Despite the brutal roll-call of 2017 cat losses, S&P has affirmed IGI’s crucial A- financial strength rating with a stable outlook.

IGI - whose holding company is registered in Dubai - underwrites through two main platforms, a class 3B Bermuda insurer and a UK regulated platform.

“S&P reaffirming our A- rating reflects the consistency of our underwriting strategy, strength of our balance sheet and high-calibre talent.” said Wasef Jabsheh, the founding CEO of the group.

“Even in a cat-heavy 2017, IGI’s sound underwriting performance helped us to maintain continued profitability and capital adequacy.”

IGI - which traditionally writes marine and energy insurance but has expanded into other classes - said the affirmation will help it “continue to improve the performance of its core operations and strengthen its balance sheet,” according to Hatem Jabsheh, the group’s COO.

According to S&P, IGI’s “sound underwriting performance” is reflected in its “five-year average net combined ratio of 88 percent and average net profits of $30mn.”

In addition to its S&P rating, IGI has an A- AM Best rating with a positive outlook.

A- is a crucial financial strength rating required for writing most specialty classes.