AM Best has upgraded the rating of International General Insurance Co Ltd. (IGICL) (Bermuda) and International General Insurance Company (UK) Limited (IGIUK), subsidiaries of International General Insurance Holdings Limited Group, based in the United Arab Emirates. The financial strength rating was raised from “A-” to “A” (excellent) and the long-term issuer credit rating from “a-” to “a”. The outlook for both ratings is stable.
The agency justifies its decision by the group's strong operating performance and its appropriate enterprise risk management.
Between 2014 and 2018, IGI reported an average combined ratio of 90% despite the increasing catastrophic losses in 2017.
International General Insurance Holdings Limited is present in Bermuda, Jordan, the United Arab Emirates, Malaysia, Morocco and the United Kingdom.
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