IGI Launches Cipher Underwriting Ltd

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International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC), the international specialty insurance and reinsurance group, has announced the launch of Bermuda-based Cipher Underwriting Ltd. (“Cipher”), a specialty treaty reinsurance managing general agent (MGA) established to provide dedicated cyber treaty underwriting expertise and solutions on a global basis. The commencement of Cipher’s operations remains subject to applicable regulatory approvals, including the registration and licensing of Cipher by the Bermuda Monetary Authority.

Led by reinsurance specialist Ari Chatterjee, Cipher has been created to address the increasing demand for specialty cyber treaty reinsurance capabilities as cyber risk continues to evolve across businesses, economies and critical infrastructure worldwide. Mr. Chatterjee has more than 20 years of industry experience with over a decade of cyber reinsurance experience including setting market standards on data and policy wordings.

The launch of Cipher represents an important milestone in IGI’s strategy to expand its specialty reinsurance capabilities through the development of focused underwriting platforms in attractive and growing markets.

IGI owns a 60% interest in Cipher through its wholly owned subsidiary IGI Managing Agencies Holdings Ltd. (“IGI Managing Agencies”), providing the artificial intelligence (AI)-integrated MGA platform the ability to deploy capital into a diversified worldwide portfolio of specialty reinsurance business. The initial focus of Cipher is to develop a portfolio of cyber treaty business with lead capabilities, targeting high-growth emerging risks within an MGA structure. This platform can be utilized for future growth and diversification opportunities.

IGI President & CEO Waleed Jabsheh said, “This is a significant and exciting development for IGI as we continue to strengthen our specialty reinsurance capabilities and invest in areas of the market where we see strong long-term growth potential. By embedding Cipher within the IGI framework, we achieve immediate product and geographic diversification into non-correlated classes of business.”

“Cyber treaty reinsurance is a highly specialized class requiring deep technical expertise, disciplined underwriting and a thorough understanding of an evolving risk landscape,” Mr. Jabsheh continued. “Ari brings significant experience and leadership within the cyber reinsurance market, and Cipher provides a strong platform from which to build a differentiated and sustainable specialty treaty reinsurance business.”

Mr. Chatterjee added, “We are privileged to partner with IGI in launching Cipher. IGI brings institutional credibility, excellent financial security, strong governance, and an experienced, stable leadership team that will help us capitalize on attractive opportunities and deliver sustainable, risk-adjusted profitability.”

Cipher marks the first venture under the newly formed IGI Managing Agencies, which was established to provide a dedicated platform for strategic partnerships in developing new product lines and incubating teams within an MGA structure.                                                    

“At IGI, we are always evaluating opportunities to facilitate profitability driven portfolio diversification in a measured and disciplined manner,” said Mr. Jabsheh. “Our strategy has always been to enter new markets thoughtfully, with the right talent and structure in place. This partnership embodies that approach, giving us access to new opportunities while maintaining the underwriting discipline that has defined IGI for almost 25 years.”