Wasef Al Jabsheh
Vice Chairman and Chief Executive Officer, International General Insurance Company, Ltd., Jordan
Wasef Jabsheh and IGI Group Biography
Wasef Jabsheh, founder and the Chief Executive Officer of International General Insurance Company Ltd (“IGI”), is a well known figure within the Middle Eastern (Re)insurance community with over 40 years industry experience.
Wasef commenced his insurance career in 1967, following the completion of his degree at the American University in Cairo, with Kuwait Insurance Company before moving on to manage the company’s branch in Abu Dhabi, United Arab Emirates.
In 1973, Wasef joined Abu Dhabi National Insurance Company (ADNIC) as Deputy General Manager and was promoted to General Manager 3 years later. Wasef remained with ADNIC for over 15 years and is widely acknowledged as the pioneer for the underwriting of offshore energy business in the region.
Upon leaving ADNIC, Wasef returned to Jordan where he established Middle Eastern Insurance Brokers, specialising in marine and energy broking and later International Marine and General Insurance Company Ltd. Both Companies were acquired by Houston Casualty Company (HCC) in 1994 with Wasef being appointed to the board of Directors until his resignation in 1997.
In 2002, Wasef established International General Insurance Company Ltd. (IGI).
IGI is an international (re)insurance company that specialises in underwriting energy, marine, engineering, commercial/industrial property, financial institutions and non-proportional reinsurance treaty business.
The Company commenced operations in March 2002 and has evolved into a major participant within its specialised classes of (re)insurance. In 2005, IGI raised an additional US$ 75 million of capital through a private placement and current capital and surplus stands in excess of US$ 150 million.
During 2006, IGI established a Holding Company, International General Insurance Holdings Limited (“IGIH”), within the Dubai International Financial Centre (the “DIFC”) and affected a share swap from IGI Amman to the new entity. IGIH transferred the underwriting company from Amman to Bermuda. However, the underwriting function continues to be undertaken from the Company’s operational centre in Amman.
IGI have a subsidiary Company in Labuan (Offshore Malaysia) which is regulated by the Labuan Offshore Financial Services Authority. The intent of this operation is to access business from the Malaysian first tier reinsurance market. To compliment this operation, IGI have set up a marketing office in Kuala Lumpur. In 2008, IGI set up a marketing Office in the DIFC in order to enhance production from regional markets.
IGI is currently in the process of establishing a subsidiary company in London, United Kingdom. This will provide the Company with a wider access to European markets.
IGIH acquired a majority shareholding in S.R. Bishop Underwriting Ltd and S.R. Bishop Underwriting (Bermuda) Ltd (SRB), a marine underwriting agency. They will underwrite marine business on behalf of IGI London once licensing is obtained. SRB is one of the principle leaders of marine business in the London market, leading approximately 50% of their risk portfolio.
IGI is recognised by the international insurance community as being a lead underwriter within its principle classes of business attracting strong support from international markets.