A.M. Best Revises Outlooks to Positive for International General Insurance Holdings Limited and Its Subsidiaries

LONDON--()--A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) “a-” of International General Insurance Co. Ltd. (IGI) (Bermuda) and International General Insurance Company (UK) Limited (IGIUK) (United Kingdom). A.M. Best also has revised the outlook to positive from stable and affirmed the Long-Term ICR of “bbb-” of International General Insurance Holdings Limited (IGIH) (United Arab Emirates).

The revised outlooks reflect IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework. IGI’s very strong operating performance is demonstrated by a five-year average return on capital and surplus of 12.6%, and has been driven by strong technical performance and stable investment income. IGI has shown commitment to prudent risk selection with a focus on profitability over top-line growth. When necessary, remedial action is taken on under-performing business segments to ensure future technical performance remains healthy.

The Credit Ratings (ratings) of IGI reflects its excellent risk-adjusted capitalisation and diversified business profile. Risk-adjusted capitalisation is supported by moderate underwriting leverage, a conservative investment portfolio and a reinsurance panel of good credit quality. A.M. Best expects IGI to continue to manage its capital position at an excellent level, with retained earnings adequately matching any additional capital requirements from business growth over the medium term. Key management decisions will be supported by IGI’s recent advancements in its capital modelling and stress testing capabilities. IGI continues to diversify its business through the introduction of new products whilst expanding its operating platforms worldwide. This allows the company to access risks across a broad geographic spread.

The ratings of IGIUK reflect its strategic importance to IGI. IGIUK is fundamental to IGI’s overall strategy, is integrated with the group through shared management functions and an internal reinsurance programme, and its financial solvency is explicitly guaranteed by IGI. IGIH is the ultimate holding company of the group.

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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Contacts

A.M. Best
George Athanasopoulos
Financial Analyst
+44 20 7397 0330
george.athanasopoulos@ambest.com
or
Timothy Prince
Director, Analytics
+44 20 7626 6264
timothy.prince@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Contacts

A.M. Best
George Athanasopoulos
Financial Analyst
+44 20 7397 0330
george.athanasopoulos@ambest.com
or
Timothy Prince
Director, Analytics
+44 20 7626 6264
timothy.prince@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
or
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com