IGI sees strong growth amid ‘mixed’ market conditions
Bermuda-based specialty re/insurer International General Insurance (IGI) reported robust growth in reinsurance premiums and markedly better investment outcomes, continuing to benefit from its strategy of selective and disciplined underwriting. The company’s CEO described market conditions as “more mixed than a year ago,” yet remains optimistic about new opportunities and improved pricing.
The re/insurer’s net profit for the first quarter rose 11.8% to $37.9 million compared with $33.9 million in the same period a year ago, primarily driven by the increase of $12.2 million in underwriting income along with an increase of $3 million in net investment income.
Its combined ratio for the quarter was 74.1%, a 4.3% improvement on the 78.4% it posted the year before.
Gross written premiums in the period were $181.6 million, up from $173.9 million reported in Q1 2023. IGI attributed the increase to the growth in the reinsurance and short-tail segments which grew to $48.7 million and $94.2 million, respectively.
IGI chief executive officer Waleed Jabsheh said: “IGI had a very positive start to 2024, posting another excellent set of financial results for the first quarter. While market conditions are more mixed than a year ago, we continue to benefit from the strong foundations that we’ve laid over recent quarters and years to position our company for continued success.
“As market conditions remain varied across our portfolio, we are focused on consistent selective and disciplined underwriting and targeted growth and diversification, moving our capital to those areas with the highest risk-adjusted returns. With a number of new initiatives in place, we are well-positioned to continue to deliver on our goal of creating sustainable long-term value for our shareholders.”
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