International General Insurance Holdings Ltd. (IGIH) announced today that the Company had reached agreement in principle to acquire a controlling interest in S. R Bishop Underwriting Ltd. The transaction is expected to close shortly.
S. R. Bishop Underwriting Ltd. is an underwriting agency located in London and is recognized as a leading underwriter in marine insurance. The management team of Stephen Bishop, Richard Chown, Jeremy Battersby and Ken Freeman will remain with the Company following completion of the transaction. S. R. Bishop Underwriting Ltd. has been in operation since 2002 and underwrote a premium income of over US$ 50 million in its last full underwriting year. IGIH will provide underwriting capacity for the agency and it will be the focal point for the groups marine business.
Wasef Jabsheh, Vice Chairman and CEO of IGIH, stated, “The acquisition and support of the agency reinforces our commitment to diversification and further supports the groups expansion plan in line with the strategic objectives.” Mr. Jabsheh added, “I believe the addition of Stephen and his team, as established leading market underwriters, underlines our confidence in the marine account and will enable us to develop this important area of our business profitability.”
Regarding the transaction, agency Managing Director, Stephen Bishop commented “I look forward to working closely with the management of IGIH. Whilst the agency considered a number of different alternatives, the commitment, professionalism and vision of IGIH management left me in no doubt this provided the best opportunity for the agency to maintain a long term presence in the market. The excellent reputation and quality of security offered by IGIH will be of significant advantage to the agency in developing a portfolio of quality business.”
