SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
INTERNATIONAL
GENERAL INSURANCE HOLDINGS LTD.
|
|
|
|
|
Date:
March 11, 2021
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By:
|
/s/
Pervez Rizvi
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|
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Name:
|
Pervez
Rizvi
|
|
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Title:
|
Chief
Financial Officer
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Exhibit 99.1
IGI
Reports Fourth Quarter and Full Year 2020 Condensed and Unaudited Financial Results
HAMILTON,
Bermuda, March 11, 2021 -- International General Insurance Holdings Ltd. (“IGI” or the “Company”)
(NASDAQ: IGIC) today reported condensed and unaudited financial results for the fourth quarter and full year 2020.
Highlights
for the fourth quarter and full year 2020 include:
|
(in millions
of U.S. Dollars, except percentages
|
|
Quarter
Ended
December 31,
|
|
|
Year
Ended
December 31,
|
|
and
per share information)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Gross
written premiums
|
|
$
|
129.5
|
|
|
$
|
89.1
|
|
|
$
|
467.3
|
|
|
$
|
349.2
|
|
% growth
|
|
|
45.3
|
%
|
|
|
|
|
|
|
33.8
|
%
|
|
|
|
|
Net premiums earned
|
|
$
|
73.9
|
|
|
$
|
58.1
|
|
|
$
|
283.5
|
|
|
$
|
215.5
|
|
Net
underwriting results
|
|
$
|
14.7
|
|
|
$
|
10.4
|
|
|
$
|
77.4
|
|
|
$
|
52.0
|
|
Total
investment income, net (1)
|
|
$
|
3.4
|
|
|
$
|
2.7
|
|
|
$
|
11.5
|
|
|
$
|
11.1
|
|
Profit for the
period
|
|
$
|
10.9
|
|
|
$
|
4.3
|
|
|
$
|
31.6
|
|
|
$
|
23.6
|
|
Combined
ratio (2)
|
|
|
96.8
|
%
|
|
|
101.0
|
%
|
|
|
89.3
|
%
|
|
|
94.1
|
%
|
Earnings
per share (Basic and Diluted)(3)
|
|
$
|
0.22
|
|
|
$
|
0.13
|
|
|
$
|
0.69
|
|
|
$
|
0.69
|
|
Return
on average equity (annualized) (4)
|
|
|
11.3
|
%
|
|
|
5.5
|
%
|
|
|
9.0
|
%
|
|
|
7.7
|
%
|
Core
operating income (loss) (4)
|
|
$
|
4.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
34.1
|
|
|
$
|
21.2
|
|
Core
operating earnings per share (4) (Basic and Diluted)
|
|
$
|
0.09
|
|
|
|
-
|
|
|
$
|
0.74
|
|
|
$
|
0.62
|
|
Core
operating return on average equity (annualized) (4)
|
|
|
4.4
|
%
|
|
|
(0.1
|
)%
|
|
|
9.6
|
%
|
|
|
6.9
|
%
|
(1)
|
See
Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)”
below.
|
(2)
|
See
“Supplementary Financial Information” below.
|
(3)
|
See
Note (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)”
below.
|
(4)
|
See
the section titled “Non-IFRS Financial Measures” below.
|
IGI
Chairman and CEO Mr. Wasef Jabsheh said, “2020 has been a successful year for IGI on many levels. Our strong financial performance,
achieved during a year of significant distraction and disruption as well as during our first year as a public company trading
in the U.S., clearly demonstrates the agility, discipline and focus of our teams and our ability to execute and deliver on our
strategy.”
“We
broadened our footprint by entering new territories and lines of business and increased our market share, with gross premiums
up more than 33% in 2020 compared to 2019, while maintaining underwriting profitability at a combined ratio below 90%. We expect
to continue on this path in 2021, although likely at a more measured pace, and with the same careful approach to risk selection
and portfolio balance.”
“With
the first quarter of 2021 almost completed, the indications on price momentum remain very positive, and we are continuing to see
exciting opportunities to build and diversify our business. We will continue to be cautious in managing our net exposures to minimize
our overall risk profile so that we maintain our long-term track record of generating strong value for our shareholders.”
Results
for the Quarters and Years ended December 31, 2020 and 2019
Net
profit for the quarter ended December 31, 2020 was $10.9 million, up from a net profit of $4.3 million for the quarter ended December
31, 2019. Net profit for the year ended December 31, 2020 increased significantly to $31.6 million compared to a net profit
of $23.6 million for the prior year.
Core
operating income, a non-IFRS measure defined below, was $4.2 million for the fourth quarter of 2020 compared to a core operating
loss of $0.1 million for the comparable quarter in 2019. Consequently, core operating return on average equity (annualized) was
4.4% for the quarter ended December 31, 2020, compared to (0.1%) in the same period of 2019.
The
increase in core operating income to $34.1 million for the year ended December 31, 2020 compared to $21.1 million for the year
ended December 31, 2019, was primarily the result of a higher level of underwriting income during 2020. While total equity increased
by 26.4% due to the capital injection from the Business Combination with Tiberius Acquisition Corp. (“Tiberius”) as
well as growth in retained earnings during the year, core operating return on average equity also increased to 9.6% for the year
ended December 31, 2020 compared to 6.9% for the same period in 2019.
Underwriting
Results
Gross
written premiums were $129.5 million for the quarter ended December 31, 2020, an increase of 45.3% compared to $89.1 million for
the quarter ended December 31, 2019. For the year ended December 31, 2020, gross written premiums were $467.3 million, up 33.8%
compared to $349.2 million for the year ended December 31, 2019. The increase in gross written premiums was the result of new
business generated across virtually all lines, as well as improved renewal pricing. While market conditions remained positive,
the Company also continued to further refine its existing portfolio, achieving improved terms and conditions.
