IGI
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IGI’s reinsurance unit lifted underwriting profits but short-tail specialty dropped year-on-year.
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The insurer said its Lloyd’s presence underscores its London market commitment.
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Property, PV and energy lines are driving the carrier’s growth, offsetting long-tail declines
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The Bermudian booked lower cat losses and lower adverse development in Q4.
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The carrier’s top line grew by 6.5% to $164.9mn during the quarter.
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The carrier has been growing its financial institutions team and recently appointed Mark Warrilow from Price Forbes.
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IGI writes a worldwide upstream energy book, with a lead underwriting capability and maximum line size of $75mn.
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The firm has experienced cumulative property rate increases of over 15%m while its treaty business is seeing rate rises of over 26%.
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The company’s underwriting result in Q3 was also driven by higher premiums earned, which increased to nearly $109mn from over $96mn in Q3 last year.
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The MGA platform was launched by former Barbican executives in late 2021.
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The Q2 underwriting improvement was also driven by a higher favorable reserve development of $15.5mn compared with $5.5mn a year earlier.
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