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Overview of International General Insurance Holdings Ltd (IGIC)
International General Insurance Holdings Ltd (IGIC) is a globally recognized specialist commercial insurer and reinsurer, operating across key markets in Bermuda, the United Kingdom, Jordan, and Malaysia. Established in 2002, the company has carved a niche in underwriting a diverse portfolio of specialty insurance and reinsurance lines, with a strong geographical focus on the Afro-Asian markets. IGIC’s operations are strategically designed to address complex risk management needs, offering tailored solutions across a wide range of industries and sectors.
Core Business Areas
IGIC’s business model revolves around underwriting specialty insurance and reinsurance products. Its portfolio spans multiple high-demand sectors, including:
- Energy: Covering risks associated with oil and gas industries, renewable energy, and other energy-related operations.
- Marine: Providing insurance solutions for shipping, cargo, and related maritime activities.
- Property: Addressing commercial property risks, including industrial facilities and real estate.
- Construction and Engineering: Offering coverage for large-scale infrastructure projects and engineering ventures.
- Financial Institutions: Protecting banks and other financial entities against operational and liability risks.
- Casualty and General Aviation: Covering liabilities and risks tied to aviation and other industries.
- Political Violence: Mitigating risks from political instability, terrorism, and civil unrest.
- Reinsurance: Providing treaty and facultative reinsurance solutions to other insurers.
By focusing on these specialized lines, IGIC has established itself as a trusted partner for businesses operating in sectors with complex and high-value risk profiles.
Geographical Focus and Market Position
IGIC’s primary geographical focus lies in the Afro-Asian markets, where it leverages its deep regional expertise to address unique insurance challenges. The company’s strategic positioning in emerging markets allows it to tap into growing demand for specialty insurance solutions, particularly in regions with evolving infrastructure and economic development. At the same time, IGIC maintains a global footprint through its operations in Bermuda, the UK, Jordan, and Malaysia, ensuring a balanced and diversified market presence.
Operational Structure and Regulatory Compliance
IGIC’s operational structure is designed to maximize efficiency and regulatory adherence. The company’s Bermuda-based entity, IGI Bermuda, serves as the principal underwriting entity and is classified as a Class 3B reinsurer under the Bermuda Monetary Authority (BMA). This classification underscores its capability to handle significant reinsurance operations. Additionally, IGIC’s Jordan office, IGI Underwriting Company Limited Amman, manages all underwriting, operational, and administrative functions, ensuring seamless coordination across its global network. The company’s A- (Excellent) rating with a stable outlook from A.M. Best further reinforces its financial stability and trustworthiness.
Competitive Landscape and Differentiation
Operating in the highly competitive specialty insurance and reinsurance industry, IGIC faces competition from global insurers and reinsurers. However, its focus on Afro-Asian markets, coupled with its expertise in niche insurance lines, sets it apart. IGIC’s ability to offer customized solutions tailored to the unique needs of its clients, along with its strong financial ratings and regulatory compliance, enhances its competitive edge.