The claims and claims expense ratio was
59.8% for the quarter ended December 31, 2020, an improvement of 2.7 points over the corresponding quarter in 2019. This included
current accident year net catastrophe losses of $6.3 million or 8.5 points for the quarter ended December 31, 2020, compared to
$8.3 million or 14.3 points for the quarter ended December 31, 2019. Prior year development on loss reserves was unfavorable amounting
to $5.4 million or 7.3 points for the quarter ended December 31, 2020 driven by deterioration in prior year loss reserves in both
the Long-tail and Short-tail segments which were impacted by foreign exchange, specifically the strengthening of the Pound Sterling,
the Company’s major transactional currency, against the U.S. Dollar. This compares to favorable development of $1.7 million
or 3.0 points for the quarter ended December 31, 2019. Catastrophe losses during the fourth quarter of 2020 were driven primarily
by Hurricane Laura, a Category 4 storm which caused significant damage in the mid-western U.S., and is included in the Short-tail
Segment.
The claims and claims expense ratio was 53.5%
for the year ended December 31, 2020, an improvement of 1.3 points compared to the year ended December 31, 2019. This included
current accident year net catastrophe losses of $13.5 million or 4.8 points for the year ended December 31, 2020, compared to $16.2
million or 7.5 points for the year ended December 31, 2019. Catastrophe losses for the year ended December 31, 2020 were driven
primarily by the storms that damaged cranes at the Jawaharlal Nehru port in Mumbai, India and property damage and business interruption
losses resulting from Hurricane Laura, both of which are included in the Short-tail Segment. Favorable development on loss reserves
from prior accident years for the year ended December 31, 2020 was $6.1 million or 2.2 points, reduced by the impact of foreign
exchange, specifically the strengthening of the Pound Sterling, the Company’s major transactional currency, against the U.S.
Dollar. This compares to favorable development of $6.3 million or 2.9 points for the year ended December 31, 2019, which was also
impacted by the strengthening of the Pound Sterling.
The
combined ratio for the quarter ended December 31, 2020 was 96.8%, compared to 101.0% for the same quarter in 2019. The combined
ratio for the year ended December 31, 2020 improved 4.8 points to 89.3% compared to 94.1% for the same period in 2019, primarily
due to the benefit of increased pricing per unit of exposure.
Segment
Results
The
Long-tail Segment, which represented approximately 43% of the Company’s gross written premiums for the full year
2020, includes all professional and financial lines written by the Company, including D&O, professional indemnity, financial
institutions, legal expenses, as well as surety, marine liability, and general third-party liability (casualty), all of which
are non-U.S. exposures.
Net
written premiums for the quarter ended December 31, 2020 in the Long-tail Segment were $47.6 million, compared to $37.2 million
in the comparable quarter in 2019, primarily driven by growth in the financial and professional lines. The net underwriting result
for this segment was a loss of $2.4 million for the fourth quarter of 2020, driven by higher incurred losses in financial and
professional lines, compared to a profit of $4.7 million in the fourth quarter of 2019.
Net
written premiums for the year ended December 31, 2020 in the Long-tail Segment were $164.3 million, compared to $119.9 million
in the comparable period in 2019 driven by growth in the financial and professional lines. The net underwriting result for this
segment increased by $7.1 million to $23.5 million for the full year 2020, compared to $16.4 million for the full year 2019, again
driven by the financial and professional lines.
The
Short-tail Segment, which represented approximately 53% of the Company’s gross written premiums for the full year
2020, includes energy, property, general aviation, ports and terminals, marine trades, marine cargo, construction and engineering,
and political violence.
Net
written premiums for the quarter ended December 31, 2020 in the Short-tail Segment were $39.7 million, compared to $22.4 million
in the comparable quarter in 2019, driven by increases in most lines, as well as the growth of the new U.S. Excess & Surplus
business. The net underwriting result for this segment was $14.5 million for the fourth quarter of 2020, up from the $7.6 million
recorded in the fourth quarter of 2019, driven by growth in most lines in the Short-tail Segment.
Net
written premiums for the year ended December 31, 2020 in the Short-tail Segment were $154.8 million, an increase of $40.6 million
compared to $114.2 million in the comparable period in 2019, primarily the result of increases in most Short-tail lines as well
growth of the new U.S. Excess & Surplus business. The net underwriting result for this segment improved to $44.4 million for
the full year 2020, compared to $35.4 million in the full year 2019, supported by 35.5% growth in net written premiums which was
partially offset by a $ 12.7 million increase in net claims and claims adjustment expenses driven by higher incurred losses recorded
in the Ports & Terminals, Energy, and Property lines in the Short-tail segment.
The
Reinsurance Segment, which represented approximately 4% of the Company’s gross written premiums for the full year
2020, comprises the Company’s inwards reinsurance portfolio.
Net
written premiums for the quarter ended December 31, 2020 in the Reinsurance Segment were $2.8 million, compared to $2.9 million
in the comparable quarter in 2019. The net underwriting result for this segment was a profit of $2.6 million for the fourth quarter
of 2020, compared to a loss of $1.9 million in the fourth quarter of 2019, due to a lower level of claims and claims adjustment
expenses in the fourth quarter of 2020.
Net
written premiums for the year ended December 31, 2020 in the Reinsurance Segment were $19.3 million, compared to $18.0 million
in the comparable period in 2019. The net underwriting result improved to $9.5 million for the full year 2020, compared to $0.2
million for the full year 2019, primarily due to a lower level of claims and claims adjustment expenses.
Investment
Results
Total
investment income was $4.5 million during the fourth quarter of 2020, compared to $2.9 million in the fourth quarter of 2019.
