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Conyers provided Bermuda advice to International General Insurance Holdings Ltd. (“IGI”) on its business combination agreement with Tiberius Acquisition Corp. (NASDAQ: TIBR) (“Tiberius”). The transaction is expected to close in Q1 2020 and add approximately US$120 million of equity to IGI’s balance sheet after giving effect to transaction expenses. Under the terms of the business combination 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 Capital Market under the symbol “IGIC”.
IGI is a leading international specialist commercial insurer and reinsurer, underwriting a diverse portfolio of specialty lines. Established in 2001, IGI is an entrepreneurial business with a worldwide portfolio of energy, property, construction & engineering, ports & terminals, financial institutions, casualty, legal expenses, general aviation, professional indemnity, marine liability, political violence, forestry and reinsurance treaty business.
Tiberius is a blank check company with over US$200 million of capital in trust and forward purchase commitments. Tiberius was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more target businesses in the insurance sector.
Director Sophia Greaves and Associates Katie Martin and Jennifer Panchaud of Conyers’ Bermuda office advised on the matter.