IGI’s Existing Financial Strength Ratings Assigned to new Malta-based European Subsidiary
August 13 2021 - 8:30AM
Business Wire
International General Insurance Holdings Ltd. (“IGI” or the
“Company”) (NASDAQ: IGIC) today announced that the financial
strength ratings of the IGI group have been assigned to the
Company’s new European subsidiary in Malta.
S&P Global Ratings has assigned an “A-” financial strength
rating to International General Insurance Company (Europe) SE (“IGI
Europe”), while AM Best has assigned an “A” (Excellent) financial
strength rating to the Malta-based subsidiary. Both ratings have a
stable outlook.
IGI Europe, which is a subsidiary of Bermuda-based International
General Insurance Co. Ltd., was granted licensing by the Malta
Financial Services Authority (“MFSA”) to begin writing business
across Europe in July 2021.
IGI Europe CEO Keith Mallia-Milanes said, “Securing these
equalized ratings from S&P and AM Best is an important step
forward for IGI Europe. Our European subsidiary is obviously
strategically important to the IGI group as it provides the Company
access to business across Europe.”
“Europe is an attractive growth region for IGI, and I and the
rest of the Malta team look forward to developing the Company’s
European presence and platform in the months and years to come,”
Mr. Mallia-Milanes said, adding, “We are already very pleased with
the level of interest from clients and brokers in developing our
European business.”
Both S&P and AM Best cited IGI Europe’s strategic
relationship to and support from IGI as key factors in its
decisions, as well as IGI’s balance sheet strength and its track
record of strong operating performance.
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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/20210813005202/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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