Total investment income, net (which excludes realized and unrealized gains and losses, expected credit losses on investments,
and the share of loss from associates) was $3.4 million and $2.7 million for the quarters ended December 31, 2020 and 2019, respectively.
This resulted in an annualized investment yield of 1.8% for the fourth quarter of 2020, compared to 1.9% for the corresponding
period in 2019.
For
the full year 2020, total investment income was $8.5 million, compared to $13.0 million for the full year 2019. Total investment
income, net was $11.5 million and $11.1 million for the full years 2020 and 2019, respectively. This resulted in an investment
yield of 1.7% for the full year 2020, compared to 2.0% for the full year 2019.
Cash,
cash equivalents and term deposits totaled $305.6 million at December 31, 2020, representing 39.4% of the total investments and
cash portfolio, compared to $312.2 million at December 31, 2019, when it represented 51.6%. The total investment and cash portfolio
is comprised of cash, cash equivalents and term deposits (cash portfolio), investments, investment in associates, and investment
properties.
Other
Gain on foreign exchange for the quarter
ended December 31, 2020 was $6.2 million compared to $2.5 million for the fourth quarter of 2019. The gain in the fourth quarter
of 2020 was primarily driven by strengthening of the Pound Sterling, Euro and Australian Dollar against the U.S. Dollar
from September 30, 2020 to December 31, 2020, coupled with greater exposure to Pound Sterling-denominated cash and insurance
receivable balances, supported by increased business in the Specialty Long-tail Segment when compared to the corresponding period
of 2019.
Gain on foreign exchange for the year
ended December 31, 2020 was $2.5 million compared to $5.7 million for the full year 2019. The gain in 2020 was primarily driven
by strengthening of the Pound Sterling, Euro and Australian Dollar against the U.S. Dollar from December 31, 2019 to
December 31, 2020, coupled with greater exposure to Pound Sterling-denominated cash and insurance receivable balances, supported
by increased business in the Specialty Long-tail Segment.
Total
Equity
Total
equity at December 31, 2020 was $394.6 million, representing an increase of 26.4% compared to $312.1 million at December 31, 2019.
The movement in Total Equity during the quarter and year ended December 31, 2020 is illustrated below:
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(in millions of U.S. Dollars)
|
|
2020
|
|
|
2020
|
|
Total Equity at beginning of period
|
|
$
|
379.7
|
|
|
$
|
312.1
|
|
Profit for the period
|
|
$
|
10.9
|
|
|
$
|
31.6
|
|
Net change in fair value reserves for investments through other comprehensive income
|
|
$
|
3.5
|
|
|
$
|
13.9
|
|
Capital injection in connection with the Business Combination
|
|
|
-
|
|
|
$
|
40.8
|
|
Issuance of restricted share awards
|
|
$
|
0.5
|
|
|
$
|
0.5
|
|
Cash dividends declared during the period
|
|
|
-
|
|
|
$
|
(4.3
|
)
|
Total Equity at December 31, 2020
|
|
$
|
394.6
|
|
|
$
|
394.6
|
|
International
General Insurance Holdings Ltd.
Condensed
Consolidated Statements of Income (Unaudited)
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(in millions of U.S. Dollars, except for percentages and per share data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
|
$
|
129.5
|
|
|
$
|
89.1
|
|
|
$
|
467.3
|
|
|
$
|
349.2
|
|
Reinsurers’ share of insurance premiums
|
|
$
|
(39.4
|
)
|
|
$
|
(26.6
|
)
|
|
$
|
(128.9
|
)
|
|
$
|
(97.1
|
)
|
Net written premiums
|
|
$
|
90.1
|
|
|
$
|
62.5
|
|
|
$
|
338.4
|
|
|
$
|
252.1
|
|
Net change in unearned premiums
|
|
$
|
(16.2
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
(54.9
|
)
|
|
$
|
(36.6
|
)
|
Net premiums earned
|
|
$
|
73.9
|
|
|
$
|
58.1
|
|
|
$
|
283.5
|
|
|
$
|
215.5
|
|
Net claims and claim adjustment expenses
|
|
$
|
(44.3
|
)
|
|
$
|
(36.3
|
)
|
|
$
|
(151.7
|
)
|
|
$
|
(118.1
|
)
|
Net Policy acquisition expenses
|
|
$
|
(14.9
|
)
|
|
$
|
(11.4
|
)
|
|
$
|
(54.4
|
)
|
|
$
|
(45.4
|
)
|
Net underwriting results
|
|
$
|
14.7
|
|
|
$
|
10.4
|
|
|
$
|
77.4
|
|
|
$
|
52.0
|
|
Net investment income (1)
|
|
$
|
4.8
|
|
|
$
|
3.4
|
|
|
$
|
10.0
|
|
|
$
|
13.4
|
|
Share of loss from associates (1)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(0.4
|
)
|
General and administrative expenses
|
|
$
|
(12.5
|
)
|
|
$
|
(11.0
|
)
|
|
$
|
(46.9
|
)
|
|
$
|
(39.3
|
)
|
Other expenses, net (2)
|
|
$
|
(1.0
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
(1.3
|
)
|
Listing related expenses
|
|
|
-
|
|
|
$
|
(4.8
|
)
|
|
$
|
(3.4
|
)
|
|
$
|
(4.8
|
)
|
Gain on foreign exchange
|
|
$
|
6.2
|
|
|
$
|
9.4
|
|
|
$
|
2.5
|
|
|
$
|
5.7
|
|
Profit before tax
|
|
$
|
11.9
|
|
|
$
|
5.8
|
|
|
$
|
33.7
|
|
|
$
|
25.3
|
|
Income tax
|
|
$
|
(1.0
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(2.1
|
)
|
|
$
|
(1.7
|
)
|
Profit for the period
|
|
$
|
10.9
|
|
|
$
|
4.3
|
|
|
$
|
31.6
|
|
|
$
|
23.6
|
|
Basic and diluted earnings per share attributable to equity holders (3)
|
|
$
|
0.22
|
|
|
$
|
0.13
|
|
|
$
|
0.69
|
|
|
$
|
0.69
|
|
International
General Insurance Holdings Ltd.
