S&P Global Ratings has upgraded International General Insurance Holdings Ltd’s financial strength rating to A from A-.

The rating applies to IGI’s three subsidiaries: International General Insurance Co Ltd (Bermuda), International General Insurance Company (United Kingdom) Ltd and International General Insurance Co (Europe) Ltd.

S&P also upgraded the long-term issuer credit rating of IGI Bermuda to A from A-, and assigned a stable outlook to all ratings.

IGI said in a statement: “S&P cited IGI’s consistent outperformance of ‘higher-rated peers and the market average in underwriting results’ as the rationale for its upgrade. S&P specifically noted that it expects IGI will ‘maintain strong technical results over the next two years’ while navigating ‘softer market conditions without compromising underwriting performance’.”

Commenting on the upgrade, Waleed Jabsheh, president and chief executive, said: “We are delighted by S&P’s decision to upgrade our financial strength rating to A (Strong) with a stable outlook. This decision underscores the strength and resilience of IGI, our consistent track record of strong operating performance and our position in the global speciality insurance and reinsurance markets.”

Mr Jabsheh added: “It is particularly gratifying to have gained the recognition and public acknowledgement of the quality of our business that for more than two decades has been built on measured growth, consistent discipline and a focus on prudent underwriting and balance sheet management. I commend the entire IGI team on this fantastic achievement.”