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IGI Bermuda rating affirmed

Rating affirmed: Standard & Poor's says the IGI group has a strong financial risk profile

The Bermuda arm of insurer International General Insurance has had its A- financial strength and counterparty credit ratings affirmed by Standard & Poor’s.

The agency also reaffirmed Dubai-based IGI’s A- rating for insurer financial strength for the company’s UK operations and affirmed its stable outlook.

S&P said it regarded IGI Bermuda and IGI UK as core operating companies in the international group and that the ratings were affirmed because of the group’s “strong financial risk profile and satisfactory business risk profile”.

Wasef Jabseh, chief executive officer of IGI, said: “It reflects our strong results, prudent management and the disciplined underwriting that underpins the company’s success.”

IGI Group wrote more than $242 million of gross premiums last year and generated $35 million in profit.