IGI clears two more hurdles ahead of Tiberius combination

International General Insurance Holdings (IGI) has received approval from the Dubai Financial Services Authority (DFSA) in connection with its previously announced business combination agreement with Tiberius Acquisition Corp.

Approval from the DFSA was received on February 3. IGI is now awaiting approval from the UK’s Prudential Regulation Authority.

Meanwhile, it has also secured share exchange agreements from IGI shareholders for all of its issued and outstanding shares. It needed approvals from at least 90 percent of shareholders.

The developments mean IGI has cleared two more hurdles that had to be overcome before it can proceed with its combination agreement.

IGI intends to close the business combination two business days after satisfaction of the requisite closing conditions and approvals. Upon close, IGI will be domiciled in Bermuda as International General Insurance Holdings.