End of Year Message from IGI’s Founder and CEO Mr. Wasef Jabsheh
End of year message to all employees
Wasef Jabsheh, CEO of IGI
This year marks the end of another milestone in IGI’s successful growth into a truly international company. Now recognized as a global company with Middle Eastern roots, IGI’s productive growth can be attributed to the wonderful people who work at IGI. It is your hard work, commitment and entrepreneurship that has allowed the company to achieve what it has so far in its evolution.
Our success comes amidst challenging times, where we witnessed the departure of several international companies and syndicates both in London and in the MENA region. The fate of some MENA insurers and reinsurers has been grim with the rating of several companies downgraded and a few exiting the industry altogether. This leaves IGI at an advantageous position, not only regionally but internationally as well. We will need to exert all effort to make benefit of the opportunity before us today and move steadfastly with our strategic plan for growth.
In one year, we have achieved many goals that continue to establish a dynamic platform for growth. We have transformed our risk, capital and actuarial modelling capabilities and are constantly looking to develop new tools and products to keep us at the forefront of insurance technology. Meanwhile, we introduced a new HR system in order to upgrade the internal management of our company and respond to the needs of our staff much more efficiently. Lastly, we have begun the journey to move all our systems to the Cloud.
This year, and for the first time, we will exceed US$300 million in Gross Written Premium and our Total Assets will be just shy of the US$1 billion mark. These notable results are built on the back of an outstanding global team of hard working and tenacious employees.
Our solid performance is well recognized and in July, Standard & Poor’s reaffirmed IGI’s financial strength ratings of ‘A-’ Stable Outlook, while A.M. Best also reaffirmed the financial strength rating of A- (Excellent) with a positive outlook.
On the egalitarian front, in September, we hosted the first Lloyds of London ‘Dive In’ festival in Jordan– an event to mark the efforts being made to encourage more diversity and inclusion in the global insurance market. For IGI, diversity is not a phrase that needs explaining or enforcing – as a company, we rely on local talent in our operations and boast a 50/50 male/female ratio in our workplace.
We are committed to giving back to the community and support activities that spread over a wide array of areas that include cancer research, education, children welfare, elderly care, culture, sports and music and the arts.
Our evolution continues. We have recently made multiple senior hires, one of which will help transform our Malaysian operation into IGI’s Asian hub. Meanwhile, we have begun to see tangible results from our new lines of business in London.
I was also honored to be awarded the title of Ernst & Young Entrepreneur of the Year for Jordan. This accolade does not belong to me, but to everyone at IGI. I would like to thank EY for recognizing the hard work and the determination that has gone into making IGI a success.
The coming year will give IGI a fresh opportunity to move forward, and as I always say, the best is yet to come.
I would like to thank you all for your dedication and hard work and wish you all a very happy and prosperous new year.