only last year, and the revision of the outlook to positive is a step forward for IGI reflecting the continued success of the Company and is an affirmation of the sound operating principles and core strategies adopted by the management of IGI." Standard and Poor’s primary credit analyst, Mr Kevin Willis, commenting on the rating and revision of the Company’s outlook said “The rating reflects IGI’s strong capitalization". In their analysis, Standard and Poor’s, also stated that “Capital adequacy will be kept in the excellent range (‘AAA’) in the medium term" |
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12- IGI ELECTS NEW CHAIRMAN AND BOARD
In commenting on the elections, Mr. Wasef Jabsheh said, “On behalf of IGI, I welcome Mr. Al Ghurair and his fellow directors to the company and look forward to working with them. The new Chairman and Board demonstrate IGI’s ongoing commitment to achieve sustained profitable growth supported by a management team of the highest calibre. We have an ambitious vision to be the specialty insurer of choice in the region and believe that new investors and directors will help us to achieve this." The changes to the Board come soon after IGI increased its capital by US$75 million. The increase was effected through a private placement of 814,882 shares representing 44.9% of the capital stock. The transaction attracted sophisticated institutional and individual investors from across the region. The Board has been increased in size to reflect the increase in shareholders," added Mr. Jabsheh |
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11- IGI COMPLETES CAPITAL OFFERING 9th August, 2005 International General Insurance Company Limited (IGI) is pleased to announce that following its definitive agreement with SHUAA Capital, PSC Dubai, dated 13th January 2005, the Company has, via a private placement, successfully issued 814,882 shares of common stock and are pleased to report the placement is oversubscribed. The proceeds to the Company from the offering are US$ 75,000,000 (before fees) and will be used to support IGI’s planned growth. The Company’s capital and surplus now stands at US$ 143 million. Mr. Wasef Jabsheh, Chairman and Chief Executive Officer of IGI, commenting on the transaction said “The injection of the new capital will allow us to grow our core lines of business and support the Company’s lateral expansion plans. We look forward to facing the challenges and opportunities that our increased financial strength will bring and are confident we can continue to deliver the excellent results achieved since commencement of operations in 2002." |
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10- IGI OBTAINS STANDARD AND POORS RATING 9th August, 2005 International General Insurance Company Ltd. (IGI) are pleased to announce it has secured a ‘BBB’ long term counterparty credit and insurer rating from Standard and Poor’s. Mr. Wasef Jabsheh, Chairman and Chief Executive officer of IGI, commenting on the rating said “The achievement of the rating is the culmination of three years of hard work supported by excellent trading results and is testament to the way in which IGI has conducted itself since commencement of operations in 2002. This rating will enhance IGI’s ability to develop new areas of opportunity and grow its global production sources." Standard and Poor’s credit analyst Kevin Willis said “The ratings reflect IGI’s strong capitalization, able management team, and good earnings." Standard and Poors have assigned a stable outlook which reflects their expectation that IGI’s management will maintain its cautious underwriting resolve and continue to deliver sound earnings. For further information please visit the Standard and Poor’s website at www.standardandpoors.com |
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9- MARK JEFFREY VICE PRESIDENT - REINSURANCE 16th May, 2005 |
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8- RACHEL BUTLER VICE PRESIDENT - CLAIMS
9th June, 2004
International General Insurance (I.G.I.) are pleased to announce the appointment of Ms. Rachel Butler to the position of Vice President – Claims, with effect from 27th July 2004. Rachel’s mandate is to manage I.G.I.’s claims team, establish new claims procedures and protocols and to handle, adjust and settle (as appropriate) all aspects of our claims portfolio. I believe that this appointment, in conjunction with other recent appointments, is a major step towards achieving our goal of becoming an International class insurer in the Middle East. |
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7- WALEED W. JABSHEH EXECUTIVE - VICE PRESIDENT 1st Mar, 2004 We are pleased to announce the appointment of Mr. Waleed Jabsheh as Executive Vice President of IGI as from 1st March, 2004. Mr. Waleed Jabsheh has been with IGI since it started. In addition to his extensive underwriting role, he has been responsible for supervising the development and implementation of systems. His contribution to achieving profitable underwriting results as well as management of other areas of our operation has been vital to the success of IGI. |
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6- PAUL K. MUNDAY PRESIDENT OF IGI 1st Mar, 2004 We are pleased to announce that Mr. Paul K. Munday has been appointed as president of IGI as from 1st March, 2004. Mr. Munday has been Executive Vice President and Chief Underwriter since the start of operations of IGI. His contribution to the success of IGI and achieving profitable results since start of operations has been invaluable. In his new role, Mr. Munday will continue to supervise all underwriting activities in the company. |
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5- REBUSIS FURTHER DEVELOPS MIDDLE EAST PRESENCE WITH IRIS WIN 11th Feb, 2003 London, 11th February 2003 - RebusIS, the insurance technology solutions provider, has today entered into a contract to supply its IRIS underwriting system to the International General Insurance Co. (IGI). IGI is an underwriting company based in Amman, Jordan, writing worldwide energy, marine, and commercial/industrial property business. The contract consists of the initial license fee in addition to related services. |
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4th July, 2002 Mr. Wasef Jabsheh, Chairman & CEO, announced that IGI has completed today the increase of capital and surplus by an amount of US$ 25,000,000; the total capital and surplus of the company now stands in excess of US$ 50,000,000. |
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3- IGI ANNOUNCES INCREASE OF CAPITAL 5th June, 2002 At its meeting today the Board of Directors of IGI agreed to increase the company's paid up capital and surplus by an additional US$25,000,000 making total capital, surplus and other assets in excess of US$50,000,000. |
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12th Feb, 2002 We are pleased to announce that Mr. Paul K. Munday has joined IGI as Executive Vice President as from 1st February, 2002. In addition to his responsibilities, Mr. Munday will be head of all underwriting in the company. |
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1- INTERNATIONAL GENERAL INSURANCE CO. (IGI) ANNOUNCES ITS FORMATION 10th Feb, 2002 We are pleased to announce the formation of”International General Insurance Co. (IGI)". Under the laws of the Hashemite Kingdom of Jordan. The Company has a fully paid up Capital of US$ 25 Million. |
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International General Insurance Co. Ltd. 2010 |