Specialist commercial (re)insurer, International General Insurance Holdings (IGI) announce the completion of its business combination with Tiberius.
The combination was approved by Tiberius stockholders on 13 March 2020 and previously accepted 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 $80mn.
As a result, the former Dubai-registered IGI becomes a wholly owned subsidiary of the new public company, registered in Bermuda, named IGI Holdings.
As part of the transaction, Tiberius and IGI raised approximately $146mn of gross equity capital (including non-redeeming Tiberius shareholders and equity raised in private placements) with approximately $40mn 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.
Wasef Jabsheh, chief executive officer and founder of IGI, is serving as chairman of the board of IGI Holdings.
The transaction consideration payable to former IGI shareholders in connection with the business combination is $390.3mn.