Best’s News & Research Service - October 18, 2019 10:45 AM (EDT)
AM Best Comments on Credit Ratings of International General Insurance Holdings Limited and Its Subsidiaries
- October 18, 2019 10:45 AM (EDT)
London //BestWire// - AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of International General Insurance Co. Ltd., (IGICL) (Bermuda) and International General Insurance Company (UK) Limited (IGIUK) (United Kingdom), in addition to the Long-Term ICR of “bbb” of the non-operating holding company, International General Insurance Holdings Limited (IGI) (United Arab Emirates), are unchanged following the announcement of IGI’s listing on the Nasdaq Capital Market (Nasdaq) subsequent to a business combination agreement with Tiberius Acquisition Corporation (Tiberius).
This comment follows the announcement that IGI has entered into a business combination agreement with Tiberius under a new holding company, International General Insurance Holdings Limited, Bermuda (IGIHB), that will be domiciled in Bermuda. IGIHB will subsequently be listed on the Nasdaq. Tiberius is a special purpose acquisition corporation (SPAC) listed on Nasdaq with access to more than USD 200 million of capital through trusts, private placements and forward purchase commitments. The transaction is expected to close during the first quarter of 2020 and add USD 120 million to IGI’s balance sheet.
AM Best notes that there will be no immediate impact to its view of IGI’s rating fundamentals following the Nasdaq listing. AM Best will monitor the company’s progress and awaits an updated business strategy before providing further commentary.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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