A.M. Best Co. has affirmed InterGlobal's financial strength rating
16 Dec 2009
A.M. Best Co. has affirmed the financial strength rating of 'B++' (Good) and issuer credit rating of “bbb+” of the UK's InterGlobal Insurance Company Limited, both with stable outlooks. The ratings reflect the company’s "good prospective operating performance, improving business position and adequate level of risk-adjusted capitalization, Best explained. In the rating agency's opinion, InterGlobal has achieved a "good underwriting performance since inception, despite a rapid growth in premium income and challenging market conditions." Best added that it anticipates that a "good level of operating performance will be achieved in both 2009 and 2010."
Best also said it "believes that InterGlobal is likely to continue growing premium income in 2010 and 2011, despite the currently difficult market conditions. InterGlobal benefits from a recognized and established brand in the Middle Eastern and Asian markets (initially established by InterGlobal Ltd., the Managing General Agent, which was InterGlobal’s predecessor) and has a growing business position in the international private medical insurance (IPMI) market for expatriates and high net worth individuals." Best added that it considers InterGlobal’s level of risk-adjusted capitalization to be adequate in 2008 and 2009 and that it is "likely to improve slightly in 2010 with the full retention of earnings." Best also said it believes that InterGlobal’s capital position is "protected by an outwards reinsurance cover with a highly rated reinsurance company and a conservative investment strategy."
Source: A.M Best www.ambest.com
Notes for editors
About InterGlobal Insurance Company Limited:
UK headquartered InterGlobal, the international private medical insurance company with customers in over 160 countries, has 10 offices worldwide. It provides international health insurance for expatriates, frequent travellers and international business people all over the world and covers individuals, families as well as corporate and affinity groups.
The company, founded in 1998, is known for its innovation, flexibility and personal approach to service, has seen great success and growth in the highly competitive and growing private medical insurance market. It has been an FSA regulated insurance company since March 2007 with an initial AM Best B++ rating. The move from agency to insurer was part of an initiative with Alchemy Partners, the private equity firm, and InterGlobal management. It involved the acquisition of InterGlobal from its previous managers.
InterGlobal Insurance Company Limited is authorised and regulated by the Financial Services Authority.
For further information see the InterGlobal website: www.interglobalpmi.com
For press enquiries please contact:
Emma Lucas
Telephone: +44(0) 1252 745 950
Email: emma.lucas@interglobalpmi.com
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