Happy to be under the radar: IGI CEO remains bullish
Bermuda-based International General Insurance (IGI) likes to fly below the radar—but that does not mean it does not take pride in outperforming many of its peers, its chief executive Waleed Jabsheh (pictured) told Intelligent Insurer.
Speaking in the context of the company’s half-year results, Jabsheh, who took over the reins at the company just months ago, argues the results compare with those of the best in the market.
Admitting that the company, which celebrated its 20th anniversary last year, has benefited from the hard market, he said the results were a reflection of prudent underwriting and the ability to nimbly take advantage of new opportunities.
“The interest rate environment is helping our investment income.” Waleed Jabsheh, IGI“The results we’ve been able to achieve in recent quarters, especially in the first half of this year, have been pleasantly ahead of expectations,” he said. “By no means am I saying that this is the norm going forward, but I think it’s a reflection of who we are as a company and how we operate.
“We’ve always been able to achieve results that compete with those of the best in the market. Throughout a cycle, we normally average anywhere between the mid to high 80s combined ratio, and now we’re coming in at the mid-70s.
“Even with the tailwinds we fortunately are experiencing as a market, we are extremely pleased to generate the results, the profitability, the combined ratios, and the return on equity. The interest rate environment is helping our investment income as well. It’s been a fantastic first six months of the year.”
In the second quarter, IGI had net income of $40.5 million along with a 73.5 percent combined ratio and a 36.1 percent return on average equity. That was largely powered by a surge in short-tail underwriting income, which rose 63 percent to $30 million, and reinsurance which almost tripled to $4 million from $1.4 million. Only long-tail insurance declined, falling 22 percent to $16 million.
We know where we’re going
On his ambitions for the company Jabsheh said: “We know who we are, we know what we’re able to achieve and as long as we achieve it, this is the biggest gratification.
“We’re a company that’s always coming under the radar and that is exactly how we like to be. We just focus on what we’re doing, and doing the right thing. We are happy with that.”