Conclusion
International General Insurance Holdings Ltd (IGIC) stands out as a key player in the specialty insurance and reinsurance sector. With its diversified portfolio, regional expertise, and robust operational framework, the company is well-positioned to address the complex insurance needs of businesses across its target markets. Its commitment to financial stability, regulatory compliance, and customer-centric solutions underscores its role as a trusted partner in the global insurance landscape.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) reported solid Q1 2021 results, achieving gross written premiums of $100.6 million, up from $99.2 million in Q1 2020. Net premiums earned increased 20% to $82.3 million, while net profit reached $14.5 million, compared to a loss of $0.9 million a year earlier. The company’s combined ratio was 84.6%, slightly up from 81.3%. Core operating income rose to $14.7 million. The company is also expanding into the contingency market and establishing a European platform in Malta.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has appointed Emily Clapham as Senior Underwriter for its newly launched Contingency insurance line. Clapham joins from Fidelis and has significant experience in contingency underwriting, having previously worked at Beazley. She will report to Richard Foster and operate from the London office, developing tailored insurance solutions for clients in the event and entertainment sectors. This move aligns with IGI's strategy to capitalize on improving market conditions following COVID-19 disruptions.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) is set to release its financial results for Q1 2021 on May 20, 2021, after U.S. market close. The results, accompanied by a slide presentation, will be available on the Company's website. IGI is a specialist commercial insurer and reinsurer, established in 2001, with a global portfolio covering various sectors including energy, property, and marine. The company holds strong ratings from AM Best and S&P Global Ratings.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has filed its Annual Report on Form 20-F with the U.S. SEC, including audited financial statements for the year ended December 31, 2020. The report, filed on April 1, 2020, is accessible via IGI's website and the SEC’s site. IGI, a specialty risks commercial insurer and reinsurer, operates globally in multiple sectors including energy and marine insurance. The company holds strong ratings from AM Best and S&P Global Ratings.
International General Insurance Holdings Ltd. (IGIC) announced the hiring of Richard Foster as Head of Property, Political Violence and Contingency from Agile Risk Partners. Foster brings 24 years of specialty underwriting experience and will oversee IGI’s new contingency insurance line, designed to address market dislocations caused by COVID-19. This new line will cover event cancellations and other contractual obligations. CEO Andreas Loucaides expressed confidence in Foster's experience, highlighting the strategic growth for IGI’s specialty insurance portfolio.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) has declared an ordinary common share dividend of $0.17 per share for the period from July 1, 2020, to December 31, 2020. This dividend is payable on April 20, 2021, to shareholders of record at the close of business on April 5, 2021. IGI specializes in a diverse portfolio of specialty lines, including energy, property, and general aviation, and is rated "A" (Excellent) by AM Best.
International General Insurance Holdings Ltd. (NASDAQ: IGIC) reported robust financial results for Q4 and FY 2020, highlighting a strong growth trajectory. Gross written premiums surged to $129.5 million for Q4, a 45.3% increase, while total premiums for the year hit $467.3 million, up 33.8% from 2019. The net profit rose to $10.9 million in Q4, and $31.6 million for the year, reflecting a solid earnings per share of $0.22 and $0.69 respectively. Notably, the combined ratio improved to 96.8% in Q4 and 89.3% for the year, indicating better underwriting profitability.
International General Insurance Holdings Ltd. (IGIC) will release its financial results for Q4 and full year 2020 on March 11, 2021, after U.S. markets close. An investor teleconference is scheduled for March 12, 2021, at 9:00 a.m. ET to discuss these results, accessible via phone or a live webcast on the company’s website. IGI operates as a specialist commercial insurer and reinsurer, rated 'A' (Excellent) by AM Best, with a diverse portfolio including energy, property, and marine sectors. For updates, visit their investor relations page.
International General Insurance Holdings Ltd. (IGIC) has been named 'Reinsurance Company of the Year' at the Middle East Insurance Industry Awards 2020, acknowledging its leadership, underwriting discipline, and commitment to diversity and corporate social responsibility. The awards, judged by a panel from over 200 entries, highlight IGI's strong performance amid challenging conditions. CEO Wasef Jabsheh expressed pride in the recognition and noted a strong performance in 2020. IGI is an established global insurer and reinsurer with significant operations across various regions.
International General Insurance Holdings Ltd. (NASDAQ:IGIC) reported strong financial results for Q3 and YTD 2020. Gross written premiums surged 36.9% to $101.2 million in Q3, while total for nine months reached $337.7 million (+29.8%). Net profit for Q3 was $9.5 million, up from $4.3 million YoY, with earnings per share increasing to $0.20. However, the combined ratio worsened to 93.7%, up from 89.3%. The company remains confident in its strategy, bolstered by robust pricing with a 21% rate increase for the year-to-date.
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