International General Insurance Holdings Limited 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.
In our 18 years in business, we have demonstrated a strong track record of growth, with gross written premium rising from $11 million when the business started to over $300 million in 2018.
In 2005, we raised $75 million of capital through a private placement and began to underwrite a reinsurance portfolio. The following year, we established a holding company, International General Insurance Holdings Ltd in the Dubai International Financial Centre. The same year saw us open a Labuan branch in Malaysia, regulated by the Labuan Financial Services Authority to access the Labuan and Far East markets.
In 2007, we established IGI Bermuda as the principal underwriting entity for the Group, and a Class 3B insurer and reinsurer regulated by the Bermuda Monetary Authority, while the Jordan office, IGI Underwriting Company Ltd Amman, provided management, underwriting and support operations. In 2007, we began to underwrite our Financial Institutions portfolio and established our London Underwriting Agency, North Star Underwriting Ltd.
2008 saw the establishment of International General Insurance (Dubai), which started underwriting Financial and Professional Lines insurance for the IGI Bermuda entity. That year, the Group was assigned a “BBB+” rating by Standard & Poor’s (S&P) Ratings Services, and an “A-” rating by AM Best. The following year, IGI broadened the business base by underwriting a General Aviation portfolio.
In 2010, our UK subsidiary, International General Insurance Co (UK) Ltd, commenced underwriting Energy, Financial Institutions, General Aviation, Engineering and Marine insurance, sourced through London brokers.
The Dubai branch began operations as an agency in 2012. Two years later, the financial strength of the group was recognised when S&P raised IGI’s rating outlook from "stable" to "positive". 2014 saw another milestone when the business opened a new representative office in the Casablanca Finance City, Morocco, to provide greater access to Northern, Central and West Africa.
The business was given another boost in 2015 when S&P upgraded our financial strength rating to A-/Stable. It also raised the counterparty credit and financial strength ratings to “A-” from “BBB+”.
In 2017, AM Best upgraded IGI to “A-”/Positive, and again raised the rating to “A”/Stable in 2019.
Late in 2019, IGI entered into a Business Combination Agreement with Tiberius Acquisition Corporation, a U.S.-based blank check special purpose acquisition company listed on Nasdaq. In March 2020, both companies announced the consummation of the Business Combination. Immediately after the consummation, the new holding company International General Insurance Holdings Limited, registered in Bermuda, began trading on Nasdaq Capital Markets under the symbol “IGIC”.
Also in March 2020, IGI’s Bermuda subsidiary was given approval by the National Association of Insurance Commissioners to write U.S. Excess & Surplus lines business effective April 1, 2020. This marks the first real foray for IGI writing U.S. business.