International General Insurance Holdings Limited (IGI), a leading global specialty insurer and reinsurer based in the Middle East, today released its financial results for the nine months ended September 30, reporting a profit.

The company reported a net profit of $28.6 million for the nine months, compared to a net profit of $28.7 million for the same period in 2013.

Wasef Jabsheh, chief executive officer and vice chairman of the Company, said, “Despite the soft market the industry has been experiencing in 2014, IGI has continued to perform strongly, with results in line with the same period last year. We have continued to follow a careful and disciplined underwriting approach that is focused on profit and not volume, which has resulted in IGI maintaining a robust combined ratio of around 85 per cent. We remain optimistically cautious about the underwriting environment and are confident that our specialty insurance focused book will allow us to successfully navigate the market volatility and emerge having fully capitalised on the opportunities we see ahead.”

The Board of Directors in its meeting recently, declared an interim dividend of $0.05 per share to all shareholders. – TradeArabia News Service