S&P Global Ratings has affirmed the financial strength ratings and stable outlook for two subsidiaries of Bermudian-based International General Insurance Holdings Ltd.

The financial strength ratings of A- and stable outlook apply to International General Insurance Co Ltd (Bermuda) and International General Insurance Company (UK) Ltd, the company said.

The key factor cited by S&P in affirming IGI’s ratings was an improved competitive position, elevating that position to “strong” from “satisfactory” a year ago.

The company said S&P noted IGI’s financial outperformance relative to other 'A-' rated reinsurer peers, while growing and diversifying its premium base.

Waleed Jabsheh, president of IGI, said: “We are pleased that S&P has reaffirmed our financial strength ratings at A- with a stable outlook, and particularly gratified by the recognition of the quality growth and continued diversification we achieved in 2020.

“In addition to the new business written in the US through our E&S license, we introduced new marine lines products, and most recently announced our entry into the global contingency market.

“We are continuing on this path of profitable growth and diversification in 2021, while maintaining our focused and judicious approach to underwriting new risks.”

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.