IGI receives UK regulators' nod for Tiberius deal

Transaction obtains final two regulatory approvals needed before it can be closed

IGI receives UK regulators' nod for Tiberius deal

Insurance News

By Gabriel Olano

International General Insurance Holdings (IGI) has received regulatory approval from the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for its previously announced business combination with Tiberius Acquisition Corporation.

The approval from the PRA was received on February 24, while that from the FCA was received the next day. According to IGI, these approvals are the last remaining insurance regulatory approvals necessary to successfully complete the transaction with Tiberius. Previously, IGI received regulatory approvals from the Bermuda Monetary Authority (BMA) and the Dubai Financial Services Authority (DFSA).

IGI added that it intends to close its business combination deal with Tiberius as promptly as is practical following satisfaction of the requisite closing conditions and approvals contained in the business combination agreement between the parties. On the closing of the business combination, the continuing public parent company of the combined entities will be International General Insurance Holdings Ltd., organized in Bermuda, and the existing IGI will become a subsidiary of this Bermuda parent company.

The parties expect that the common shares and warrants of the Bermuda parent company will be listed on the Nasdaq Capital Market under the ticker symbols IGIC and IGICW respectively.

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