IGI CEO bullish on growth as it wraps up Tiberius deal and debuts on Nasdaq
International General Insurance Holdings' (IGI) common shares have started trading on the Nasdaq Capital Market under the symbol IGIC.
On March 17, IGI completed the business combination with Tiberius Acquisition Corporation, a publicly traded special purpose acquisition company, resulting in IGI becoming a public company.
The transaction consideration payable to former IGI shareholders was $390.3 million. As part of the deal, Tiberius and IGI raised approximately $146 million of gross equity capital, with approximately $40 million of equity capital contributed to IGI’s balance sheet.
IGI chairman and CEO Wasef Jabsheh said: “Today is a defining and very exciting moment for IGI. I am very proud to list on Nasdaq as a scaled, well-capitalized specialty commercial insurer positioned to prudently grow and compound tangible book value. This milestone is indicative of the successful track record that IGI has built over its 18-year history.
"Formed in late 2001, with operations beginning in 2002, we have become a truly international company with a global platform and infrastructure writing business in over 200 countries and territories. And we have demonstrated our ability to successfully navigate challenging insurance and reinsurance cycles by generating tremendous value for our shareholders and opportunities for our people.”
Jabsheh added: “This public listing in the United States, the increased shareholder diversification created through our business combination with Tiberius, and a strong majority-independent Board of Directors, will continue to benefit all of our stakeholders and create opportunities to generate the capital necessary for future growth.”
