International General Insurance Holdings Ltd has signed a non-binding letter of intent to acquire Energy Insurance Oslo AS, a Norwegian managing general agency.

The Bermudian company said the proposed transaction includes the acquisition of 100 per cent 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) and will become a wholly-owned subsidiary of Bermudian-based International General Insurance Co. Ltd.

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.”

Subject to regulatory approvals, the transaction is expected to close in the third quarter of 2022.