International General Insurance Holdings (IGIH) is looking to expand its operations in Kuala Lumpur this year as part of its plans to service the wider Asian region, said President Waleed Jabsheh.
The marketing office supports its Labuan subsidiary, which is registered as an offshore reinsurer and presently focusses on the Malaysian market. “We have been very successful in solidifying our presence in Malaysia,” said Mr Jabsheh in an interview with Asia Insurance Review.
“However, we are now looking to grow the office to serve the wider Asian region. This would comprise Southeast Asia, Asia Pacific, Japan and Korea – territories which are currently being serviced by our other offices and where we already have considerable books of business. The time is right for us to allocate additional resources to more effectively service these markets from Kuala Lumpur.”
This would mean growing staff strength in the office to roughly the same size as the Dubai operation – which currently has 10 staff – within the next two years, he added. IGIH employs a total of 190 employees in six countries.
IGIH is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the UK. It underwrites a worldwide portfolio of specialty lines, including energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry, and reinsurance treaty business.
The Group reported net earnings of US$35 million for the financial year of 2015, an increase of 2% from the previous year. Gross written premiums declined from $252 million in 2014 to $242 million in 2015, although net underwriting profit increased from $50 million to $53 million. Combined ratio fell from 86.94% in 2014 to 84.31%.