Pioneer among pioneers, Wassef Jabsheh started out his career in Kuwait where as a young graduate in economics from the American University of Cairo, he joined Kuwait Insurance Company. His command over the English language and his sense of initiative led him a few years later to Abu Dhabi where he took part in the establishment of ADNIC, an insurance giant of which he became the general manager two years later. Hence, his interest in energy risks.
It was in Jordan, more precisely in Amman, that IGI started its operations in 2001. Thereafter, the long epic started to play out to end up in 2017 with the establishment of a group, endowed with 143 million USD in capital, 312 million USD in shareholder’s equity, 888 million USD in assets, 275 million USD in premium volume and 7.9 million USD in net result.
Organized around five hubs, Amman, London, Dubai, Kuala Lumpur and Casablanca, underwritings extend mainly to energy, property, engineering, reinsurance, marine, third party liability and financial risks.
In search for other challenges, the group’s leaders are contemplating other value-added territories and products. With unlimited global horizons, Africa is now standing as the favorite zone to explore.
 |  |  |
| Mohammed Abu Ghazaleh | Wasef Jabsheh | Waleed Jabsheh |
| Chairman of the board of directors | CEO & vice-chairman | President |
IGI in 2017
| Share capital | 143 400 000 USD |
| Turnover | 275 300 000 USD |
| Assets | 888 800 000 USD |
| Shareholder’s equity | 312 400 000 USD |
| Net result | 7 900 000 USD |
| Net loss ratio | 60.4% |
| Expenses ratio | 42.69% |
| Net combined ratio | 103.09% |
| Number of office locations* | 7 (Dubai, Bermuda, London, Casablanca, Amman, Kuala Lumpur and Labuan) |
Shareholding
| Natural or legal persons | 67% |
| Shareholders from Afro-Asian countries | 20% |
| Other shareholders | 13% |
Board of directors and management
| Chairman of the board of directors | Mohammed Abu Ghazaleh |
| CEO and vice-chairman | Wasef Jabsheh |
| President | Waleed Jabsheh |
| Chief Financial Officer | Pervez Rizvi |
| Chief Operating Officer | Hatem Jabsheh |
| Vice President, underwriting & business development | Adam Safwat |
| CEO, IGI United Kingdom | Andreas Loucaides |
| Senior Executive Officer, IGI Dubai | Henri Labat |
| CEO, IGI Casablanca | Youssef Alaoui |
| Senior Vice President, reinsurance | Simon Levy |
| Senior Vice President, head of claims | Tim Deardon |
Read also | International General Insurance (IGI): results 2018 [4]
IGI : Main technical highlights (2013-2017)
in thousands USD
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
Gross written premiums | 240 008 | 251 526 | 242 335 | 231 428 | 275 300 |
Gross earned premiums | 241 067 | 251 085 | 238 367 | 241 320 | 252 300 |
Net earned premiums | 180 649 | 189 541 | 155 762 | 156 903 | 154 800 |
Net incurred losses | 98 775 | 100 357 | 69 345 | 71 456 | 93 500 |
Net loss ratio | 54.68% | 52.95% | 44.52% | 45.5% | 60.4% |
Expenses ratio(1) | 33.25% | 33.99% | 39.79% | 41.95% | 42.69% |
Net combined ratio | 87.93% | 86.94% | 84.31% | 87.45% | 103.09% |
Net underwriting result | 43 558 | 50 104 | 52 709 | 50 691 | 25 000 |
Net result | 31 263 | 34 340 | 35 024 | 32 069 | 7 900 |
IGI : Evolution of premiums, losses and results (2013-2017)
In thousands USD
IGI : Evolution of ratios (2013-2017)
IGI : Breakdown of turnover per class of business (2013-2017)
in thousands USD
| 2013 | 2014 | 2015 | 2016 | 2017 | 2017 shares | |
|---|---|---|---|---|---|---|
Energy | 96 513 | 100 618 | 98 156 | 77 743 | 87 900 | 31.9% |
Property damage | 45 414 | 38 043 | 38 357 | 39 419 | 51 200 | 18,6% |
Personal accident | 5 712 | 13 127 | 18 614 | 20 747 | 43 100 | 15.7% |
Marine & aviation(1) | 37 304 | 34 955 | 32 715 | 37 243 | 38 300 | 13.9% |
Reinsurance | 19 655 | 16 784 | 11 582 | 12 638 | 17 900 | 6.5% |
Engineering | 11 603 | 15 529 | 11 372 | 14 992 | 10 400 | 3.8% |
Other risks(2) | 23 807 | 32 470 | 31 539 | 28 646 | 26 500 | 9.6% |
Total | 240 008 | 251 526 | 242 335 | 231 428 | 275 300 | 100% |
(2) including political violence, financial risks and forestry
Breakdown of turnover per class of business in 2017
IGI : Breakdown of turnover per zone (2013-2016)
in thousands USD
| 2013 | 2014 | 2015 | 2016 | 2016 shares | |
|---|---|---|---|---|---|
Europe | 42 011 | 52 907 | 48 471 | 43 012 | 18.5% |
Middle, Far East and Africa | 100 686 | 111 946 | 97 566 | 94 494 | 40.8% |
North America | 2 967 | 3 958 | 2 868 | 1 770 | 0.8% |
Rest of the World | 94 344 | 82 715 | 93 431 | 92 152 | 39,9% |
Total | 240 008 | 251 526 | 242 335 | 231 428 | 100% |
IGI : Evolution of shareholder’s equity and assets (2013-2017)
in thousands USD
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
Share capital | 143 376 | 143 376 | 143 376 | 143 376 | 143 376 |
Shareholder’s equity | 246 330 | 263 178 | 284 865 | 311 205 | 312 400 |
Assets | 672 007 | 712 183 | 761 035 | 818 456 | 888 800 |
Return on Equity(1) (RoE) | 12.69% | 13.04% | 12.29% | 10.3% | 8.9% |
Source: International General Insurance « IGI »
IGI
| Headquarters | Office 606, Level 6, Tower 1 Al Fattan Currency House, DIFC, PO Box 506646, Dubai, United Arab Emirates |
| Tel | +971 4 441 6797 |
info [at] iginsure [dot] com | |
| Website | www.iginsure.com [5] |