IGI
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The move will impact around $50mn of gross written premiums in total. -
Prior-year reserve development moved to a $6.3mn charge in Q2 from a $19.3mn release a year ago.
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Competition is high in specialty reinsurance as new capacity enters the market.
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IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.
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Cat losses included $17.5mn from the CA wildfires and other events.
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Newly appointed CEO Chris Jones also joins the board.
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The carrier reported $2.8mn of favourable development compared to a $3.3mn charge a year ago.
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The company has written over $100mn in gross premium in the US this year.
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Losses were attributed to the Taiwan earthquake and flooding in Middle East and Europe.
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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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