International General Insurance Holdings (IGI), the specialist commercial re/insurer, has gained further regulatory approvals for its planned business combination with Tiberius Acquisition Corp., which will result in the public listing of IGI.
The Dubai Financial Services Authority is the latest regulator to give the transaction the green light, following approval from the Bermuda Monetary Authority (BMA) last week.
First announced back in October 2019, this deal will see IGI and Tiberius combine under a new holding company to be domiciled in Bermuda, called International General Insurance Holdings Limited, Bermuda (IGI Holdings).
Following the transaction, IGI Holdings will be listed on the Nasdaq Capital Market under the symbol IGIC, with expected pro forma market capitalisation of $550 million.
Approvals from the Dubai and Bermuda regulators represent necessary steps towards the successful completion of the transaction, but IGI is still awaiting approval from the Prudential Regulation Authority in the UK.
Separately, IGI has announced that it received Share Exchange Agreements from existing shareholders holding 100% of the issued and outstanding IGI common shares.
This is in excess of the 90 percent threshold as set out in the business combination agreement between IGI and Tiberius.
IGI said that it intends to close the transaction two business days after the conditions of the agreement have been satisfied.