International General Insurance Holdings Ltd. has reported $9.1 million profit for the quarter ended December 31, 2021, compared with $7.6 million for the same period in 2020.

Profit for the year was up from $27.2 million in 2020 to $43.6 million for the year ended December 31, 2021.

IGI chairman and CEO Wasef Jabsheh said: “2021 was another excellent year for IGI as we reported consistently strong quarterly underwriting results and earnings, culminating in one of the best years in our 20-year history.”

“IGI is a diverse group of individual risk underwriters with recognised expertise in many specialty lines.

“We have grown our business organically since inception, and the past two years have seen an acceleration of that.

“In 2021, on the back of significant growth in 2020, we increased our gross premiums more than 16 per cent to $546 million, expanding into new lines and markets.

“We reported record underwriting income for the fourth quarter and year in 2021 and a combined ratio of 83.8 per cent for the fourth quarter and 86.4 per cent for the year.

”With our asset base now approaching $1.5 billion, we expect to continue our strong performance in 2022, focusing on our core strengths and capitalising on sector tail winds.”

“As we mark our twentieth year in business, I’m deeply proud of our successes and the commitment and focus demonstrated by our people at IGI,” Mr Jabsheh said.

“We have achieved these record results and continued to deliver high levels of service to our clients while continuing to navigate a prolonged period of global uncertainty.

“I look forward to our future with confidence, knowing that we are building on a very solid foundation that will continue to deliver strong total value creation to all our stakeholders.”