IGI
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The CEO said that IGI’s action within its PI book showed it was ready to walk away from unprofitable business. -
IGI’s premium income has almost doubled since it listed in 2020, but how can growth still be achieved in a soft market?
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The move will impact around $50mn of gross written premiums in total.
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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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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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The move is part of a succession plan put in place on the company’s flotation in 2020.
