IGI Granted Approval for a European Subsidiary in Malta
July 13 2021 - 4:05PM
Business Wire
International General Insurance Holdings Ltd. (“IGI” or the
“Company”) (NASDAQ: IGIC) today announced that it has set up a
European subsidiary in Malta to directly access business across
Europe.
International General Insurance Company (Europe) SE (“IGI
Europe”), a subsidiary of Bermuda-based International General
Insurance Co. Ltd., has been granted licensing by the Malta
Financial Services Authority (“MFSA”) and is authorized to begin
writing business.
IGI also announced that Keith Mallia-Milanes has joined IGI as
Chief Executive Officer of IGI Europe. Mr. Mallia-Milanes has more
than 35 years of industry experience. Keith joins IGI from MAPFRE
Middlesea, where his latest role was Assistant General Manager
responsible for the Technical & Operations Division that
included underwriting, reinsurance, claims, policy issuing and
product management. He previously held other senior management and
executive roles within MAPFRE both in Malta and Italy, and before
that with other leading Maltese insurance operators.
Reporting to Andreas Loucaides, Chief Executive Officer of IGI
UK, Mr. Mallia-Milanes will be responsible for all aspects of IGI
Europe’s operations as well as business development across European
markets.
“I am delighted to announce the launch of IGI’s European
operation,” Mr. Loucaides said. “IGI’s footprint in mainland
Europe, prior to the UK’s withdrawal from the European Union, was
managed through relationships between our UK-based underwriters and
London brokers. Operating from Malta presents a good business
growth opportunity and will better enable IGI to service European
clients. Under Keith’s leadership, we will continue to build out
our European team and grow our portfolio in continental
Europe.”
“IGI Europe is open and ready for business,” Mr. Mallia-Milanes
said. “IGI has a well-established reputation as an agile and
disciplined underwriter, and IGI Europe will deliver that focus and
ingenuity to the European market.”
IGI Europe is authorised by the MFSA to write a full suite of
IGI products and will exercise passport rights across the European
Union (EU) and European Economic Area (EEA).
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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, Malta, 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.
---
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/20210713006096/en/
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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