IGI reports financial results

International General Insurance Holdings Ltd. (IGI) announced its financial results for Q2 and first six months of 2020. “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”, IGI Chairman and CEO Wasef Jabsheh said.

“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 per cent 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”, he said.

“As expected, we continued to see rate increases in virtually every line of business… during the second quarter, culminating in an overall average rate improvement of more than 19 per cent 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”, he added.