Condensed
Consolidated Statements of Financial Position (Unaudited)
(in millions of U.S. Dollars)
|
|
As at
December 31,
2020
|
|
|
As at
December 31,
2019
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
133.4
|
|
|
$
|
192.5
|
|
Term Deposits
|
|
$
|
172.2
|
|
|
$
|
119.7
|
|
Insurance receivables
|
|
$
|
166.6
|
|
|
$
|
113.0
|
|
Investments (4)
|
|
$
|
438.1
|
|
|
$
|
253.7
|
|
Investment in associates (4)
|
|
$
|
11.6
|
|
|
$
|
13.1
|
|
Reinsurance share of outstanding claims
|
|
$
|
187.5
|
|
|
$
|
176.2
|
|
Reinsurance share of unearned premiums
|
|
$
|
50.1
|
|
|
$
|
33.9
|
|
Deferred excess of loss premiums
|
|
$
|
17.1
|
|
|
$
|
15.2
|
|
Deferred policy acquisition costs
|
|
$
|
55.2
|
|
|
$
|
41.7
|
|
Other assets
|
|
$
|
9.5
|
|
|
$
|
7.6
|
|
Investment properties (4)
|
|
$
|
20.0
|
|
|
$
|
25.7
|
|
Property, premises and equipment
|
|
$
|
13.2
|
|
|
$
|
12.7
|
|
Intangible assets
|
|
$
|
4.7
|
|
|
$
|
3.9
|
|
TOTAL ASSETS
|
|
$
|
1,279.2
|
|
|
$
|
1,009.1
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Gross outstanding claims
|
|
$
|
492.3
|
|
|
$
|
413.1
|
|
Gross unearned premiums
|
|
$
|
277.2
|
|
|
$
|
206.2
|
|
Insurance payables
|
|
$
|
83.5
|
|
|
$
|
53.5
|
|
Other liabilities
|
|
$
|
20.5
|
|
|
$
|
14.9
|
|
Deferred tax liabilities
|
|
$
|
0.1
|
|
|
$
|
0.4
|
|
Unearned commissions
|
|
$
|
11.0
|
|
|
$
|
8.9
|
|
TOTAL LIABILITIES
|
|
$
|
884.6
|
|
|
$
|
697.0
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Issued share capital
|
|
|
-
|
|
|
$
|
143.4
|
|
Common shares at par value
|
|
$
|
0.5
|
|
|
|
-
|
|
Additional paid in capital
|
|
|
-
|
|
|
$
|
2.7
|
|
Share premium
|
|
$
|
157.6
|
|
|
|
-
|
|
Warrants
|
|
$
|
9.2
|
|
|
|
-
|
|
Treasury shares
|
|
|
-
|
|
|
$
|
(20.1
|
)
|
Foreign currency translation reserve
|
|
$
|
(0.3
|
)
|
|
$
|
(0.3
|
)
|
Fair value reserves
|
|
$
|
18.2
|
|
|
$
|
4.2
|
|
Retained earnings
|
|
$
|
209.4
|
|
|
$
|
182.2
|
|
TOTAL EQUITY
|
|
$
|
394.6
|
|
|
$
|
312.1
|
|
TOTAL LIABILITIES AND EQUITY
|
|
$
|
1,279.2
|
|
|
$
|
1,009.1
|
|
International General Insurance Holdings Ltd.
Supplementary Financial Information – Condensed Consolidated
Statements of Income (Unaudited)
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims and claims expense ratio (a)
|
|
|
59.8
|
%
|
|
|
62.5
|
%
|
|
|
53.5
|
%
|
|
|
54.8
|
%
|
Policy acquisition expense ratio (b)
|
|
|
20.1
|
%
|
|
|
19.6
|
%
|
|
|
19.2
|
%
|
|
|
21.1
|
%
|
General and administrative expense ratio
(c)
|
|
|
16.9
|
%
|
|
|
18.9
|
%
|
|
|
16.6
|
%
|
|
|
18.2
|
%
|
Expense ratio (d)
|
|
|
37.0
|
%
|
|
|
38.5
|
%
|
|
|
35.8
|
%
|
|
|
39.3
|
%
|
Combined ratio (e)
|
|
|
96.8
|
%
|
|
|
101.0
|
%
|
|
|
89.3
|
%
|
|
|
94.1
|
%
|
|
(a)
|
Represents net claims and claim adjustment expenses as a percentage of net premiums earned.
|
|
(b)
|
Represents net policy acquisition expenses as a percentage of net premiums earned.
|
|
(c)
|
Represents general and administrative expenses as a percentage of net premiums earned.
|
|
(d)
|
Represents the sum of the policy acquisition expense ratio and the general and administrative
expense ratio.
|
|
(e)
|
Represents the sum of the claims and claim expense ratio
and the expense ratio.
|
International General Insurance Holdings
Ltd.
