IGI receives Bermuda Monetary Authority approval for Tiberius transaction

Specialist commercial re/insurer International General Insurance Holdings has received regulatory approval from the Bermuda Monetary Authority in connection with its previously announced business combination with Tiberius Acquisition Corp (Tiberius), a publicly traded special purpose acquisition company.

This approval, received on January 28, 2020, is one of necessary steps towards successfully completing the transaction with Tiberius. IGI is awaiting approval from additional regulatory agencies including the Prudential Regulation Authority (UK) and the Dubai Financial Services Authority.

The companies intend to close the business combination two business days after satisfaction of the requisite closing conditions and approvals contained in the Business Combination Agreement. Upon close, IGI will be domiciled in Bermuda as International General Insurance Holdings and trade under the NASDAQ ticker IGIC.