International General Insurance Holdings Limited (IGI) announced yesterday that its Bermuda subsidiary has been granted provisional approval to enter the U.S. excess and surplus (E&S) lines market, effective April 1st, 2020.
The provisional approval by the National Association of Insurance Commissioners (NAIC) enables International General Insurance Company Ltd. (IGI Bermuda) to start writing U.S. E&S lines business from the start of April.
The approval remains subject to the execution of the IGI Bermuda U.S. E&S lines trust agreement which is currently in progress.
According to an announcement on the agreement, IGI Bermuda expects to write short-tail U.S. E&S business in energy, property and political violence specialty lines.
Earlier this month, IGI announced solid after-tax profit of $23.6 million for the full year 2019 ahead of its go-public Tiberius deal, for which the firm has now obtained final approvals.
