S&P Global Ratings has upgraded the financial strength rating of International General Insurance Holdings Ltd. (IGI) to “A” from “A-”.
S&P also upgraded the long-term issuer credit rating of IGI Bermuda to “A” from “A-” and assigned a stable outlook to all ratings.
The rating agency attributed the upgrade to IGI’s consistent outperformance of higher-rated peers and the market average in underwriting results.
S&P noted that it expects IGI will “maintain strong technical results over the next two years” while navigating “softer market conditions without compromising underwriting performance.”
Waleed Jabsheh, President & CEO of IGI, said, “We are delighted by S&P’s decision to upgrade our financial strength rating to “A” (Strong) with a stable outlook. This decision underscores the strength and resilience of IGI, our consistent track record of strong operating performance and our position in the global specialty insurance and reinsurance markets.
“It is particularly gratifying to have gained the recognition and public acknowledgment of the quality of our business, that for more than two decades has been built on measured growth, consistent discipline and a focus on prudent underwriting and balance sheet management. I commend the entire IGI team on this fantastic achievement.”
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