International General Insurance Holdings Ltd. announced the completion of the acquisition of Norway-based managing general agency Energy Insurance Oslo AS (EIO).
The transaction included the acquisition of all outstanding shares of EIO. The entity, which is expected to be renamed IGI Nordic AS, is a subsidiary of Bermuda-based International General Insurance Co. Ltd.
Financial details of the deal were not disclosed.
IGI has had an exclusive arrangement with EIO since 2009, writing a portfolio of energy and construction business in Norway.
“We are delighted to welcome the EIO team to the IGI group. The successful completion of our acquisition of EIO allows us to expand the existing book of energy and construction business and leverage our relationships to broaden our presence in the Nordic markets across other business lines,” commented IGI Chairman & CEO Wasef Jabsheh.
Source: International General Insurance Holdings
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