INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD. International General Insurance Holdings Ltd.
Annual Report 2021
INTERNATIONAL GENERAL
INSURANCE HOLDINGS LTD.
Annual
Report 2021
1
International General Insurance Holdings Ltd.
Annual Report 2021
FINANCIAL HIGHLIGHTS
TOTAL
ASSETS
$1.5b
2021 | ||
2020 | ||
$1,279.2 | $1,451.9 | Million |
+ | ||
13.5% |
GROSS WRITTEN
PREMIUMS
$545.6m
2020 | 2021 | |
$467.3 | $545.6 | Million |
+ | ||
16.8% |
TOTAL
EQUITY
$401.9m
2020 | 2021 | |
$381.0 | $401.9 | Million |
+ | ||
5.5% |
BOOK VALUE PER SHARE
$8.83
2020 | 2021 |
$8.39 | $8.83 |
+ | |
5.2% |
NET UNDERWRITING RESULTS
2021 | ||
2020 | ||
$77.4 | $105.8 | Million |
+ | ||
36.7% |
COMBINED
RATIO
2020 | 2021 |
89.3% | 86.4% |
+ | |
2.9bps | |
IMPROVEMENT |
CORE OPERATING INCOME
2021 | ||
2020 | ||
$35.6 | $53.2 | Million |
+ | ||
49.4% |
CORE OPERATING EARNINGS PER SHARE
2020 | 2021 |
$0.77 | $1.09 |
+ | |
41.6% |
CORE OPERATING RETURN ON AVERAGE EQUITY
2020 | 2021 |
10.3% | 13.6% |
+ | |
3.3bps | |
IMPROVEMENT |
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International General Insurance Holdings Ltd.
Annual Report 2021
CONTENTS
FINANCIAL HIGHLIGHTS | 2 |
ABOUT US | 4 |
LETTER FROM THE CHAIRMAN | 7 |
THE PRESIDENT'S REPORT | 8 |
SEC ANNUAL REPORT ON FORM 20F | 13 |
BOARD OF DIRECTORS | 285 |
SHAREHOLDER INFORMATION | 286 |
FORWARD LOOKING STATEMENTS DISCLOSURE
This Annual Report 2021 contains certain statements that are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to IGI's operations and business environment, all of which are difficult to predict and many of which are beyond IGI's control. Forward-looking statements include information concerning IGI's possible or assumed future results of operations, including descriptions of our business strategy. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "will," "expect," "believe," "continue," "strategy," "outlook" and similar expressions. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally, and may differ materially from actual future experience. For a more detailed discussion of such risks and uncertainties, see IGI's annual report on Form 20-F for the year ended December 31, 2021, including those under "Risk Factors" therein, and in the Company's other filings with the SEC. IGI undertakes no obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
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ABOUT US
We are an international specialty insurance and reinsurance group, registered in Bermuda and listed on Nasdaq Capital Markets under the symbol "IGIC".
Established in 2001, we underwrite a diverse portfolio of specialty lines worldwide, adhering to a careful and disciplined underwriting strategy that is underpinned by deep technical expertise, strong client relationships, and an ability to quickly adapt to changing market conditions. We maintain our operational headquarters in Amman, Jordan with offices in London, Malta, Dubai, Casablanca, and Kuala Lumpur. With our strong market position in our core geographies, our focus is on delivering outstanding levels of service to our clients and brokers.
AT A GLANCE
IGI
International General Insurance Holdings Ltd. has grown significantly since it was founded in Amman, Jordan, in 2001, and the company began operations in 2002, writing Offshore and Onshore Energy, Property and Engineering business.
Our business
Established in 2001, we are an entrepreneurial business with a diversified risk portfolio
of Energy, Property, General Aviation, Construction & Engineering, Ports & Terminals, Marine Cargo, Marine Trades, Contingency, Political Violence, Financial Institutions, General Third-Party Liability (Casualty), Legal Expenses, Professional Indemnity, D&O, Surety, Marine Liability, and Reinsurance Treaty Business.
We are truly international
Registered in Bermuda, we have our operational headquarters in Amman, Jordan, with offices in London, Malta, Dubai, Casablanca, and Kuala Lumpur and we have a well established reputation for delivering outstanding levels of service to our clients and brokers.
An entrepreneurial success story
In 2021, we increased our gross written premiums by more than 16% and our profit for the year by more than 60% to $43.6. At year end, our assets were close to $1.5 billion.
AM Best | S&P |
Stable | Stable |
A Outlook | A- Outlook |
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International General Insurance Holdings Ltd.
Annual Report 2021
"When we reflect on our significant achievements over the past 20 years, I would be remiss if I did not express my deep gratitude to the people of IGI whose consistent focus and dedication... has always been the core of our success."
Wasef S. Jabsheh
OFFICE LOCATIONS
1. BERMUDA | 4. MALTA | 7. KUALA LUMPUR |
44 Church Street | 3rd Floor - Development House | 29th Floor, Menara TA One |
Hamilton HM 12 Bermuda | St. Anne Street Floriana | Jalan P Ramlee 50250 |
2. CASABLANCA | FRN 9010 Malta | Kuala Lumpur Malaysia |
5. AMMAN | 8. LABUAN | |
32-42, Bd Abdelmoumen | ||
Residence Walili 25 | 74 Abdel Hamid Sharaf St. | Level 1, LOT 7, Block F |
4th Floor P.O. Box 20000 | P.O. Box 941428 | Saguking Commercial Building |
Casablanca Morocco | Amman 11194 Jordan | Jalan Patau - Patau |
3. LONDON | 6. DUBAI | 87000 Labuan Malaysia |
15-18 Lime Street | Office 606, Level 6, Tower 1 | |
London EC3M 7AN England | Al Fattan Currency House | |
Dubai International | ||
Financial Centre | ||
P.O. Box 506646, Dubai | ||
United Arab Emirates |
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2 | 4 | 5 |
1 | 6 |
7 8
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International General Insurance Holdings Ltd. published this content on 13 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2022 09:52:08 UTC.
