IGI celebrates return to profit by unveiling European expansion plans
International General Insurance (IGI) returned to profitability in the first quarter of 2021, turning around the small loss it reported in the same period the previous year, as it also unveiled plans to expand into Europe.
Wasef Jabsheh, chairman and chief executive officer at IGI, said IGI will target writing business in the European Union from a new platform it plans to launch in Malta.
“We expect to be able to start writing business inside the European Union in the near future,” Jabsheh said.
IGI made a $14.5 million net profit in the first quarter of 2021 compared with a loss of $0.9 million in the same period a year earlier.
Its gross written premiums increased slightly to $100.6 million, from $99.2 million in the same period of 2020, while its combined ratio increased slightly to 84.6 percent, from 81.3 percent the previous year.
Jabsheh called it “a very solid start to 2021,” insisting the results “clearly illustrate the strength of our underwriting capabilities and our agility in managing the portfolio to maximise returns.”
He added: “While rate momentum remained robust with increases of more than 15 percent across our portfolio during the first quarter, we saw the pace of rate acceleration slowing down in certain lines.”
Jabsheh admitted the contingency market, which IGI recently entered, has experienced significant disruption because of COVID-19. “Consistent with our underwriting philosophy, we will grow this book carefully and thoughtfully,” he said.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze