IGI CEO says 2020 a 'successful year' despite significant disruption
International General Insurance Holdings' (IGI) chief executive Wasef Jabsheh has said that its careful approach to risk selection and balancing portfolio helped the company achieve a strong set of financial results in a year of "significant distraction and disruption".
Jabsheh described 2020 as a "successful year" for IGI on many levels. The Bermuda-based re/insurer became a publicly traded company in early 2020 amidst the COVID-19 outbreak, following the completion of its business combination with special purpose acquisition company Tiberius Acquisition Corporation.
Despite the significant challenges posed by the pandemic during its first year as a public company trading in the US, Jabsheh said IGI demonstrated "agility, discipline and focus" to execute and deliver on its strategy.
“We broadened our footprint by entering new territories and lines of business and increased our market share, with gross premiums up more than 33 percent in 2020 compared to 2019, while maintaining underwriting profitability at a combined ratio below 90 percent," he said.
"We expect to continue on this path in 2021, although likely at a more measured pace, and with the same careful approach to risk selection and portfolio balance."
IGI reported a net profit of $31.6 million for the full year in 2020, up from $23.6 million in 2019. In the fourth quarter of 2020 it increased its net profit to $10.9 million, compared with $4.3 million in the same period of 2019.
Gross written premiums increased to $467.3 million in 2020, from $349.2 million in 2019. In Q4 2020 GWP rose to $129.5 million, from $89.1 million in the same period the previous year.
IGI also saw improvements in its combined ratio for both the full year and Q4. It fell to 89.3 percent for 2020, from 94.1 percent in 2019, and to 96.8 percent in Q4 2020, from 101 percent in Q4 2019.
Commenting on the 2021 outlook, Jabsheh commented: “With the first quarter of 2021 almost completed, the indications on price momentum remain very positive, and we are continuing to see exciting opportunities to build and diversify our business. We will continue to be cautious in managing our net exposures to minimize our overall risk profile so that we maintain our long-term track record of generating strong value for our shareholders.”
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