IGI Announces Completion of the Acquisition of Norway-based MGA Energy Insurance Oslo

Rhea-AI Summary

International General Insurance Holdings Ltd. (NASDAQ: IGIC) has completed the acquisition of Norway-based managing general agency Energy Insurance Oslo AS (EIO). This acquisition aims to expand IGI's existing energy and construction business portfolio in the Nordic markets. The subsidiary will be renamed IGI Nordic AS and is expected to enhance IGI's market presence. IGI has maintained an exclusive partnership with EIO since 2009, which has allowed them to write business in the region. This strategic move follows IGI's commitment to growth and service in specialty risk sectors.

Positive

• Acquisition of Energy Insurance Oslo AS to expand energy and construction business.
• Exclusive partnership with EIO since 2009 positions IGI for growth in Nordic markets.
• Strategic expansion expected to enhance IGI's market presence and operational synergies.

Negative

• Potential challenges in integrating EIO post-acquisition.
• Risks related to achieving anticipated benefits from the acquisition.

HAMILTON, Bermuda--(BUSINESS WIRE)-- International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today announced the completion of the acquisition of Norway-based managing general agency Energy Insurance Oslo AS (“EIO”).

The transaction included the acquisition of all outstanding shares of EIO. The entity, which is expected to be renamed IGI Nordic AS (“IGI Nordic”), is a subsidiary of Bermuda-based International General Insurance Co. Ltd.

IGI has had an exclusive arrangement with EIO since 2009, writing a portfolio of energy and construction business in Norway.

IGI Chairman & CEO Wasef Jabsheh said, “We are delighted to welcome the EIO team to the IGI group. The successful completion of our acquisition of EIO allows us to expand the existing book of energy and construction business and leverage our relationships to broaden our presence in the Nordic markets across other business lines.”

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About IGI:

IGI is an international specialty risks commercial insurer and reinsurer 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, contingency, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, marine liability and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Oslo, Kuala Lumpur and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated “A” (Excellent)/Stable by AM Best and “A-”(Strong)/Stable by S&P Global Ratings. For more information about IGI, please visit www.iginsure.com.

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Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “commitment,” and similar expressions 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 regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI 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 instituted against the Company; (5) the potential effects of the COVID-19 pandemic and emerging variants; (6) the effects of the hostilities between Russia and Ukraine and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the inability to maintain the listing of the Company’s common shares or warrants on Nasdaq; (8) the failure to realize the anticipated benefits of the acquisition of EIO; and (9) other risks and uncertainties indicated in IGI’s filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005530/en/

IGI Contacts:

Investors:

Robin Sidders, Head of Investor Relations

T: + 44 (0) 2072 204937

M: + 44 (0) 7384 514785

Email: robin.sidders@iginsure.com

Media:

Aaida Abu Jaber, AVP PR & Marketing

T: +96265662082 Ext. 407

M: +962770415540

Email: aaida.abujaber@iginsure.com

Source: IGI

FAQ

What is the recent acquisition made by IGIC?

IGIC has acquired Energy Insurance Oslo AS, to expand its operations in the Nordic markets.

What will Energy Insurance Oslo AS be renamed after the acquisition?

The entity will be renamed IGI Nordic AS.

How does the acquisition impact IGIC's market position?

The acquisition is expected to enhance IGIC's presence in the energy and construction sectors within the Nordic markets.

When was the acquisition of Energy Insurance Oslo AS completed?

The acquisition was announced and completed recently, as per the latest press release.

What are the benefits IGIC expects from acquiring EIO?

IGIC aims to expand its existing book of business and leverage relationships to broaden its services in the Nordic markets.