Specialty reinsurance growth opportunities despite market softening – IGI’s Jabsheh

International General Insurance (IGI) is sharpening its focus on specialty reinsurance, with chief executive Waleed Jabsheh confirming new hires in London to support portfolio growth.

Speaking during RVS 2025 in Monte Carlo, Jabsheh said the Bermuda-headquartered group sees attractive opportunities in areas such as political violence, aviation, marine and selected cyber reinsurance.

“The PV reinsurance market is still much more attractive than the primary market,” he said. “Unfortunately, the rigidity of the reinsurance market is not filtering down into the direct side, which remains very competitive.”

IGI currently has only a small specialty reinsurance presence, just over 5% of its book, but Jabsheh believes that this could expand to reach 20–25%.

“When we set expectations, it’s not about fixing the composition of the portfolio,” he explained. “The balance of the book is dictated by where we can achieve the healthiest returns. The specialty reinsurance market will provide attractive opportunities in the near term.”

London expansion

The company is hiring to strengthen this push, adding reinsurance underwriters in London for the first time.

“London is our biggest production area,” Jabsheh said. “We currently have no reinsurance underwriters there, with the team based in Jordan and Bermuda.

“But we will soon bring in one senior specialty underwriter and one or two junior hires. That’s a capability we don’t yet have elsewhere in the team,” he said.

With regard to London market growth, he added, “aviation and marine reinsurance remain very attractive”.

Disciplined approach

Jabsheh emphasised the importance of managing exposure carefully, particularly in newer lines of business.

“You have to be worried about everything in our business. The minute you stop worrying, it probably all goes wrong,” Jabsheh said.

“When we go into a new segment, everything is studied. You grow the book knowing exactly how you want it to look and how much exposure you want. If you don’t think you can control the risk, then don’t write it,” he said.

That discipline shapes IGI’s measured stance on technology investment, he stressed.

Jabsheh said the company is adopting tools to improve efficiency but due to its size will not build costly proprietary systems.

“We’re a small business, we’re not going to be at the forefront of this technology,” he said.

“The big boys can invest hundreds of millions. I’ve never heard of a ‘build your own’ project that went smoothly within budget,” he added.

Cycle challenges

IGI’s CEO acknowledged the narrative at upcoming 1/1 renewals, that softening conditions are emerging across many lines.

“Everything is under pressure at the moment,” he said. “Growth is more challenging because you’re not getting the rate increases you were, capacity is not as in demand, and there is excess supply in the market.

“Our business is inherently cyclical. What we’re seeing now should come as no surprise. You just have to manage the cycle,” he added.