16 August 2015
Amman, Jordan: International General Insurance Holdings Limited (IGIH) reported earnings for the first half of the 2015 financial year.

Overall, the Group announced gross written premiums of $122.03 million as at 30th June 2015 as compared to $137.68 million for the previous year. Net earnings were $16.2 million as at 30th June 2015 against $18.5 million for the same period last year.

IGI reported a combined ratio of 88% in the first half of the year, matching the H1 2014 figure. The Group's loss ratio came in at 52%, compared to IGI's five-year average of 55.4%. In addition, the Group reported shareholder's equity of $279 million as at 30th June 2015, an increase of 6% from 31st December 2014.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said; "Softness in the market has put pressure on our top line figures, yet as in the past, we continue to be diligent on the business we underwrite with the focus on our bottom line. Our investment philosophy continues to remain conservative given the volatile market environment."

He further went on to say: "I am very pleased with our results given current market conditions. As we continue to strengthen our underwriting platforms and expand our geographic reach, I have confidence that IGIH will endure the current market environment and continue to generate our target rate of return."

In March, Standard and Poor's upgraded the Group's financial rating to A- from BBB+, and in July, A.M. Best affirmed its financial strength rating of A-.

Highlights for the first half of the year, as at 30th June 2015, are as hereunder, along with those for the previous year:



The Board of Directors of IGIH has proposed at its meeting of today dividends of US $0.04 a share for the first half.

- All figures are in US dollars -

Issued by rein4ce on behalf of IGI UK. For further information, call Sarah Mortimer on +44 (0)7718 882011 or email sarah.mortimer@rein4ce.co.uk

About IGIH:
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K. 

IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.

Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor's and A- (Excellent) with a stable outlook by A.M Best Company.

IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence and non-proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets. 

IGIH has assets in excess of US$ 744 million as at 30th June, 2015.

For more information, please visit www.iginsure.com or email info@iginsure.com

© Press Release 2015