IGI’s Financial Strength Ratings Reaffirmed by S&P Global
June 17 2021 - 8:00AM
Business Wire
International General Insurance Holdings Ltd. (“IGI” or the
“Company”) (NASDAQ: IGIC) today announced that S&P Global
Ratings has affirmed its financial strength ratings at A- with a
Stable outlook.
The ratings apply to IGI’s two subsidiaries International
General Insurance Co. Ltd. (Bermuda) and International General
Insurance Company (UK) Ltd.
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. S&P noted IGI’s
financial outperformance relative to other 'A-' rated reinsurer
peers, while growing and diversifying its premium base.
IGI President Waleed Jabsheh 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 U.S. 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.”
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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, contingency, 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.
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Forward-Looking Statements:
This press release contains “forward-looking statements” within
the meaning of the “safe harbour” provisions of the Private
Securities Litigation Reform Act of 1995. The expectations,
estimates, and projections of the business of IGI may differ from
its actual results and, consequently, you should not rely on
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements contained in this press
release may include, but are not limited to, information regarding
our estimates of losses for catastrophes and other large losses
including losses related to the COVID-19 pandemic, measurements of
potential losses in the value of our investment portfolio, our
expectations regarding the performance of our business, our
financial results, our liquidity and capital resources, the outcome
of our strategic initiatives, our expectations regarding pricing
and other market conditions, our growth prospects, and valuations
of the potential impact of movements in interest rates, credit
spreads, equity securities' prices and foreign currency rates.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside of the control of IGI and are difficult to predict. Factors
that may cause such differences include, but are not limited to:
(1) changes in demand for IGI’s services together with the
possibility that IGI may be adversely affected by other economic,
business, and/or competitive factors globally and in the regions in
which it operates; (2) competition, the ability of IGI to grow and
manage growth profitably and IGI’s ability to retain its key
employees; (3) changes in applicable laws or regulations; (4) the
outcome of any legal proceedings that may be instituted against the
Company; (5) the potential effects of the COVID-19 pandemic; (6)
the inability to maintain the listing of the Company’s common
shares or warrants on Nasdaq; and (7) other risks and uncertainties
indicated in IGI’s annual report on Form 20-F for the year ended
December 31, 2020, including those under “Risk Factors” therein,
and in the Company’s other filings with the SEC. The foregoing list
of factors is not exclusive. In addition, forward-looking
statements are inherently based on various estimates and
assumptions that are subject to the judgment of those preparing
them and are also subject to significant economic, competitive,
industry and other uncertainties and contingencies, all of which
are difficult or impossible to predict and many of which are beyond
the control of IGI. There can be no assurance that IGI’s financial
condition or results of operations will be consistent with those
set forth in such forward-looking statements. You should not place
undue reliance upon any forward-looking statements, which speak
only as of the date made. IGI does not undertake or accept any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions, or
circumstances on which any such statement is based.
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version on businesswire.com: https://www.businesswire.com/news/home/20210617005488/en/
IGI Contacts: Investors: Robin Sidders, Head of Investor
Relations T: + 44 (0) 2072 204937 M: + 44 (0) 7384 514785 Email:
robin.sidders@iginsure.com Media: Aaida Abu Jaber, AVP PR
& Marketing T: +96265662082 Ext. 407 M: +962770415540 Email:
aaida.AbuJaber@iginsure.com
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