IGI secures further thumbs up for Tiberius transaction

Two more boxes are ticked

IGI secures further thumbs up for Tiberius transaction

Insurance News

By Terry Gangcuangco

The business combination deal between International General Insurance Holdings (IGI) and Tiberius Acquisition Corporation is nearing the finish line.

Last month the Bermuda Monetary Authority granted the green light; now it’s the turn of the Dubai Financial Services Authority to give its regulatory nod to allow the IGI-Tiberius transaction to move forward.

Meanwhile the specialist commercial (re)insurer has also received share exchange agreements from its existing shareholders holding 100% of the issued and outstanding IGI common shares. IGI said this is in excess of the 90% threshold as set out in the business combination agreement with Tiberius, a special purpose acquisition firm.

Currently IGI is still awaiting approval from the UK’s Prudential Regulation Authority.

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