HAMILTON, Bermuda–(BUSINESS WIRE)–International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) announced today that it has signed a non-binding letter of intent to acquire Energy Insurance Oslo AS (“EIO”), a management company duly incorporated under Norwegian law.
The proposed transaction also includes acquiring 100% of EIO shares. Pending the completion of due diligence and regulatory approval, IGI and EIO intend to enter into a definitive agreement.
Upon completion of the acquisition, IGI expects that EIO will be named International General Insurance Company (Norway) (“IGI Norway”) and will become an international subsidiary of Bermuda-based International General Insurance Co. Ltd.
Commenting on the proposed acquisition, IGI Chairman and CEO Wasef Jabsheh said, “IGI has had a special arrangement with the underwriting agency with EIO since 2009, underwriting the energy and construction industry. The partnership has been successful and we look forward to continuing to work together under the brand name of IGI. This transaction enables us to expand our existing book of business and represents a great opportunity for IGI to expand our presence in the Scandinavian markets.”
EIO Chairman Stig Grimsgaard Andersen said, “We have had a long and fruitful relationship with IGI. We look forward to continuing our partnership and working with the IGI team to expand our capabilities and expand IGI’s presence in Norway and throughout Scandinavia.”
The project is expected to close in the third quarter of 2022, subject to regulatory approval.
IGI is an international insurance and reinsurance group that underwrites a variety of specialty lines. Founded in 2001, IGI has a global portfolio of energy, property, international aviation, infrastructure & construction, ports & terminals, shipping, maritime trade, political violence, emergencies, professional guidance, financial institutions, finance legal fees, D&O, warranty, marine. liability, third-party liability (casualty), and reinsurance contract business. Registered in Bermuda, operating in Bermuda, London, Malta, Dubai, Amman, Labuan and Casablanca, IGI aims to provide the best service to customers and suppliers. IGI is rated “A” (Excellent)/Stable by AM Best and “A-“/Stable by S&P Global Ratings. For more information on IGI, please visit www.iginsure.com.
A Look Ahead:
This article contains “forward-looking statements” within the meaning of the “safe harbor” of the Private Securities Litigation Reform Act of 1995. IGI’s expectations, estimates, and business projections may differ from actual results and, therefore, you should not rely on such statements. future like predicting the future. Words like “anticipate,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “make,” “could,” “will,” “could,” “should,” “believes,” “predicts,” “likely,” “continue,” “commit,” and similar words are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations for the performance of our business, our financial results, our cash flow and assets, the results of our operations, our pricing expectations and others. Market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Many of these factors are outside the control of the IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in the demand for IGI’s services along with the possibility that IGI may be significantly affected by other economic, commercial, and/or competitive factors worldwide and in the sectors in which it operates; work; (2) competition, IGI’s ability to grow and manage growth profitably and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) the outcome of any legal proceedings that may be brought against the Company; (5) the impact of the COVID-19 pandemic and emerging trends; (6) the consequences of the war between Russia and Ukraine and the sanctions imposed on Russia by the United States, the European Union, the United Kingdom and others; (7) failure to maintain a listing of common shares or permits on Nasdaq; (8) the Company’s failure to complete the EIO purchase or failure to realize the expected benefits of the EIO purchase; and (9) other risks and uncertainties reflected in IGI’s filings with the SEC. The list of things mentioned above is not unusual at all. In addition, forward-looking statements are based on various assumptions and assumptions that must be judged by those making them and are subject to economic, competitive, corporate and other uncertainties and unforeseeable factors, all of which are difficult or impossible to achieve. predictions and information beyond IGI’s control. There can be no assurance that IGI’s financial results or results of operations will conform to those expressed in the forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. IGI does not undertake or accept any obligation or commitment to issue any changes or modifications to any forward-looking statements to reflect any change in its expectations or any change in the events, conditions, or circumstances on which any such statement is based.