Insurer IGI sees rate rises of more than 20%
International General Insurance Holdings Ltd has seen rates across its book of business climb by more than a fifth so far this year.
The revelation came in the Bermudian specialist commercial re/insurer’s third-quarter earnings report, as net income rose more than doubled year over year to $9.5 million from $4.3 million in 2019.
Wasef Jabsheh, IGI’s chairman and CEO, said: “The pricing environment remains robust – with rates across our book of business up over 21 per cent for the year to date – and we continue to thoughtfully, carefully, and profitably grow our book of business, as demonstrated by the 29.8 per cent increase in gross written premiums so far this year.
“We remain cautious in managing our net exposures to minimise our overall risk profile, and again, this is demonstrated in our combined ratio of 93.7 per cent for the third quarter and 86.5 per cent for the year to date.
“I congratulate all our people across our various offices for the excellent results achieved in what, particularly operationally, has been a very demanding year for IGI.”
Gross premiums written for the third quarter totalled $101.2 million, up 36.9 per cent from a year earlier.
IGI stated: “The increase in gross written premiums for the quarter was the result of new business generated across virtually all lines, as well as improved renewal pricing.
“With market conditions still firming, the company also continued to further refine its existing portfolio, achieving improved terms and conditions.”
Total equity at September 30, 2020 was $379.7 million, representing an increase of 21.7 per cent from $312.1 million at the end of 2019.
The company revealed that chairman Wasef Jabsheh purchased an aggregate of 363,278 common shares of the company for approximately $2.4 million in open market transactions during June, August and September this year.
In addition, In addition, president Waleed Jabsheh purchased 50,000 IGI common shares for approximately $350,000 in open market transactions during September.
Registered in Bermuda, IGI’s operational headquarters is in Amman, Jordan, and it also has offices in London, Dubai, Casablanca and Kuala Lumpur.