AM Best Affirms Credit Ratings of International General Insurance Holdings Ltd. and Its Subsidiaries

LONDON--(BUSINESS WIRE)--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) Ltd. (IGI Europe) (Malta). Concurrently, AM Best has affirmed the Long-Term ICR of “bbb” (Good) of International General Insurance Holdings Ltd. (IGI) (Bermuda) [NASDAQ: IGIC]. 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 is further supported by its strong liquidity position and conservative investment portfolio. IGI does not have any debt leverage and financial flexibility is enhanced through its listing on the Nasdaq.

IGI has a track record of strong operating performance, illustrated by a five-year (2019-2023) weighted average return-on-equity ratio of 16%. IGI’s performance has been underpinned by robust underwriting performance, demonstrated by a five-year (2019-2023) weighted average combined ratio marginally below 85%, which has continued into 2024 to-date (H1 2024 combined ratio of 77.7%). Over this period, results have been supported by releases of prior year reserves. Prospectively, the group is expected to maintain its strong profitability, supported by its selective underwriting approach and good rate adequacy in its key segments.

IGI maintains a well-diversified portfolio by line of business and geography. The group has been expanding its business volumes in recent periods, evidenced by strong growth over the last five years (2019-2023). AM Best expects IGI to achieve further growth over the medium term while maintaining its strong underwriting discipline.

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. For more information, visit www.ambest.com.

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