International General Insurance Holdings has admitted it does not know how the COVID-19 pandemic will impact its broader business.
In a statement, the company said: “Due to the scope and speed at which this situation continues to change, the significant uncertainty and volatility in the financial and capital markets, and the constantly evolving actions by governments and companies to the developing situation, it is premature at this time for the company to reasonably evaluate the potential effects and impacts of the COVID-19 pandemic on our business. “
However, it noted its recent business combination with Tiberius Acquisition Corp on March 17 had strengthened its capital position, adding approximately $41 million of equity capital to IGI’s balance sheet. “The Company has significant cash on its balance sheet, a strong liquidity position, and solvency comfortably in excess of applicable regulatory requirements,” it said.
IGI said it had updated its risk factors on March 23 to include a clause related to public health crises, illness, epidemics and pandemics, in particular the COVID-19 pandemic. For now, all IGI employees worldwide are now working from home , but the company remains fully operational, with teams using virtual meeting and collaboration tools to stay connected and responsive both internally and externally, IGI said.
IGI vowed to continue monitoring the market and economic uncertainty that has arisen as a result of the COVID-19 pandemic and any potential impacts to IGI’s business. The company will continue to provide updates for stakeholders, it said.
IGI, COVID-19, Tiberius Acquisition Corp