Bermuda-based International General Insurance (IGI) has been upgraded by a ratings agency from BBB+ to A-.

Standard & Poor’s also gave the firm a stable outlook.

Chief executive officer Wasef Jabsheh said: “This rating is a reflection on our strong results, good management and disciplined underwriting.

“This upgrade will enhance our stability and strengthen our relationships with our core brokers and clients.”

S&P said the company and it subsidiaries had “performed strongly and ahead of our expectations” last year.

The S&P statement added: “IGI’s strong financial risk profile specifically reflects our view that capital and earnings across the rated company and its subsidiary operations will remain very strong over the 2015-17 ratings outlook period.”

IGI has operations in Dubai, Amman, London, Labuan and Casablanca.