International General Insurance Holdings (IGI), the specialist commercial re/insurer, has completed its business combination with Tiberius.
The combination has been approved by Tiberius stockholders, having already been given the go ahead 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 IGI Holdings.
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.
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 $390.3 million.
