International General Insurance (IGI) has announced it has reached an agreement with Tiberius Acquisition Corp a publicly traded special purpose acquisition company which will result in the public listing of IGI.
Under the terms of the agreement, IGI and Tiberius will combine under a new holding company to be domiciled in Bermuda, International General Insurance Holdings Limited, Bermuda (IGI Holdings), and IGI Holdings is expected to be listed on the Nasdaq.
IGI was launched in 2001 and has been led since its inception by Wasef Jabsheh (above). IGI has consistently generated a 90% average combined ratio over the past 10 years with prudent, sound underwriting, providing insurance products in more than 200 countries including markets with attractive growth rates.
Mr Jabsheh, Vice Chairman and CEO of IGI, said: “I am very proud of IGI’s accomplishments over the past 17 years as a client-focused and underwriting-first worldwide specialty (re)insurer with a demonstrable track record of superior results. Entering the public markets as a scaled, publicly-traded, pure-play specialty commercial (re)insurer enhances our ability to continue to prudently grow our business and compound tangible book value by delivering low-volatility returns. I am particularly pleased that I will continue to personally own a meaningful part of this company and oversee the next phase of IGI’s growth as a public company while maintaining the key tenets of the culture that has made IGI successful since inception. IGI will always deliver world class service to our clients while driving long-term total value creation for our shareholders.”
Waleed Jabsheh, (below) President of IGI, said: “As a recognised leader in non-US (re)insurance commercial property casualty markets and one of the preeminent MENA underwriters in the world, IGI has a global platform and infrastructure that provides a service-focused approach for clients and will enable new shareholders to take advantage of current market conditions. This transaction will allow IGI to continue to execute its organic growth plan through expanding capacity and relationships in its core Afro-Asian, European and Latin American markets, maintain high levels of capital adequacy, enhance its credit ratings over time, and facilitate its potential entry into the US excess and surplus (E&S) markets.”
Michael Gray, Chairman & Chief Executive Officer of Tiberius, and Andrew Poole, Chief Investment Officer of Tiberius, said: “The acquisition of IGI is perfectly aligned with our objectives. Since inception, IGI has had an enviable track record of growth in tangible book value per share through high-quality and low-volatility ROE, cycle management, its conservative reserving philosophy and a unique ability to benefit from changes in the property casualty insurance cycle. Recent catastrophic events during 2017 and 2018 along with the low interest rate environment globally are driving rate momentum in the global re/insurance market. The time for IGI to enhance its capitalisation and access to low cost capital to take advantage of these conditions is ideal and we look forward to participating in the company’s future success as significant investors and providing our experienced investment management and public market perspectives to drive further value creation going forward.”
The respective boards of directors of both Tiberius and IGI have unanimously approved the proposed transaction. The proposed transaction is expected to close in the first quarter of 2020.