International General Insurance Holdings (IGI), the specialist commercial re/insurer, has obtained the final regulatory approvals it needs to move ahead with its planned business combination with Tiberius Acquisition Corp., which will result in the public listing of IGI.
UK regulators the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) approved the deal on February 24th and 25th, respectively.
This followed approvals from the Dubai Financial Services Authority earlier this month, as well as the Bermuda Monetary Authority (BMA).
The green light from the PRA and FCA means IGI has obtained all the necessary regulatory approvals to complete its transaction with Tiberius, which will be closed “as promptly as practicable” once the conditions of the business combination agreement have been met.
First announced back in October 2019, the 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.
