Net earned premiums improved year over year from US $ 68.5 million to US $ 82.3 million in the quarter, and investment income increased from US $ 2.6 million. from US dollars to 4 million US dollars. The company reported a combined ratio of 84.6% for the three months ended March 31, 2021.
The long tail segment, which includes all business and financial lines underwritten by the company, recorded a net technical result of US $ 12.7 million in Q1, compared to US $ 12.6 million in the first quarter of 2020.
Meanwhile, its short-tail segment, which includes energy, real estate, general aviation, marine, construction and engineering, and political violence, saw a net subscription increase of 5 million USD to 13.4 million USD. The reinsurance sector’s net technical result fell from USD 2.2 million in Q1 2020 to USD 1.5 million in Q1 2021.
“We had a very solid start to 2021 thanks to our strong performance in 2020,” said Wasef Jabsheh, President and CEO of IGI. “Our results for the first quarter of 2021 clearly illustrate the strength of our underwriting capabilities and our agility in managing the portfolio to maximize returns.
“We recently announced our entry into the contingency market, which you’ll know from the headlines has suffered significant disruption globally due to the COVID-19 pandemic. In keeping with our underwriting philosophy, we will develop this book with care and thoughtfulness. We are also close to completing the process of setting up a European platform in Malta and we hope to be able to start writing business in the European Union in the near future. “
The company completed its first full year as a listed company in the United States, thanks to the US $ 400 million merger with Tiberius Acquisition Corp., a special purpose acquisition company (SPAC)
According to Jabsheh, IGI has increased its book value per share by 15.1% since the end of March 2020.