AM Best has revised the outlook to positive from stable and affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of International General Insurance Holdings Ltd. (IGI).
The ratings agency has also revised the outlook to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a” (Excellent) of IGI’s subsidiaries.
IGI’s subsidiaries comprise International General Insurance Co. Ltd. (IGICL) (Bermuda), International General Insurance Company (UK) Limited (IGIUK) (United Kingdom) and International General Insurance Company (Europe) Ltd. (IGI Europe) (Malta). The outlook for the FSR is stable.
AM Best noted that the ratings reflect IGI’s consolidated balance sheet strength, which it assesses as very strong, alongside its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings of IGICL, IGIUK and IGI Europe also reflect their strategic importance to IGI.
AM Best expects IGI to continue delivering excellent operating performance relative to its peers during the anticipated soft phase of the underwriting cycle. The agency believes this demonstrates the group’s defensible market position, supporting its revision of the Long-Term ICR outlook to positive.
AM Best expects IGI’s balance sheet strength assessment to remain underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR).
The group’s balance sheet strength is further supported by its strong liquidity position and conservative investment portfolio. IGI does not have any debt leverage and its financial flexibility is enhanced through its listing on the Nasdaq.
The group is expected to maintain strong profitability, supported by its selective underwriting approach and stable investment income.
AM Best noted that IGI maintains a well-diversified portfolio by line of business and geography. In 2026, IGI established a reinsurance branch in India, expanding its number of international underwriting hubs to nine.
The ratings agency expects IGI to achieve modest growth over the medium term as it maintains underwriting discipline to manage the cycle effectively.
