Standard & Poor’s Ratings Services has upgraded the financial strength rating for International General Insurance Company (IGI) to “A-” with a stable outlook.
The new rating was an increase from “BBB+” and applies to IGI’s counterparty credit and financial strength ratings.
The Bermuda-based IGI group has operations in Dubai, Amman, London, Labuan and Casablanca.
Sandard & Poor’s commented: “IGI and its subsidiaries performed strongly and ahead of our expectations in 2014.”
“We expect that IGI will be able to use retained earnings to maintain extremely strong risk-based capital adequacy relative to its retained insurance and investment risk.”
Standard & Poor’s said that IGI’s strong financial risk profile “specifically reflects” its view that capital and earnings across the rated company and its subsidiary operations will remain very strong over the 2015-2017 ratings outlook period.
Andreas Loucaides, who recently took up the post of CEO of IGI’s UK subsidiary, said: “This rating upgrade is further validation to the strength and steady growth of the company.”
“It will assist us take the business on to the next phase of prudent and well-managed growth.”
