International General Insurance Company (IGI)

IGI’s history is closely connected to that of its founder. Living memory of insurance in the Middle East, Wassef Jabsheh is exactly like Ghazi Abu Nahl, the builder of the group Trust, one of the scarce witnesses, still in business, of the swift evolution of insurance in the region.

IGI-EAUPioneer among pioneers, Wassef Jabsheh started out his career in Kuwait where as a young graduate in economics from the American University of Cairo, he joined Kuwait Insurance Company. His command over the English language and his sense of initiative led him a few years later to Abu Dhabi where he took part in the establishment of ADNIC, an insurance giant of which he became the general manager two years later. Hence, his interest in energy risks.

It was in Jordan, more precisely in Amman, that IGI started its operations in 2001. Thereafter, the long epic started to play out to end up in 2017 with the establishment of a group, endowed with 143 million USD in capital, 312 million USD in shareholder’s equity, 888 million USD in assets, 275 million USD in premium volume and 7.9 million USD in net result.

Organized around five hubs, Amman, London, Dubai, Kuala Lumpur and Casablanca, underwritings extend mainly to energy, property, engineering, reinsurance, marine, third party liability and financial risks.

In search for other challenges, the group’s leaders are contemplating other value-added territories and products. With unlimited global horizons, Africa is now standing as the favorite zone to explore.

Mohammed Abu Ghazaleh-IGIWasef Jabsheh-IGIWaleed Jabsheh-IGI
Mohammed Abu Ghazaleh Wasef JabshehWaleed Jabsheh
Chairman of the board of directorsCEO & vice-chairmanPresident

IGI in 2017

Share capital
143 400 000 USD
Turnover
275 300 000 USD
Assets
888 800 000 USD
Shareholder’s equity
312 400 000 USD
Net result
7 900 000 USD
Net loss ratio
60.4%
Expenses ratio
42.69%
Net combined ratio
103.09%
Number of office locations*
7 (Dubai, Bermuda, London, Casablanca, Amman, Kuala Lumpur and Labuan)

Shareholding

Natural or legal persons
67%
Shareholders from Afro-Asian countries
20%
Other shareholders
13%

Board of directors and management

Chairman of the board of directors
Mohammed Abu Ghazaleh
CEO and vice-chairman
Wasef Jabsheh
President
Waleed Jabsheh
Chief Financial Officer
Pervez Rizvi
Chief Operating Officer
Hatem Jabsheh
Vice President, underwriting & business development
Adam Safwat
CEO, IGI United Kingdom
Andreas Loucaides
Senior Executive Officer, IGI Dubai
Henri Labat
CEO, IGI Casablanca
Youssef Alaoui
Senior Vice President, reinsurance
Simon Levy
Senior Vice President, head of claims
Tim Deardon

IGI : Main technical highlights (2013-2017)

in thousands USD

 20132014201520162017
Gross written premiums
240 008251 526242 335231 428275 300
Gross earned premiums
241 067251 085238 367241 320252 300
Net earned premiums
180 649189 541155 762156 903154 800
Net incurred losses
98 775100 35769 34571 45693 500
Net loss ratio
54.68%52.95%44.52%45.5%60.4%
Expenses ratio(1)
33.25%33.99%39.79%41.95%42.69%
Net combined ratio
87.93%86.94%84.31%87.45%103.09%
Net underwriting result
43 55850 10452 70950 69125 000
Net result
31 26334 34035 02432 0697 900
(1) expenses ratio = acquisition costs + general and administrative expenses

IGI : Evolution of premiums, losses and results (2013-2017)

In thousands USD

IGI-EAU premiums-losses-results

IGI : Evolution of ratios (2013-2017)

IGI-UAE ratios

IGI : Breakdown of turnover per class of business (2013-2017)

in thousands USD

 201320142015201620172017 shares
Energy
96 513100 61898 15677 74387 90031.9%
Property damage
45 41438 04338 35739 41951 20018,6%
Personal accident
5 71213 12718 61420 74743 10015.7%
Marine & aviation(1)
37 30434 95532 71537 24338 30013.9%
Reinsurance
19 65516 78411 58212 63817 9006.5%
Engineering
11 60315 52911 37214 99210 4003.8%
Other risks(2)
23 80732 47031 53928 64626 5009.6%
Total
240 008 251 526 242 335 231 428 275 300 100%
(1) including ports and terminals liability insurance
(2) including political violence, financial risks and forestry

Breakdown of turnover per class of business in 2017

IGI-UAE turnover class of business

IGI : Breakdown of turnover per zone (2013-2016)

in thousands USD

 20132014201520162016 shares
Europe
42 01152 90748 47143 01218.5%
Middle, Far East and Africa
100 686111 94697 56694 49440.8%
North America
2 9673 9582 8681 7700.8%
Rest of the World
94 34482 71593 43192 15239,9%
Total
240 008 251 526 242 335 231 428 100%

IGI : Evolution of shareholder’s equity and assets (2013-2017)

in thousands USD

 20132014201520162017
Share capital
143 376143 376143 376143 376143 376
Shareholder’s equity
246 330263 178284 865311 205312 400
Assets
672 007712 183761 035818 456888 800
Return on Equity(1) (RoE)
12.69%13.04%12.29%10.3%8.9%
(1) RoE: net result / shareholder’s equity

Source: International General Insurance « IGI »

JIIC-Jordanie

IGI

Headquarters
Office 606, Level 6, Tower 1 Al Fattan Currency House,
DIFC, PO Box 506646, Dubai, United Arab Emirates
Tel
+971 4 441 6797
E-mail
info [at] iginsure [dot] com
Website
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