IGI Holdings Ltd. announced that the financial strength ratings of the IGI group have been assigned to the Company’s new European subsidiary in Malta.
“Europe is an attractive growth region for IGI, and I and the rest of the Malta team look forward to developing the Company’s European presence and platform in the months and years to come”
S&P Global Ratings has assigned an “A-” financial strength rating to International General Insurance Company (Europe) SE (“IGI Europe”), while AM Best has assigned an “A” (Excellent) financial strength rating to the Malta-based subsidiary. Both ratings have a stable outlook.
IGI Europe, which is a subsidiary of Bermuda-based International General Insurance Co. Ltd., was granted licensing by the Malta Financial Services Authority (“MFSA”) to begin writing business across Europe in July 2021.
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IGI Europe CEO Keith Mallia-Milanes said, “Securing these equalized ratings from S&P and AM Best is an important step forward for IGI Europe. Our European subsidiary is obviously strategically important to the IGI group as it provides the Company access to business across Europe.”
“Europe is an attractive growth region for IGI, and I and the rest of the Malta team look forward to developing the Company’s European presence and platform in the months and years to come,” Mr. Mallia-Milanes said, adding, “We are already very pleased with the level of interest from clients and brokers in developing our European business.”
Both S&P and AM Best cited IGI Europe’s strategic relationship to and support from IGI as key factors in its decisions, as well as IGI’s balance sheet strength and its track record of strong operating performance.
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