Supplementary Financial Information – Consolidated
Statements of Financial Position (Unaudited)
(in millions of U.S. Dollars, except share and per share data)
|
|
As at
December 31,
2020
|
|
|
As at
December 31,
2019
|
|
Cash and cash equivalents and term deposits
|
|
$
|
305.6
|
|
|
$
|
312.2
|
|
Total investments (4)
|
|
$
|
469.7
|
|
|
$
|
292.5
|
|
Total Investments and cash portfolio
|
|
$
|
775.3
|
|
|
$
|
604.7
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding (in millions)*
|
|
|
48.5
|
|
|
|
34.0
|
|
Minus:
Unvested shares (in millions)**
|
|
|
3.1
|
|
|
|
-
|
|
Number of vested common outstanding shares (in millions) (a)
|
|
|
45.4
|
|
|
|
34.0
|
|
|
|
|
|
|
|
|
|
|
Total equity (b)
|
|
$
|
394.6
|
|
|
$
|
312.1
|
|
Book value per share (b)/(a)
|
|
$
|
8.69
|
|
|
$
|
9.18
|
|
|
*
|
Common
shares issued and outstanding as at December 31, 2020:
|
|
|
No. of shares
|
|
Common shares
|
|
|
45,426,251
|
|
Earnout shares
|
|
|
3,012,500
|
|
Restricted shares awards
|
|
|
134,500
|
|
**Total unvested shares
|
|
|
3,147,000
|
|
Total Common shares outstanding
|
|
|
48,573,251
|
|
|
*
|
Common
shares issued and outstanding at December 31, 2019 of 134,025,678 were adjusted at a share exchange ratio of 0.254 used in the
March 2020 Business Combination with Tiberius Acquisition Corp. to facilitate comparison to December 31, 2020. Each of the shares
above have a par value of $0.01.
|
|
**
|
Earnout Shares are subject to vesting
at stock prices ranges from $ 11.50 to $15.25, are entitled to dividends and voting rights, however, are non-transferable by
their holders until they vest. If the Earnout Shares do not vest on or prior to March 17, 2028, they will be cancelled by the
Company. Restricted Shares awards were issued pursuant to the Company’s 2020 Omnibus Incentive Plan and are entitled to
dividends, however the Restricted Shares awards are non-transferable by their holders until they vest as per the respective
Restricted Shares Award Agreements. As at December 31, 2020, the vesting conditions attached to both Earnout Shares
and Restricted Shares awards to employees have not been met, therefore these shares were not included in the weighted average
number of common shares for both the basic and diluted earnings per share.
|
International
General Insurance Holdings Ltd.
Supplementary
Financial Information - Segment Results (Unaudited)
Segment
information for IGI’s consolidated operations is as follows:
For
the quarter ended December 31, 2020
(in millions of U.S. Dollars)
|
|
Specialty Long-tail
|
|
|
Specialty Short-tail
|
|
|
Reinsurance
|
|
|
Total
|
|
Underwriting revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
|
$
|
65.8
|
|
|
$
|
60.9
|
|
|
$
|
2.8
|
|
|
$
|
129.5
|
|
Reinsurers’ share of insurance premiums
|
|
$
|
(18.2
|
)
|
|
$
|
(21.2
|
)
|
|
|
-
|
|
|
$
|
(39.4
|
)
|
Net written premiums
|
|
$
|
47.6
|
|
|
$
|
39.7
|
|
|
$
|
2.8
|
|
|
$
|
90.1
|
|
Net change in unearned premiums
|
|
$
|
(11.7
|
)
|
|
$
|
(7.1
|
)
|
|
$
|
2.6
|
|
|
$
|
(16.2
|
)
|
Net premiums earned
|
|
$
|
35.9
|
|
|
$
|
32.6
|
|
|
$
|
5.4
|
|
|
$
|
73.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net claims and claim adjustment expenses
|
|
$
|
(30.8
|
)
|
|
$
|
(11.6
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(44.3
|
)
|
Net policy acquisition expenses
|
|
$
|
(7.5
|
)
|
|
$
|
(6.5
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(14.9
|
)
|
Net underwriting results
|
|
$
|
(2.4
|
)
|
|
$
|
14.5
|
|
|
$
|
2.6
|
|
|
$
|
14.7
|
|
For
the quarter ended December 31, 2019
(in millions of U.S. Dollars)
|
|
Specialty Long-tail
|
|
|
Specialty Short-tail
|
|
|
Reinsurance
|
|
|
Total
|
|
Underwriting revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
|
$
|
50.3
|
|
|
$
|
35.9
|
|
|
$
|
2.9
|
|
|
$
|
89.1
|
|
Reinsurers’ share of insurance premiums
|
|
$
|
(13.1
|
)
|
|
$
|
(13.5
|
)
|
|
|
-
|
|
|
$
|
(26.6
|
)
|
Net written premiums
|
|
$
|
37.2
|
|
|
$
|
22.4
|
|
|
$
|
2.9
|
|
|
$
|
62.5
|
|
Net change in unearned premiums
|
|
$
|
(9.3
|
)
|
|
$
|
2.6
|
|
|
$
|
2.3
|
|
|
$
|
(4.4
|
)
|
Net premiums earned
|
|
$
|
27.9
|
|
|
$
|
25.0
|
|
|
$
|
5.2
|
|
|
$
|
58.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net claims and claim adjustment expenses
|
|
$
|
(17.6
|
)
|
|
$
|
(12.5
|
)
|
|
$
|
(6.2
|
)
|
|
$
|
(36.3
|
)
|
Net policy acquisition expenses
|
|
$
|
(5.6
|
)
|
|
$
|
(4.9
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(11.4
|
)
|
Net underwriting results
|
|
$
|
4.7
|
|
|
$
|
7.6
|
|
|
$
|
(1.9
|
)
|
|
$
|
10.4
|
|
International
General Insurance Holdings Ltd.
