Insurer IGI has released its results for the first nine months of 2022, showing broad increases across all financial measures.
The firm said that gross written premiums hit $120.6m in Q3 2022, up from $115.3m in Q1 2021. It also reported an increase in net premiums from $91.2m to $96.3m between the two periods, with net underwriting results up from $26.7m to $42m.
Increases were also seen during the first nine months of 2022, compared to the same duration in 2021. Gross written premiums were up from $382.1m to $425.1m, with net premiums earned and net underwriting results up from $259m to $279.4m, and $75.2m to $123.8m.
Wasef Jabsheh, chairman and CEO of IGI, said: “IGI recorded another strong set of results in the third quarter of 2022, continuing the momentum of the prior two quarters, and culminating in a combined ratio of 73.6% and a core operating return on average shareholders’ equity of 26.9% for the first nine months of 2022.”
He added: “Market conditions and rates are holding up across our portfolio and we continue to grow at a steady pace, with gross written premiums up more than 11% year-to-date. As always, our primary focus is on profitable growth, diversification and managing volatility.”
Jabsheh said that the firm was continuing to monitor the impact of rising inflation and interest rates as well as that of the foreign exchange movements. He said that the strengthening US dollar was evident in comparison to its transactional currencies of the British pound and the Euro.
Looking ahead, Jabsheh said: “We expect to see further opportunities to continue on our profitable growth trajectory, particularly after the headline events of the third quarter, which we expect will positively impact rates in some of our markets. While we were less impacted than others in our industry by these catastrophic events – in particular the devastation of Hurricane Ian – they once again provide a reminder of why we do what we do – to provide peace of mind in times of uncertainty. That is our purpose and our commitment at IGI and it is what enhances the value that we provide to our customers and our shareholders.”
