Mr. Wasef Jabsheh, Chairman and Chief Executive Officer of IGI, commenting on the rating said “The achievement of the rating is the culmination of three years of hard work supported by excellent trading results and is testament to the way in which IGI has conducted itself since commencement of operations in 2002. This rating will enhance IGI’s ability to develop new areas of opportunity and grow its global production sources.”
IGI is incorporated in the Hashemite Kingdom of Jordan under the tax-exempt provision of Jordanian laws, with operating headquarters set up in Amman, Jordan. IGI commenced underwriting operations on March 1st, 2002 and 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 apply its shares on the Dubai International Financial Market (DIFX) in the near future.
Standard and Poor’s credit analyst Kevin Willis said “The ratings reflect IGI’s strong capitalization, able management team, and good earnings.”
Standard and Poor’s have assigned a stable outlook which reflects their expectation that IGI’s management will maintain its cautious underwriting resolve and continue to deliver sound earnings.
IGI is an international (re)insurance company mainly focused on the Middle Eastern, Far Eastern and African markets and has become widely recognized for its expertise, professionalism and services. The company is a relative new comer to the international (re)insurance market 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 predominantly energy (oil and gas), marine and commercial/industrial property (re)insurance where it accepts facultative business in both proportional and non-proportional basis.
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