IGI celebrates return to profit by unveiling European expansion plans

International General Insurance (IGI) returned to profitability in the first quarter of 2021, turning around the small loss it reported in the same period the previous year, as it also unveiled plans to expand into Europe.

Wasef Jabsheh, chairman and chief executive officer at IGI, said IGI will target writing business in the European Union from a new platform it plans to launch in Malta.

“We expect to be able to start writing business inside the European Union in the near future,” Jabsheh said.

IGI made a $14.5 million net profit in the first quarter of 2021 compared with a loss of $0.9 million in the same period a year earlier.

Its gross written premiums increased slightly to $100.6 million, from $99.2 million in the same period of 2020, while its combined ratio increased slightly to 84.6 percent, from 81.3 percent the previous year.

Jabsheh called it “a very solid start to 2021,” insisting the results “clearly illustrate the strength of our underwriting capabilities and our agility in managing the portfolio to maximise returns.”

He added: “While rate momentum remained robust with increases of more than 15 percent across our portfolio during the first quarter, we saw the pace of rate acceleration slowing down in certain lines.”

Jabsheh admitted the contingency market, which IGI recently entered, has experienced significant disruption because of COVID-19. “Consistent with our underwriting philosophy, we will grow this book carefully and thoughtfully,” he said.

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