IGI sees market opportunities as hard market drives demand

Fresh from the upgrade in its rating from AM Best, the senior management team at International General Insurance (IGI) say the underwriter can see potential for organic growth.

CEO Andreas Loucaides and President and Executive Director – IGI UK Waleed Jabsheh (pic) told Emerg-in.co.uk that it has seen positive rate movement in 16 of the 17 classes they write.

“The market has seen some underwriters move back from writing risks 100%,” explained Mr Loucaides. “Those who have led programmes are now looking for other capacity to support the risk so there are opportunities.”

IGI was ungraded to A by AM Best and Mr Jabsheh said the company was making positive inroads in Asia, where they have appointed a new underwriter in Kuala Lumpur and building its operations in Africa from its office in Casablanca.

“We are looking at Europe due to the potential impact of Brexit and also the USA,” he added. “We will not be looking at an office in the US rather obtaining licences to underwrite business.”

“The key issue for us is managing the message to the clients as the market conditions change,” he added. “The soft market has been with us for so long that the clients are used to hearing he same message but that has changed and we have to look at how we communicate that,

“We performed well in recent years despite the market conditions and we are very positive about the current market. We are seeing a rising demand and clients are looking for new capacity and a greater choice.

“The upgrade from AM Best is recognition for the work we have done and our prudent approach to business.”

While much talk in Monte Carlo has been around the market’s response to natural catastrophes and cyber cover Mr Loucaides said IGI was not intending to write standalone cyber coverage.

“From 1/1 all contracts at Lloyd’s will need to be clear on if there is any element of cyber coverage in the policy,” he explained. “The IUA and the company market are looking at a similar scheme. It is designed to deliver clarity to the client around what has been deemed as silent cyber risks and it is a positive step.”