IGI and Tiberius complete $390m merger deal

International General Insurance Holdings (IGI) has completed the  business combination with Tiberius Acquisition Corp, a publicly traded special purpose acquisition company, raising approximately $146 million of gross equity capital which it plans to use for market expansion.

The transaction was approved by Tiberius stockholders on March 13, having been previously approved by former IGI shareholders, who exchanged 100 percent of the outstanding shares of IGI Holdings, plus an aggregate of $80 million.

The transaction consideration payable to former IGI shareholders in connection with the business combination is $390.3 million. IGI’s shareholders’ equity was $314.1 million as of February 29, 2020.

As part of the deal, 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 be used to support IGI’s core specialty re/insurance business and position it to take advantage of attractive worldwide market conditions.

Following the completion, the former Dubai-registered IGI became a wholly-owned subsidiary of the new public company, registered in Bermuda, named International General Insurance Holdings Limited (IGI Holdings).

IGI Holdings will now trade on the Nasdaq Capital Market under the symbol “IGIC”.

Wasef Jabsheh, CEO and founder of IGI, will serve as chairman of the board of IGI Holdings, which will be composed of a majority of independent directors.