A.M Best has also affirmed the ICR of ‘bbb-’ of International General Insurance Holdings Limited (IGIH) (Dubai). The outlook for all ratings is stable.
Commenting on the above Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer, said:
“I am very pleased with this news as it came after all of what our industry suffered during 2008 as a result of the world economic crisis and it’s impact on investment returns, as well as, the large insurance losses caused by severe natural catastrophic events, such as hurricane ‘IKE’.”
Mr. Jabsheh further added, “The above mentioned affirmation is testament to the strong risk management initiative implemented by the Company in both underwriting and investment. We are committed to protecting and increasing shareholders equity, enhancing IGI’s financial strength rating which will, no doubt, serve to reinforce the Company’s position as a leading (Re) insurer in the Afro- Asian region.”
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