trending Market Intelligence /marketintelligence/en/news-insights/trending/K7HIZW9n43k88dup3FZkZQ2 content esgSubNav
In This List

International General Insurance, Tiberius ink business combination deal

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


International General Insurance, Tiberius ink business combination deal

Dubai-based International General Insurance Holdings Ltd. has entered into a definitive business combination agreement with publicly traded special purpose acquisition company Tiberius Acquisition Corp. and certain related parties.

International General Insurance and Tiberius Acquisition will be combined under a new Bermuda-domiciled holding company, International General Insurance Holdings Ltd., Bermuda, which will be listed on the Nasdaq Capital Market under the symbol IGIC.

The transaction reflects an about $550 million public market capitalization, assuming that Tiberius public shareholders will not have trust account redemptions. The acquisition will be funded through a combination of cash in Tiberius's trust account, forward purchase commitments, and proceeds from a private placement of common shares led by premier institutional investors.

The transaction's $100 million minimum monetary threshold is fully committed from existing forward purchase commitments and current Tiberius investors who have waived their right to redeem alongside a significant backstop from Tiberius's sponsor and new PIPE investors purchasing stock at $10.20 per share. Tiberius has also agreed to buy back 3 million of its warrants for 75 cents apiece.

International General Insurance's senior management will keep their current roles once the deal closes. International General Insurance CEO Wasef Jabsheh will own about 24% of the company post-transaction. Tiberius Chairman and CEO Michael Gray and Chief Investment Officer Andrew Poole will serve as board members of the combined company.

The companies' boards have unanimously approved the proposed transaction, which is expected to close in the first quarter of 2020.

RBC Capital Markets is acting as exclusive financial adviser and Freshfields Bruckhaus Deringer LLP is serving as legal adviser to International General Insurance. Cantor and Dowling & Partners are capital markets advisers to Tiberius. Cantor is also private placement agent and Ellenoff Grossman & Schole LLP and Lamson Dugan & Murray LLP are legal advisers to the special purpose acquisition company.