AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Malta-based International General Insurance Co. (Europe) SE. The outlook assigned to these credit ratings is stable.
The company is a wholly owned subsidiary of International General Insurance Co. Ltd. (IGI Bermuda). The ultimate parent company is International General Insurance Holdings Ltd. (IGIC).
The ratings of IGI Europe consider its strategic importance to IGIC, along with the explicit support it receives from its immediate parent company, which includes a guarantee and quota share reinsurance. As a member of IGIC’s lead rating unit, IGI Europe’s ratings receive full rating enhancement and reflect IGIC’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
IGI Europe is a recently acquired insurer domiciled in Malta, which provides the group with access to insurance business in the European Economic Area. IGI Europe will focus on European specialty risks and will expand the group’s product offering over time. The company benefits from external reinsurance protection that is arranged on a group-wide basis, along with an intra-group proportional reinsurance agreement, whereby 75% of the risk retained after the external reinsurance programme is ceded to IGI Bermuda.
An explicit guarantee is in place between IGI Europe and IGI Bermuda, whereby IGI Bermuda guarantees all of the company’s liabilities in respect to its insurance obligations. The guarantee is pledged to the Malta Financial Services Authority, has no expiry date or termination clause, and is governed by the laws of Malta.
Source: AM Best
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