Net premiums earned improved year-over-year from $68.5 million to $82.3 million in the quarter, and investment income jumped from $2.6 million to $4 million. The firm reported a combined ratio of 84.6% in the three months ended March 31, 2021.
The long-tail segment, which includes all professional and financial lines written by the company, had a net underwriting result of $12.7 million in Q1, compared to $12.6 million in the first quarter of 2020.
Meanwhile, its short-tail segment, which includes energy, property, general aviation, marine, construction and engineering, and political violence, saw an increase in net underwriting of $5 million to $13.4 million. The reinsurance segment’s net underwriting result dipped from $2.2 million in Q1 2020 to $1.5 million in Q1 2021.
“We have had a very solid start to 2021 on the back of our strong performance in 2020,” said Wasef Jabsheh, chairman 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 experienced significant disruption globally as a result of the COVID-19 pandemic. Consistent with our underwriting philosophy, we will grow this book carefully and thoughtfully. We are also close to completing the process of establishing a European platform in Malta and we expect to be able to start writing business inside the European Union in the near future.”
The company has completed its first full year as a US-listed company, through the $400 million merger with Tiberius Acquisition Corp., a special purpose acquisition company (SPAC)
According to Jabsheh, IGI has grown its book value per share by 15.1% since end-March 2020.