IGI announces increase of capital
The IGI Board of Directors’ meeting held today, Thursday, June 6, an increase of the company’s paid up capital was agreed upon, as well as the surplus addition of $25 million making total capital, surplus and other assets in excess of $50 million. The new funds will be contributed by existing and new shareholders and will be paid in, on or before June 30, 2002.
IGI Chairman and CEO Wasef Jabsheh announced that this action is being taken to enhance IGI’s financial strength and promote its underwriting capabilities. It is also an important step as the company will be obtaining a financial rating from an independent rating agency. Wasef Jabsheh stated that underwriting conditions are favorable for IGI and that the additional capital will enable the company to take greater advantage of the opportunities currently available.
IGI is a Jordanian insurance company specializing in energy, marine and property insurance and reinsurance worldwide. The company, headquartered in Amman, was incorporated in October 2001 and commenced underwriting operations in March 2002. — (menareport.com)
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