Bermuda-based International General Insurance Holdings Ltd (IGI) announced on August 2nd that it had signed a non-binding letter of intent to acquire Norway-based MGA Energy Insurance Oslo AS (EIO).
Pending satisfactory completion of due diligence and subject to regulatory approval, IGI and EIO intend to enter into a binding definitive agreement.
The proposed transaction includes the acquisition of 100% of EIO’s shares.
Upon completion of the acquisition IGI said that it expected EIO to be renamed International General Insurance Company (Norway). It will become a wholly-owned subsidiary of Bermuda-based International General Insurance Co Ltd.
IGI Chairman and CEO Wasef Jabsheh said that “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.”
The transaction is expected to close in the third quarter of 2022, subject to regulatory approvals.