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AM Best Affirms Credit Ratings of International General Insurance Holdings Ltd. and Its Subsidiaries

LONDON–(BUSINESS THREAD)–AM Best has the financial strength rating of A (Excellent) and the long-term issuer credit ratings (Long-Term IKR) of “a” (Excellent) from International General Insurance Co. Ltd., (IGICL) (Bermuda), International General Confirmed Insurance Company (UK) Limited (IGIUK) (United Kingdom) and International General Insurance Company (Europe) SE (IGI Europe) (Malta). At the same time, AM Best maintained the Long-Term IQR of “bbb” (Good) of International General Insurance Holdings Ltd. (IGI) (Bermuda) confirmed. The outlook of these credit ratings (ratings) is stable.

The ratings reflect IGI’s consolidated balance sheet strength, which AM Best rates as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings of IGICL, IGIUK and IGI Europe reflect their strategic importance to IGI.

IGI’s balance sheet strength assessment is supported by its consolidated risk-adjusted capitalization rated at the strongest level as measured by Best’s Capital Adequacy Ratio (BCAR). The group’s balance sheet strength is also supported by a strong liquidity profile and a highly regarded reinsurance panel. IGI has no debt leverage, and AM Best sees its listing on the Nasdaq in 2020 improving its financial flexibility.

AM Best expects IGI to report strong results in 2022, driven by excellent underwriting performance during the first nine months of the year. Unrealized investment losses due to rising interest rates are expected to dampen the company’s good operating performance; However, IGI’s good liquidity and limited exposure to catastrophic events reduce the likelihood that those losses will be realized. IGI reported a combined ratio of 88% in 2021, and a five-year weighted average combined ratio of 92% (2017-2021).

IGI’s business is well diversified by line of business and geography. The group reported 17% premium income growth in 2021, with USD 546 million in gross written premium. AM Best expects IGI to maintain strong underwriting discipline as it navigates through the tough market cycle, with further growth expected over the short to medium term.

This press release relates to Credit Ratings published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referred to in this release, please see AM Best’s Recent Rating Activity webpage. For additional information on the use and limitations of Credit Rating Opinions, please see Guide to Best’s Credit Ratings. For information on the proper use of Best’s credit ratings, Best’s performance assessments, Best’s preliminary credit assessments and AM Best press releases, please see Guide to the Proper Use of Best’s Ratings and Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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