A.M. Best assigns ratings to IGI and IGIH.A.M. Best Co. has assigned a financial strength rating of A- (Excellent) and an issuer credit rating of "a-" to International General Insurance Company Limited (IGI IGI International Genealogical Index
IGI International Gemological Institute
IGI I'm Going In
IGI I Get It
IGI Institute of Geologists of Ireland
IGI Inspector General for Investigations
IGI Institution Gang Investigator (prisons) ) (Bermuda). A.M. Best has also assigned an issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "bbb-" to International General Insurance Holdings Limited (IGIH) (Dubai). The outlook for all ratings is stable.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. A.M. Best, "the ratings reflect the IGI's excellent risk-adjusted capitalisation, strong operating performance and continuously improving business profile with increasing international presence."
"A.M. Best believes that IGI's current and prospective risk-adjusted capitalisation is excellent and is expected to remain supportive of its annual projected business growth of 65% in 2009. IGI's absolute level of economic capital of USD USD
In currencies, this is the abbreviation for the U.S. Dollar.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 200 million expected in 2008 (as at 31st March 2008) is viewed as strong and is expected to be further improved by retaining a proportion of earnings in the future."
In A.M. Best's opinion, IGI's operating performance is likely to remain strong and is projected to be between USD 20 - 22 million annually over the next two years. A.M. Best expects IGI's prospective return on premium to be sound at approximately 25%, a healthy combined ratio of around 85% and good investment returns of approximately 4%. The company's expense ratio is likely to be stable at the level of around 30%, while the loss ratio is projected to be around 55%-60% in the coming two years.
A.M. Best believes that IGI's business profile is continuously improving and is likely to grow in the near future following its on-track international expansion and further diversification of business lines. In A.M. Best's view, the Labuan and the planned Dublin subsidiaries will continue to raise IGI's profile in the Far Eastern and European territories and will further benefit IGI in expanding its business.
Commenting on the above Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer said "I am very pleased with this news and would like to thank everyone at IGI for the part that they played in this achievement. At IGI we are committed to offering the highest possible levels of service, professionalism and expertise to our stakeholders Stakeholders
All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. and look forward to maintaining and improving this rating in the years to come".
It should be noted that IGIH is registered in the Dubai International Financial Centre The Dubai International Financial Centre (DIFC) is a near-shore financial hub for the MENA containing a capital market designated as a financial free zone in Dubai. It is established to create an environment for growth, progress and economic development in the UAE and the wider (DIFC DIFC Dubai International Financial Centre ) with wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. Companies in Bermuda and Jordan. According to industry sources, this is the first time that a Jordan based company gets a rating that is this high by AM Best.
[c] 2008 Mena Report (www.menareport.com)