International General Insurance Holdings has gone from strength to strength since it was founded in Amman, Jordan, in 2002, and the company began underwriting Offshore and Onshore Energy, Property and Engineering business.
We have a strong track record of growth, with gross written premium rising from USD 11 million when the business started to USD 242.34 million in 2015.
In 2005, we raised USD 75 million of capital through a private placement and began to underwrite a reinsurance portfolio. The following year, we established a holding company, International General Insurance Holdings Ltd in the Dubai International Financial Centre. The same year saw us open a Labuan branch in Malaysia, regulated by the Labuan Financial Services Authority to access the Labuan and Far East markets.
In 2007, we established IGI Bermuda, a Class 3B insurer and reinsurer regulated by the Bermuda Monetary Authority, which is the principal underwriting entity for the Group, while the Jordan office, IGI Underwriting Company Ltd Amman, provided management, underwriting and operational functionality. In 2007, we began to underwrite our Financial Institutions portfolio and established our London Underwriting Agency, North Star Underwriting Ltd.
2008 saw the establishment of International General Insurance (Dubai), which started underwriting Casualty insurance for the IGI Bermuda entity. That year, the Group was assigned a BBB+ rating by Standard & Poor’s (S&P) Ratings Services, and an A- rating by A.M. Best. The following year, IGI broadened the business base by beginning to underwrite a General Aviation portfolio.
In 2010, our UK subsidiary, International General Insurance Co (UK) Ltd, commenced underwriting Energy, Financial Institutions, General Aviation, Engineering and Marine insurance, sourced through London brokers.
The Dubai branch began operations as an agency in 2012. Two years later, the financial strength of the group was recognised when S&P raised IGI’s rating outlook from "stable" to "positive". 2014 saw another milestone when the business opened a new representative office in the Casablanca Finance City, Morocco, to provide greater access to Northern, Central and West Africa.
The business was given another boost in 2015 when S&P upgraded our financial strength rating to A- with a stable outlook.It also raised the counterparty credit and financial strength ratings from “A-“ to “BBB+”. The ratings applied across the Group. S&P noted:“Despite highly competitive market conditions, we believe the IGI Group is establishing a successful track-record of strong, stable technical and overall earnings and we assess its capital and earnings as very strong overall.” whilst further adding: "IGI’s strong financial risk profile specifically reflects our view that capital and earnings across the rated company and its subsidiary operations will remain very strong over the 2015-2017 ratings outlook period."