Supplementary
Financial Information - Segment Results (Unaudited)
For
the year ended December 31, 2020
(in millions of U.S. Dollars)
|
|
Specialty Long-tail
|
|
|
Specialty Short-tail
|
|
|
Reinsurance
|
|
|
Total
|
|
Underwriting revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
|
$
|
201.9
|
|
|
$
|
246.1
|
|
|
$
|
19.3
|
|
|
$
|
467.3
|
|
Reinsurers’ share of insurance premiums
|
|
$
|
(37.6
|
)
|
|
$
|
(91.3
|
)
|
|
|
-
|
|
|
$
|
(128.9
|
)
|
Net written premiums
|
|
$
|
164.3
|
|
|
$
|
154.8
|
|
|
$
|
19.3
|
|
|
$
|
338.4
|
|
Net change in unearned premiums
|
|
$
|
(26.6
|
)
|
|
$
|
(27.9
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(54.9
|
)
|
Net premiums earned
|
|
$
|
137.7
|
|
|
$
|
126.9
|
|
|
$
|
18.9
|
|
|
$
|
283.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net claims and claim adjustment expenses
|
|
$
|
(88.0
|
)
|
|
$
|
(57.4
|
)
|
|
$
|
(6.3
|
)
|
|
$
|
(151.7
|
)
|
Net policy acquisition expenses
|
|
$
|
(26.2
|
)
|
|
$
|
(25.1
|
)
|
|
$
|
(3.1
|
)
|
|
$
|
(54.4
|
)
|
Net underwriting results
|
|
$
|
23.5
|
|
|
$
|
44.4
|
|
|
$
|
9.5
|
|
|
$
|
77.4
|
|
For
the year ended December 31, 2019
(in millions of U.S. Dollars)
|
|
Specialty Long-tail
|
|
|
Specialty Short-tail
|
|
|
Reinsurance
|
|
|
Total
|
|
Underwriting revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross written premiums
|
|
$
|
142.1
|
|
|
$
|
189.1
|
|
|
$
|
18.0
|
|
|
$
|
349.2
|
|
Reinsurers’ share of insurance premiums
|
|
$
|
(22.2
|
)
|
|
$
|
(74.9
|
)
|
|
|
-
|
|
|
$
|
(97.1
|
)
|
Net written premiums
|
|
$
|
119.9
|
|
|
$
|
114.2
|
|
|
$
|
18.0
|
|
|
$
|
252.1
|
|
Net change in unearned premiums
|
|
$
|
(23.5
|
)
|
|
$
|
(12.9
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(36.6
|
)
|
Net premiums earned
|
|
$
|
96.4
|
|
|
$
|
101.3
|
|
|
$
|
17.8
|
|
|
$
|
215.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net claims and claim adjustment expenses
|
|
$
|
(58.8
|
)
|
|
$
|
(44.7
|
)
|
|
$
|
(14.6
|
)
|
|
$
|
(118.1
|
)
|
Net policy acquisition expenses
|
|
$
|
(21.2
|
)
|
|
$
|
(21.2
|
)
|
|
$
|
(3.0
|
)
|
|
$
|
(45.4
|
)
|
Net underwriting results
|
|
$
|
16.4
|
|
|
$
|
35.4
|
|
|
$
|
0.2
|
|
|
$
|
52.0
|
|
International
General Insurance Holdings Ltd.
Notes
to the Condensed Consolidated Financial Statements (Unaudited)
|
(1)
|
The
following are the calculated investment yields and the reconciliation of investment income and share of loss from associates
included in the Condensed Consolidated Statements of Income (Unaudited) to Total investment income net, used to calculate investment
yield:
|
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(in millions of U.S. Dollars, except percentages)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net investment income*
|
|
$
|
4.8
|
|
|
$
|
3.4
|
|
|
$
|
10.0
|
|
|
$
|
13.4
|
|
Share of loss from associates
|
|
$
|
(0.3
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(0.4
|
)
|
Total investment income
|
|
$
|
4.5
|
|
|
$
|
2.9
|
|
|
$
|
8.5
|
|
|
$
|
13.0
|
|
Minus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) on investments
|
|
$
|
(0.2
|
)
|
|
$
|
0.1
|
|
|
$
|
1.2
|
|
|
$
|
0.3
|
|
Realized gain (loss) on investment properties
|
|
$
|
(0.2
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
0.7
|
|
Unrealized gain (loss) on investments
|
|
$
|
2.7
|
|
|
$
|
0.8
|
|
|
$
|
0.2
|
)
|
|
$
|
1.6
|
|
Fair value gain (loss) on investment properties
|
|
$
|
(0.8
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(0.3
|
)
|
Expected credit losses on investments
|
|
$
|
(0.1
|
)
|
|
|
-
|
|
|
$
|
(0.3
|
)
|
|
|
-
|
|
Share of profit (loss) from associates**
|
|
$
|
(0.3
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(0.4
|
)
|
Total investment income, net (a)
|
|
$
|
3.4
|
|
|
$
|
2.7
|
|
|
$
|
11.5
|
|
|
$
|
11.1
|
|
Average investments and cash portfolio, at cost (b)
|
|
$
|
728.7
|
|
|
$
|
576.1
|
|
|
$
|
667.0
|
|
|
$
|
543.4
|
|
Investment Yield (a) / (b) annualized
|
|
|
1.8
|
%
|
|
|
1.9
|
%
|
|
|
1.7
|
%
|
|
|
2.0
|
%
|
|
*
|
Net
investment income is comprised of interest and dividend income, realized and unrealized gain (loss) on investments, realized and
unrealized gain (loss) on investment properties, expected credit loss on investments, investment custodian fees and other investment
expenses.
|
|
**
|
Share
of profit (loss) from associates primarily represents fair value gain (loss) on investment properties held by associates and has
been excluded from Total investment income, net in 2020. Accordingly, the year ended December 31, 2019 comparative of $0.4 million
has also been excluded from the determination of Total investment income, net and Investment yield to conform to the current presentation.
|
|
(2)
|
Represents
the sum of other revenues, other expenses and impairment loss on insurance receivables.
