IGI reports growth across virtually all business lines in 2020
International General Insurance (IGI) reported an increase in its profit for the full year in 2020, driven by growth across most lines of business.
IGI reported a net profit of $31.6 million in 2020, up from $23.5 million in 2019, while gross written premiums were up to $467.3 million in 2020, from $349.2 million in 2019.
IGI said its premium growth was driven by 42.1 percent growth in its specialty long-tail segment, as well as 30.1 percent growth in the specialty short-tail segment. Its reinsurance segment saw 7.2 percent growth, with reinsurers’ share of insurance premiums increasing 32.7 percent to $128.9 million in 2020.
IGI saw new business generated across virtually all its lines of business, while the improved pricing environment was also supportive of the business. It admitted the full extent of the impact from the COVID-19 pandemic remains uncertain, but insisted its own impact assessments suggest its solvency position will likely remain within its capital management framework targets.
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