IGI moves forward in combination deal with Tiberius

One specific approval granted

IGI moves forward in combination deal with Tiberius

Insurance News

By Terry Gangcuangco

The Bermuda Monetary Authority has approved the business combination deal between specialist commercial (re)insurer International General Insurance Holdings (IGI) and publicly traded special purpose acquisition firm Tiberius Acquisition Corporation.

In an update, the Dubai-registered group stated: “IGI is awaiting approval from additional regulatory agencies including the Prudential Regulation Authority (UK) and the Dubai Financial Services Authority.

“We intend to close the business combination two business days after satisfaction of the requisite closing conditions and approvals contained in the business combination agreement. Upon close, IGI will be domiciled in Bermuda as International General Insurance Holdings Limited and trade under the NASDAQ ticker IGIC.”

Last October, Tiberius and IGI entered into a definitive business combination agreement which will result in the latter’s public listing. Expected to close this quarter, the transaction will add approximately US$120 million of equity to IGI’s balance sheet.

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