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International General Insurance Holdings (IGI) has signed a non-binding letter of intent to acquire Energy Insurance Oslo (EIO), a managing general agency (MGA) duly incorporated under the laws of Norway. The proposed transaction includes the acquisition of 100% of EIO’s shares. Pending satisfactory completion of due diligence and subject to regulatory approval, IGI and EIO intend to enter into a binding definitive agreement.
Upon completion of the acquisition, IGI expects that EIO will be renamed International General Insurance Company (Norway) (IGI Norway) and will become a wholly-owned subsidiary of Bermuda-based IGI.
IGI chairman and chief executive officer Wasef Jabsheh said: “IGI has had an exclusive underwriting agency arrangement with EIO since 2009, writing a portfolio of energy and construction business. This partnership has been a successful one and we look forward to continuing to work together under the IGI brand name. This transaction allows us to grow our existing book of business and represents a good strategic opportunity for IGI to expand our footprint in the Scandinavian markets.”
EIO chairman Stig Grimsgaard Andersen added: “We have enjoyed a long and fruitful relationship with IGI. We look forward to continuing our partnership and working with the IGI team to grow our energy portfolio and enhance IGI’s presence in Norway and more broadly throughout Scandinavia.”
The transaction is expected to close in the third quarter of 2022, subject to regulatory approvals.
IGI, managing general agent, EIO