|
|
|
Quarter Ended
December 31,
|
|
|
|
|
(in millions of U.S. Dollars)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Other revenues
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
1.4
|
|
Other expenses
|
|
$
|
(0.9
|
)
|
|
$
|
(0.7
|
)
|
|
$
|
(1.9
|
)
|
|
$
|
(2.1
|
)
|
Impairment loss on insurance receivables
|
|
$
|
(0.3
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(2.9
|
)
|
|
$
|
(0.6
|
)
|
Other expenses, net
|
|
$
|
(1.0
|
)
|
|
$
|
(1.1
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
(1.3
|
)
|
|
(3)
|
Represents
net profit for the period attributable to vested common shares divided by the weighted average number of shares – basic
and diluted calculated as follows:
|
|
|
Quarter Ended
December 31,
|
|
|
|
|
(in millions of U.S. Dollars, except per share information)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Profit for the period
|
|
$
|
10.9
|
|
|
$
|
4.3
|
|
|
$
|
31.6
|
|
|
$
|
23.6
|
|
Minus: Profit attributable
to the Earnout Shares
|
|
$
|
0.7
|
|
|
|
-
|
|
|
$
|
2.0
|
|
|
|
-
|
|
Minus: Profit attributable
to the Restricted Shares
|
|
$
|
0.1
|
|
|
|
-
|
|
|
$
|
0.1
|
|
|
|
-
|
|
Net profit for the period available to common shareholders (a)
|
|
$
|
10.1
|
|
|
$
|
4.3
|
|
|
$
|
29.5
|
|
|
$
|
23.6
|
|
Weighted average number of shares – basic and diluted (in millions of shares) (b)
|
|
|
45.4
|
|
|
|
34.0
|
|
|
|
43.0
|
|
|
|
34.3
|
|
Basic and diluted earnings per share (a/b)
|
|
$
|
0.22
|
|
|
$
|
0.13
|
|
|
$
|
0.69
|
|
|
$
|
0.69
|
|
To
facilitate a comparison of earnings per share with the periods ending December 31, 2020, the weighted average number of basic
and diluted shares of 135.2 million for the year ended December 31, 2019 was adjusted at a share exchange ratio of 0.254 that
was used in the March 2020 Business Combination with Tiberius. As a result, the Basic and diluted earnings per share previously
reported of $0.17 was recalculated to an adjusted basic and diluted earnings per share of $0.69.
|
(4)
|
Includes
the following:
|
|
|
As at
|
|
(in millions of U.S. Dollars)
|
|
December 31,
2020
|
|
|
December 31,
2019
|
|
Investments
|
|
$
|
438.1
|
|
|
$
|
253.7
|
|
Investment properties
|
|
$
|
20.0
|
|
|
$
|
25.7
|
|
Investments in associates
|
|
$
|
11.6
|
|
|
$
|
13.1
|
|
Total investments
|
|
$
|
469.7
|
|
|
$
|
292.5
|
|
International
General Insurance Holdings Ltd.
Non-IFRS
Financial Measures
In
presenting IGI’s results, Management has included and discussed certain non-IFRS financial measures. We believe that these
non-IFRS measures, which may be defined and calculated differently by other companies, help to explain and enhance an understanding
of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance
with IFRS.
Combined
Ratio
The
table below illustrates the reconciliation of the combined ratio on a financial and accident year basis:
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(in millions of U.S. Dollars, except percentages)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net premiums earned (a)
|
|
$
|
73.9
|
|
|
$
|
58.1
|
|
|
$
|
283.5
|
|
|
$
|
215.5
|
|
Net Claims and claims adjustment expenses (b)
|
|
$
|
(44.3
|
)
|
|
$
|
(36.3
|
)
|
|
$
|
(151.7
|
)
|
|
$
|
(118.1
|
)
|
Net Policy acquisition expenses (c)
|
|
$
|
(14.9
|
)
|
|
$
|
(11.4
|
)
|
|
$
|
(54.4
|
)
|
|
$
|
(45.4
|
)
|
General and administrative expenses (d)
|
|
$
|
(12.5
|
)
|
|
$
|
(11.0
|
)
|
|
$
|
(46.9
|
)
|
|
$
|
(39.3
|
)
|
Prior year adverse/ (favorable) development (e)
|
|
$
|
5.4
|
|
|
$
|
(1.7
|
)
|
|
$
|
(6.1
|
)
|
|
$
|
(6.3
|
)
|
Catastrophe (CAT) losses (f)
|
|
$
|
6.3
|
|
|
$
|
8.3
|
|
|
$
|
13.5
|
|
|
$
|
16.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined ratio ((b+c+d)/a)*
|
|
|
96.8
|
%
|
|
|
101.0
|
%
|
|
|
89.3
|
%
|
|
|
94.1
|
%
|
Minus: CAT losses on an accident year basis (f/a)
|
|
|
8.5
|
%
|
|
|
14.3
|
%
|
|
|
4.8
|
%
|
|
|
7.5
|
%
|
Minus: Prior year development (favorable)/unfavorable
(e/a)
|
|
|
7.3
|
%
|
|
|
(3.0
|
)%
|
|
|
(2.2
|
)%
|
|
|
(2.9
|
)%
|
Accident year combined ratio prior to CAT losses
|
|
|
81.0
|
%
|
|
|
89.7
|
%
|
|
|
86.7
|
%
|
|
|
89.5
|
%
|
|
*
|
See
“Supplementary Financial Information - Condensed Consolidated Statements of Income (Unaudited).”
|
Core
Operating Income
Core
operating income measures the performance of our operations without the influence of after-tax gains or losses on investments
and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating
income because the amount of these gains and losses is heavily influenced by, and fluctuates in part according to, economic and
other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely
independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe
the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of
our core insurance operations. Our underwriting profitability is impacted by earned premium growth, the adequacy of pricing, and
the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks
to manage the Company’s exposure to loss through favorable risk selection and diversification, IGI’s management of
claims, use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management
of acquisition costs and other underwriting expenses.
