IGI has signed a non-binding letter of intent to acquire 100% of EIO’s shares for an undisclosed sum.
Following the completion of the due diligence and subject of regulatory approval, IGI and EIO aim to sign a binding definitive agreement.
IGI intends to rename EIO to International General Insurance Company (Norway), which will become a wholly-owned subsidiary of Bermuda-based International General Insurance.
The deal is expected to close in the third quarter of 2022.
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.”
EIO 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.”
IGI, which was established in 2021, has a portfolio of energy, construction & engineering, marine trades, political violence, financial institutions, D&O, surety, and reinsurance treaty business among several others.
In October 2019, IGI signed a merger agreement with special purpose acquisition firm Tiberius. Currently, the firm has operations in London, Malta, Dubai, Amman, Labuan and Casablanca.