International General Insurance Holdings (IGIH) reported net earnings of $23.2 million for the year 2011, an increase of 35.05 per cent compared to $17.2 million for the 2010 fiscal year.

“Marking our 10th anniversary, I am very pleased to announce our record earnings. Market conditions in 2011 proved to be challenging due to the excess market capacity,” said Wasef Jabsheh, vice chairman and chief executive officer of IGIH.

“The market was further exacerbated by the unprecedented level of natural catastrophe losses throughout the year. Despite the aforementioned, IGIH was able to achieve record results through prudent underwriting and sound exposure management practices.”

“I believe IGIH is in a great position to take advantage of the current signs of a hardening market due to the events of 2011 coupled with the vast sovereign investments planned in the Mena region. IGIH has grown materially from its historical core of energy, property and engineering underwriting, with a compound annual growth rate of 36.92 per cent in gross premiums from 2002 to 2011. This is a testament to IGIH’s sound management, selective underwriting and market vision,” Jabsheh added.

Gross written premium in 2011 was $202.8 million, an increase of 13.08 per cent compared to $179.3 million for 2010, while net underwriting profit grew to $33.6 million for 2011, an increase of 50.22 per cent from $22.4 million in 2010. This represents 28.20 per cent of the net premium earned for the period, against 22.92 per cent for 2010.

Investment income for the year stood at $8.5 million, a decrease of 15.23 per cent compared to $10.09 million for 2010. – TradeArabia News Service