Reinsurance News

IGI to acquire Norwegian MGA Energy Insurance Oslo

3rd August 2022 - Author: Matt Sheehan

International General Insurance Holdings Ltd. (IGI) has signed a non-binding letter of intent to acquire Energy Insurance Oslo AS (EIO), a managing general agency based in Norway.

IGIThe proposed transaction includes the acquisition of 100% of EIO’s shares and is expected to close in Q3, subject to regulatory approval.

Upon completion of the acquisition, IGI expects that EIO will be renamed International General Insurance Company (Norway) and will become a wholly-owned subsidiary of Bermuda-based International General Insurance Co. Ltd.

“IGI has had an exclusive underwriting agency arrangement with EIO since 2009, writing a portfolio of energy and construction business,” said IGI Chairman and CEO Wasef Jabsheh.

“This partnership has been a successful one and we look forward to continuing to work together under the IGI brand name,” Jabsheh continued. “This transaction allows us to grow our existing book of business and represents a good strategic opportunity for IGI to expand our footprint in the Scandinavian markets.”

Tremor - The modern way to place reinsurance

EIO Chairman Stig Grimsgaard Andersen also commented: “We have enjoyed a long and fruitful relationship with IGI. We look forward to continuing our partnership and working with the IGI team to grow our energy portfolio and enhance IGI’s presence in Norway and more broadly throughout Scandinavia.”

Print Friendly, PDF & Email

Recent Reinsurance News