The PRA approval was received on Monday and the FCA approval on Tuesday. These approvals are the last remaining insurance regulatory approvals necessary to successfully complete the transaction with Tiberius. IGI has already received regulatory approvals from the Bermuda Monetary Authority and the Dubai Financial Services Authority.

An IGI spokesman said the company intends to close its previously-announced business combination with Tiberius as promptly as practicable following satisfaction of the requisite closing conditions and approvals contained in the business combination agreement between the parties. Upon the closing of the business combination, the continuing public parent company of the combined entities will be International General Insurance Holdings Ltd, organised in Bermuda, and the existing IGI will become a subsidiary of this Bermuda parent company.

They expect that the common shares and warrants of the Bermuda parent company will be listed on the Nasdaq Capital Market under the ticker symbol “IGIC” and “IGICW” respectively.