IGI reports 'strong performance' in H1 and Q2 2020 as market continues to harden

As IGI published “strong” H1 and Q2 2020 results, Wasef Jabsheh, IGI chairman and CEO, said the Bermuda registered re/insurance group had seen an overall average rate improvement of more than 19 percent across its book of business.

Gross written premiums for the first six months of 2020 were $236.5 million, up 27 percent from $186.3 million for the first half of 2019. Figures for the second quarter of 2020 also rose to $137.3 million up 29.2 percent from $106.3 million in Q2 2019.
IGI said the increase in gross written premiums during Q2 was the result of new business generated across virtually all lines, as well as improved renewal pricing. In its published results it also said that given firming market conditions, the company had taken the opportunity to further refine its existing portfolio, achieving improved terms and conditions.

However, net profit after tax for H1 2020 was down to $11.2 million compared with $14.9 million for the first six months of 2019. But for the second quarter of 2020 net profit rose to $12 million compared with $8.4 million for the same period a year earlier.

The combined ratio also improved to 82.6 percent for the first half of the year compared with 92.7 percent for H1 2019.

Wasef Jabsheh, IGI chairman and CEO, said, “We are very pleased with our strong performance in the second quarter and first half of 2020, particularly as we, along with the rest of the world, continue to navigate the effects of the COVID-19 pandemic. While we are hearing and reading of new lockdown measures in some of the jurisdictions where we operate, our view of the financial impact of the COVID-19 pandemic on IGI currently remains unchanged.

“Our underwriting results, reflected in a combined ratio of 82.6 percent for the half year, clearly demonstrate the strength of our technical capabilities and our ability to respond quickly to firming rates and conditions, particularly in those markets that are seeing the most significant changes. As expected, we continued to see rate increases in virtually every line of business we write during the second quarter, culminating in an overall average rate improvement of more than 19 percent across our book of business, enabling us to make further refinements to our existing portfolio while writing new business, including our new US E&S portfolio.”