International General Insurance Holdings reports Q3 profit decline amid Middle East war…
1 report, 1 independent
Updated Tue 00:00
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What happened
International General Insurance Holdings reported a third-quarter profit of $28 million, a 16.4 per cent decrease from the previous year, as underwriting income fell to $43 million. The company absorbed the largest single loss event in its 25-year history, which was related to the war in the Middle East. Gross written premiums declined 8.9 per cent to $119.6 million.
From royalgazette.com
Why it matters
The insurer's combined ratio deteriorated to 85.7 per cent from 76.5 per cent, reflecting increased claims activity. The losses stemming from the Middle East war contributed to the decline in underwriting income and the drop in overall net income.
From royalgazette.com
Who's involved
- Middle EastGeopolitical region where the company absorbed its largest single loss event
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The entities involved
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Middle East
geopolitical region encompassing Egypt and most of Western Asia, including Iran