We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

IGI secures further approvals for Tiberius transaction

IGI secures further approvals for Tiberius transaction | Insurance Business

IGI secures further approvals for Tiberius transaction

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.