In
addition to presenting profit for the period determined in accordance with IFRS, we believe that showing “core operating
income” provides investors with a valuable measure of profitability and enables investors, rating agencies and other users
of our financial information to more easily analyze the Company’s results in a manner similar to how Management analyzes
the Company’s underlying business performance.
Core
operating income is calculated by the addition or subtraction of certain line items reported in the ‘Condensed Consolidated
Statements of Income’ from profit for the period and tax effecting each line item (resulting in each item being a non-IFRS
measure), as illustrated in the table below:
|
|
Quarter Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
(in millions of U.S. Dollars, except for percentages and per share data)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Profit for the period
|
|
$
|
10.9
|
|
|
$
|
4.3
|
|
|
$
|
31.6
|
|
|
$
|
23.6
|
|
Reconciling items between profit for the period and core operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized (gains)/loss on investments (tax adjusted) (i)
|
|
$
|
0.4
|
|
|
$
|
(0.7
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(1.0
|
)
|
Expected credit losses on investments
|
|
$
|
0.1
|
|
|
|
-
|
|
|
$
|
0.3
|
|
|
|
-
|
|
Unrealized loss/(gain) on investments (tax adjusted) (i)
|
|
$
|
(2.6
|
)
|
|
$
|
(0.8
|
)
|
|
|
-
|
|
|
$
|
(1.6
|
)
|
Loss/(gain) on investment properties
|
|
$
|
0.8
|
|
|
$
|
0.9
|
|
|
$
|
2.0
|
|
|
$
|
0.3
|
|
Listing related costs
|
|
|
-
|
|
|
$
|
4.8
|
|
|
$
|
3.4
|
|
|
$
|
4.8
|
|
Gain on foreign exchange (tax adjusted) (i)
|
|
$
|
(5.4
|
)
|
|
$
|
(8.6
|
)
|
|
$
|
(2.3
|
)
|
|
$
|
(4.9
|
)
|
Core operating income (loss)
|
|
$
|
4.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
34.1
|
|
|
$
|
21.2
|
|
Average shareholders’ equity (ii)
|
|
$
|
387.2
|
|
|
$
|
313.8
|
|
|
$
|
353.4
|
|
|
$
|
306.7
|
|
Core operating return on average equity (annualized) (iii)
|
|
|
4.4
|
%
|
|
|
(0.1
|
)%
|
|
|
9.6
|
%
|
|
|
6.9
|
%
|
Basic and diluted core operating earnings per share (iv)
|
|
$
|
0.09
|
|
|
|
-
|
|
|
$
|
0.74
|
|
|
$
|
0.62
|
|
Return on average equity (annualized) (v)
|
|
|
11.3
|
%
|
|
|
5.5
|
%
|
|
|
9.0
|
%
|
|
|
7.7
|
%
|
|
i.
|
Represents
a non-IFRS financial measure as the line-item balances reported in “Condensed Consolidated Statements of Income (Unaudited)”
have been adjusted above for the related tax impact.
|
|
ii.
|
Average
shareholders’ equity equals the total equity at the reporting period end plus the total equity as of the beginning of the
reporting period, divided by 2.
|
|
iii.
|
Represents
annualized core operating income for the quarter divided by average shareholders’ equity, and core operating income for
the year divided by average shareholders’ equity respectively.
|
|
iv.
|
Represents
core operating income attributable to vested common shares dividend by weighted average number of shares – basic and diluted
as follows:
|
|
|
Quarter
ended
December 31,
|
|
|
Year
Ended
December 31,
|
|
(in millions of U.S. Dollars, except per share information)
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Core operating income (loss)
|
|
$
|
4.2
|
|
|
$
|
(0.1
|
)
|
|
$
|
34.1
|
|
|
$
|
21.1
|
|
Minus: Core
operating income attributable to the Earnout Shares subject to vesting
|
|
$
|
0.2
|
|
|
|
-
|
|
|
$
|
2.1
|
|
|
|
-
|
|
Minus: Core
operating income attributable to the Restricted Shares awards subject to vesting
|
|
|
-
|
|
|
|
-
|
|
|
$
|
0.1
|
|
|
|
-
|
|
Core operating income for the period attributable to vested equity holders (a)
|
|
$
|
4.0
|
|
|
$
|
(0.1
|
)
|
|
$
|
31.9
|
|
|
$
|
21.1
|
|
Weighted average number of common shares – basic and diluted (in millions of shares) (b)
|
|
|
45.4
|
|
|
|
34.0
|
|
|
|
43.0
|
|
|
|
34.3
|
|
Basic and diluted core operating earnings per share (a/b)
|
|
$
|
0.09
|
|
|
|
-
|
|
|
$
|
0.74
|
|
|
$
|
0.62
|
|
|
v.
|
Return
on average equity and core operating return on average equity, both non-IFRS financial measures, represent the returns generated
on common shareholders’ equity during the year. IGI’s objective is to generate superior returns on capital that appropriately
reward shareholders for the risks assumed.
|
The
Company has posted a Fourth Quarter and Full Year 2020 investor presentation deck on its website at www.iginsure.com in
the Investors section under the Presentations & Webcasts tab.
---
About
IGI:
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, and reinsurance treaty business. Registered in Bermuda, with operations
in Bermuda, London, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers.
IGI is rated “A” (Excellent)/Stable by AM Best and “A-”/Stable by S&P Global Ratings. For more information
about IGI, please visit www.iginsure.com.
---