International General Insurance Holdings Ltd. (IGI) announced it has received regulatory approval from the Bermuda Monetary Authority in connection with its previously announced business combination with Tiberius Acquisition Corp., a publicly traded special purpose acquisition company.
This approval, received on Jan. 28, 2020, is one of necessary steps towards successfully completing the transaction with Tiberius. IGI is awaiting approval from additional regulatory agencies, including the UK Prudential Regulation Authority and the Dubai Financial Services Authority.
Dubai-based IGl and New Orleans-based Tiberius announced in October 2019 they were merging under a new Bermuda holding company, called International General Insurance Holdings Ltd., Bermuda, or IGI Holdings. IGI said the merger would facilitate a listing on Nasdaq Capital Market under the symbol “IGIC” and add approximately $120 million of equity to its balance sheet.
The addition funding is designed to support IGI’s core specialty re/insurance business and enable IGI to take advantage of attractive worldwide market conditions. IGI’s market capitalization is expected to be greater than $550 million.
Source: International General Insurance Holdings
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