AM Best assigns positive outlook to IGI and its subsidiaries

AM Best has affirmed the “bbb” (Good) Long-Term Issuer Credit Rating of International General Insurance Holdings Ltd. (IGI) and upgraded its outlook from stable to positive.

The agency has also affirmed the “A” (Excellent) Financial Strength Rating and “a” (Excellent) Long-Term Issuer Credit Rating of the Bermuda-based group’s subsidiaries. The outlook remains stable on the Financial Strength Rating, while it has been upgraded from stable to positive on the Long-Term Issuer Credit Rating.

The ratings cover three subsidiaries: International General Insurance Co. Ltd. (IGICL) in Bermuda, International General Insurance Company (UK) Limited (IGIUK) in the United Kingdom, and International General Insurance Company (Europe) Ltd. (IGI Europe) in Malta.

The ratings reflect IGI’s strong balance sheet, solid operating performance, limited business profile, and appropriate enterprise risk management. In the case of IGICL, IGIUK, and IGI Europe, they also take into account the subsidiaries’ strategic importance to their parent company.

The positive outlook revisions are based on AM Best’s expectation that IGI and its subsidiaries will continue to deliver strong operating results over the coming years.