The annual Rendez-Vous de Septembre (RVS) in Monte Carlo is where the global reinsurance market takes stock, sets direction, and forges relationships. This year, as the world’s leading reinsurers and brokers gathered on the sunlit quays, IGI CEO Waleed Jabsheh (pictured) welcomed ReInsurance Business aboard a yacht in the heart of the action. The setting was fitting: IGI itself is riding a wave of momentum, with a business that has grown rapidly in both scale and sophistication over the past few years.
A notable highlight of IGI’s evolution is the transformation of its reinsurance segment. “A few years ago, reinsurance was a small part of our business – around 5%,” Jabsheh said. “Now it’s 15%. That growth is a direct result of our ability to identify and act on opportunities as market dynamics shift.”
The numbers bear this out: for the full year 2024, IGI reported gross written premiums of $700.1 million, with reinsurance contributing $83.4 million – up 36.5% from the prior year. Net premiums earned in reinsurance climbed 51.9% to $80.8 million, and underwriting income for the segment nearly doubled to $35.8 million.
Jabsheh credits this growth to a combination of market discipline and strategic agility. “We’ve seen a retraction in capacity, which opened up opportunities we hadn’t seen before. Our capacity became much more relevant, and we were able to push harder in markets that previously weren’t accessible,” he explained. IGI’s reinsurance book, once a minor sideline, is now a core pillar of the group’s diversified portfolio.
The reinsurance market in 2025 is at a crossroads. After several years of hardening rates, the sector is now experiencing what many describe as an “orderly” softening. Capacity is abundant, driven by both traditional and alternative capital, but the environment is far from benign. Catastrophe activity has been elevated, and while short-tail lines are seeing some pricing pressure, specialty and loss-affected segments remain robust.
The state of the market is having a direct impact on the IGI business and Jabsheh’s perspective is shaped by a clear-eyed view of market cycles. “The market has changed radically in recent years,” he said. “Business is cyclical, and it’s about how quickly that pressure creeps in. As long as the influencers maintain discipline, we could see another good year for reinsurers. I just hope this year’s renewal season is more orderly.”
He is also quick to point out that IGI’s success is rooted in its willingness to stick to its knitting. “We don’t chase every opportunity,” Jabsheh said. “Our risk appetite is clearly defined – we’re not a large global program player, and we don’t participate in the retro market unless it’s strategic and relationship-driven. Instead, we focus on specialty lines like property, marine, cyber, and aviation, which gives us a diversified and resilient portfolio.”
That discipline has allowed IGI to avoid the pitfalls that have tripped up less focused competitors. “We’re not in the ILS space. All of these things are cyclical, depending on where there are opportunities. You are seeing clients considering those, but we’re selective. [For us] it’s about being a capital provider to clients and influencing some of the more niche parts of the market.”
With its international platform firmly established, IGI is now turning more attention to the US market – a move Jabsheh describes as both challenging and full of potential. “When we first entered the US market, we knew it would be a challenge. You have to prove yourself in a new territory,” he said. “But our book is now around $100 million to $110 million, and the runway for growth is huge. We’re not sprinting to the finish line – it’s about taking it step by step.”
IGI’s US expansion has been characterized by caution and an emphasis on specialty business. “[We operate with a] handful of short-tail lines. With facultative business – practically all of it is generated through our London office. As a new player, you’re going to have difficulties entering a new territory. You’re coming into a new area and you have to prove yourself.”
Jabsheh is clear that IGI’s approach is not about chasing scale for its own sake. “We haven’t even scratched the surface. Most firms focus on US business with a bit of international exposure – we’ve been the opposite. Our growth potential is enormous, but we’re committed to doing it the right way, step by step.”
IGI’s journey to becoming a public company on NASDAQ in 2020 was similarly unconventional, completed via a SPAC merger at the start of the pandemic. “When we listed in March 2020, no one in the US really knew who we were, and we couldn’t even travel due to the pandemic. But as life returned to normal, our results started to speak for themselves. A good business will always be recognized by its performance,” Jabsheh said.
He added: “Going public gave us financial flexibility and a higher level of recognition. But we still operate with the culture of a private company, even though we’re public. That’s a core part of our DNA.”
So too, is relationship-building, which remains central to IGI’s approach, especially as the market softens and competition intensifies. “For us, it’s all about relationships – maintaining, building, strengthening. These connections are vital, especially as the market softens. It’s not just about pricing, but about trust and long-term partnerships,” Jabsheh said.
As IGI continues to expand its reinsurance and US presence, Jabsheh is insistent that the company’s growth story is only just beginning, and its strategy of discipline, diversification, and relationship-building will remain at the heart of its success.
