Bermudian-based International General Insurance Holdings Ltd, the specialty commercial re/insurer, has reported net profit of $14.5 million for the first quarter of 2021.

That compares to a net loss of $900,000 for the quarter ended March 31, 2020.

Earnings per share were 30 cents compared to a loss of two cents per share a year ago.

Gross written premiums for the quarter were $100.6 million compared to $99.2 million in the first quarter of 2020.

Net premiums earned were $82.3 million in contrast to $68.5 million in the same quarter a year ago.

The net underwriting result was $27.6 million compared to $23.2 million in the first quarter of 2020.

Total investment income, net, was $4 million compared to $2.6 million a year ago.

The combined ratio was 84.6 per cent compared to 81.3 per cent in the first quarter of 2020.

Wasef Jabsheh, chairman and chief executive officer of IGI, said: “We have had a very solid start to 2021 on the back of our strong performance in 2020. Our results for the first quarter of 2021 clearly illustrate the strength of our underwriting capabilities and our agility in managing the portfolio to maximise returns.

“While rate momentum remained robust with increases of more than 15 per cent across our portfolio during the first quarter, we saw the pace of rate acceleration slowing down in certain lines.

“Gross written premiums were broadly in line with the first quarter of 2020, but more significantly, net earned premiums were up 20 per cent with a combined ratio of 84.6 per cent.”

He added: “We recently announced our entry into the contingency market, which you’ll know from the headlines has experienced significant disruption globally as a result of the Covid-19 pandemic. Consistent with our underwriting philosophy, we will grow this book carefully and thoughtfully.

“We are also close to completing the process of establishing a European platform in Malta and we expect to be able to start writing business inside the European Union in the near future.

“Having completed our first full year as a US listed company, I am very pleased with our progress, having grown our book value per share by 15.1 per cent from March 31, 2020. We look forward to continuing our long track-record of success in generating value for our shareholders.”

IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines.

Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, surety, marine trades, marine liability, contingency, and reinsurance treaty business.

The company is registered in Bermuda, with operations in Bermuda, London, Dubai, Amman, Labuan and Casablanca.