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African MGA launches political violence, terrorism reinsurance
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People Moves: WTW s Harvey to Acrisure Re; Fidelis Clapham to IGI; AXA XL s Paeßens to Liberty Specialty Markets; Leggett Is CEO of Sedgwick Ireland
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IGI reports growth across virtually all business lines in 2020
06-04-2021
15-07-2020
International General Insurance (IGI) reported an increase in its profit for the full year in 2020, driven by growth across most lines of business.
IGI reported a net profit of $31.6 million in 2020, up from $23.5 million in 2019, while gross written premiums were up to $467.3 million in 2020, from $349.2 million in 2019.
IGI said its premium growth was driven by 42.1 percent growth in its specialty long-tail segment, as well as 30.1 percent growth in the specialty short-tail segment. Its reinsurance segment saw 7.2 percent growth, with reinsurers’ share of insurance premiums increasing 32.7 percent to $128.9 million in 2020.
Ominvest s net profit rises to OMR33.7 million
By: Times News Service
Muscat: Oman International Development and Investment Company SAOG (Ominvest), one of the oldest and the largest investment company in the Sultanate, announced its initial unaudited financial results for the year ended 31 December 2020. The financial results are subject to statutory audit, review by the Audit and Control Committee, and approval of the Board of Directors of Ominvest.
At the group level, net profit attributable to the shareholders of Ominvest rose by 5 per cent to OMR33.7 million, whereas Net profit at the parent company level rose by 6 per cent to OMR38.1 million, compared to the previous year.