IGI Granted Approval for a European Subsidiary in Malta
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has established a new European subsidiary, IGI Europe, in Malta after receiving licensing from the Malta Financial Services Authority. This strategic move aims to enhance access to European markets post-Brexit. Keith Mallia-Milanes has been appointed CEO of IGI Europe, bringing over 35 years of industry experience. IGI Europe is authorized to underwrite a full range of IGI products and will utilize passport rights across the EU and EEA, positioning IGI for growth in the European insurance sector.
- Establishment of IGI Europe in Malta enhances access to European markets.
- Keith Mallia-Milanes appointed CEO, bringing extensive industry experience.
- IGI Europe is licensed to underwrite a full suite of IGI products.
- None.
International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today announced that it has set up a European subsidiary in Malta to directly access business across Europe.
International General Insurance Company (Europe) SE (“IGI Europe”), a subsidiary of Bermuda-based International General Insurance Co. Ltd., has been granted licensing by the Malta Financial Services Authority (“MFSA”) and is authorized to begin writing business.
IGI also announced that Keith Mallia-Milanes has joined IGI as Chief Executive Officer of IGI Europe. Mr. Mallia-Milanes has more than 35 years of industry experience. Keith joins IGI from MAPFRE Middlesea, where his latest role was Assistant General Manager responsible for the Technical & Operations Division that included underwriting, reinsurance, claims, policy issuing and product management. He previously held other senior management and executive roles within MAPFRE both in Malta and Italy, and before that with other leading Maltese insurance operators.
Reporting to Andreas Loucaides, Chief Executive Officer of IGI UK, Mr. Mallia-Milanes will be responsible for all aspects of IGI Europe’s operations as well as business development across European markets.
“I am delighted to announce the launch of IGI’s European operation,” Mr. Loucaides said. “IGI’s footprint in mainland Europe, prior to the UK’s withdrawal from the European Union, was managed through relationships between our UK-based underwriters and London brokers. Operating from Malta presents a good business growth opportunity and will better enable IGI to service European clients. Under Keith’s leadership, we will continue to build out our European team and grow our portfolio in continental Europe.”
“IGI Europe is open and ready for business,” Mr. Mallia-Milanes said. “IGI has a well-established reputation as an agile and disciplined underwriter, and IGI Europe will deliver that focus and ingenuity to the European market.”
IGI Europe is authorised by the MFSA to write a full suite of IGI products and will exercise passport rights across the European Union (EU) and European Economic Area (EEA).
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About IGI:
IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, surety, marine trades, marine liability, contingency, and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated “A” (Excellent)/Stable by AM Best and “A-”/Stable by S&P Global Ratings. For more information about IGI, please visit www.iginsure.com.
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Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates of losses for catastrophes and other large losses including losses related to the COVID-19 pandemic, measurements of potential losses in the value of our investment portfolio, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices and foreign currency rates. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) the potential effects of the COVID-19 pandemic; (6) the inability to maintain the listing of the Company’s common shares or warrants on Nasdaq; and (7) other risks and uncertainties indicated in IGI’s annual report on Form 20-F for the year ended December 31, 2020, including those under “Risk Factors” therein, and in the Company’s other filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
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