IGI Announces Intention to Acquire Norway-based MGA Energy Insurance Oslo

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[{"type":"text","content":" HAMILTON, Bermuda--(BUSINESS WIRE)--\nInternational 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 managing general agency duly incorporated under the laws of Norway.\n\nThe 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.\n\nUpon 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 International General Insurance Co. Ltd.\n\nCommenting on the proposed acquisition, IGI Chairman and CEO 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.”\n\nEIO Chairman Stig Grimsgaard Andersen said, “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.”\n\nThe transaction is expected to close in the third quarter of 2022, subject to regulatory approvals.\n\n---\n\nAbout IGI:\n\nIGI is an international specialist insurance and reinsurance group underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, marine trades, political violence, contingency, professional indemnity, financial institutions, legal expenses, D&O, surety, marine liability, general third-party liability (casualty), and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. I...

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