International General Insurance Company Ltd. (IGI) has secured a ‘BBB’ long-term, counter-party credit and insurer rating from Standard & Poor’s.
Mr. Wasef Jabsheh, Chairman and Chief Executive Officer of IGI, said: “Achieving the rating represents three years’ hard work supported by excellent trading results, and it reflects the way in which IGI has conducted itself since it began operations in 2002. This rating will enhance IGI’s ability to develop new areas of opportunity.”
IGI is incorporated in the Hashemite Kingdom of Jordan under the tax-exempt provisions of Jordanian law, with operating headquarters in Amman.
IGI started underwriting operations on March 1, 2002, and it is in the process of increasing its capital through a private placement of 814,882 shares, representing 44.9% of capital stock, for US$75 million. The company intends to list its shares on the Dubai International Financial Market (DIFX) in the near future.
Standard and Poor’s credit analyst Kevin Willis said: “The ‘BBB’ rating reflects IGI’s strong capitalisation, able management, and good earnings.”
Standard &Poor’s has announced a stable outlook for IGI in light of its cautious underwriting policy and sound earnings.
IGI is an international insurance and re-insurance company focused on the Middle East, Far East and Africa markets.
The company is a relative newcomer to the international scene, and seeks to carve out a niche in specialist lines of business that demand high levels of technical expertise and service. The company's core business is in energy (oil and gas), marine and commercial/industrial property insurance and re-insurance.
