IGI secures final nod from UK regulators for Tiberius merger

Specialist commercial re/insurer International General Insurance Holdings (IGI) has received the final regulatory approvals in connection with its  acquisition of Tiberius Acquisitions Corporation, a publicly traded special purpose acquisition company.

The UK's Prudential Regulation Authority (PRA) approval was received on February 24, 2020, and the Financial Conduct Authority (FCA) approval was received on February 25, 2020.

These were the last remaining insurance regulatory approvals necessary to successfully complete the transaction.

IGI has already received regulatory approvals from the Bermuda Monetary Authority (BMA) and the Dubai Financial Services Authority (DFSA).

The company has recently formed a new board of directors that will hold office after the company's business combination with Tiberius.

Upon close, the continuing public parent company of the combined entities will be International General Insurance Holdings, domiciled in Bermuda, and the existing IGI will become a subsidiary of the Bermuda parent company. They will trade under the NASDAQ tickers IGIC and IGICW, respectively.