BMA approves IGI-Tiberius business tie-up

The BMA has granted regulatory approval to International General Insurance to combine business with Tiberius Acquisition Corp, the special purpose acquisition company.

Upon close, IGI will be domiciled in Bermuda and operate as International General Insurance Holdings. It is awaiting approval from additional regulatory agencies, including the Prudential Regulation Authority in the UK and the Dubai Financial Services Authority, before the tie-up can go ahead.

IGI said it will close the business combination two business days after receiving all the necessary closing conditions and approvals required by the business combination agreement.