International General Insurance Holdings Ltd. (IGI) and the special purpose acquisition company Tiberius Acquisition Corp. have completed their previously announced merger.
The business combination, which was first announced in October 2019, was approved by Tiberius stockholders at a special meeting of stockholders on Friday, March 13, 2020. The deal was also approved by former IGI shareholders, who exchanged 100% of the outstanding shares of the former IGI for common shares of IGI Holdings, plus an aggregate of $80 million.
As a result, the former Dubai-registered IGI became a wholly owned subsidiary of the new public company, registered in Bermuda, named International General Insurance Holdings Ltd. (IGI Holdings in January announced it had received its license to operate in Bermuda).
IGI Holdings Ltd. will trade on the Nasdaq Capital Market under the symbol “IGIC.”
As part of the transaction, Tiberius and IGI raised approximately $146 million of gross equity capital (including non-redeeming Tiberius shareholders and equity raised in private placements) with approximately $40 million of equity capital contributed to IGI’s balance sheet. The capital will support IGI’s core specialty re/insurance business and position it to take advantage of attractive worldwide market conditions.
IGI Holdings announced in March it has been granted provisional approval to begin writing U.S. excess and surplus lines business, effective April 1, 2020.
Wasef Jabsheh, CEO and founder of IGI, is serving as chairman of the board of IGI Holdings.
Source: International General Insurance
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