DUBAI, United Arab Emirates,
Nov. 20, 2019 /PRNewswire/ -- "The
global insurance market is in a better position than we have seen
for a long time. The broader insurance landscape has seen better
market conditions and significantly improved rates across various
lines of business," said Wasef
Jabsheh, Founder, Vice Chairman and CEO of IGI. "We have
laid the foundation for long-term sustainable and profitable growth
and now there is a good opportunity to deploy additional capital
profitably."
Rates across our various specialty classes of business are
moving in the right direction, while market discipline continues to
improve. Premium rates on renewal business are up approximately
10.6% across the IGI portfolio, with the most significant increases
in the London marketplace in
Specialty and Casualty lines including Directors & Officers,
Professional Indemnity, Financial Institutions and Aviation. As
rate momentum across our portfolio continues to build, we look
forward to completing our NASDAQ public market listing in the first
quarter of 2020 with Tiberius (NASDAQ: TIBR). This will add
approximately $120
million(1) of equity to IGI's balance sheet,
which will allow the deployment of more capital to take advantage
of these attractive worldwide market conditions.
IGI's primary focus has always been disciplined underwriting and
careful business selection with an emphasis on in-depth risk
assessment of the underlying exposure. Given current market
conditions, this will continue to enable IGI to achieve
lower-volatility total value creation (tangible book value growth
per share plus dividends) via opportunistic reinsurance purchases
that are designed to enhance risk-adjusted returns whilst using
treaty reinsurance to protect capital.
Unfortunately, we have had several recent catastrophic events
including hurricane Dorian and Typhoon Faxai which have caused
devastation to communities in both the Atlantic and Pacific.
One of the responsibilities of specialty (re)insurers is to help
these communities get back on their feet quickly. Proactive and
speedy claims settlement is a hallmark of our company and IGI is
reserving approximately $2 million on
a gross and net basis for company-wide catastrophe claims in the
third quarter.
Finally, IGI's investment portfolio has not been repositioned
from the half year and retains its significant cash position as the
yield environment worsened in the quarter. We will continue to
opportunistically move cash into highly-rated short-term fixed
income securities to generate additional revenue without a
meaningful change in our conservative financial positioning.
About IGI:
IGI is a leading international specialist commercial insurer and
reinsurer, underwriting a diverse portfolio of specialty lines.
Established in 2001, IGI is an entrepreneurial business with a
worldwide portfolio of energy, property, construction &
engineering, ports & terminals, financial institutions,
casualty, legal expenses, directors & officers, general
aviation, professional indemnity, marine liability, political
violence, forestry and reinsurance treaty business.
Registered in the Dubai International Financial Centre with
operations in Bermuda,
London, Amman, Labuan and Casablanca, IGI always aims to deliver
outstanding levels of service to clients and brokers. S&P
Global Ratings confirmed IGI's financial strength rating to "A-",
with a Stable Outlook. AM Best upgraded the company to "A"
(Excellent), with a Stable Outlook, stating "the upgrade reflects
IGI's resilient operating results, which have been driven by robust
underwriting performance over the longer term". For more
information about IGI, please visit www.iginsure.com.
About Tiberius:
Tiberius is a blank check company with over $200 million of capital in trust (subject to
redemption rights of Tiberius's public stockholders) and forward
purchase commitments and is led by Michael
Gray and Andrew Poole.
Tiberius was formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or similar business combination
with one or more target businesses in the insurance sector. The
executives and Board of Directors of Tiberius have greater than 140
years of public company operational, regulatory and insurance
public company leadership. For more information about Tiberius,
please visit www.tiberiusco.com.
Important About the Proposed Transaction and Where to Find
It:
In connection with the proposed transaction, IGI Holdings
intends to file a registration statement on Form F-4 (the "F-4")
with the Securities and Exchange Commission (the "SEC") which will
include a prospectus with respect to IGI Holding's securities to be
issued in connection with the proposed business combination and
Tiberius intends to file a proxy statement with respect to
Tiberius's stockholder meeting at which Tiberius's stockholders
will be asked to vote on the proposed transaction. Tiberius's
stockholders and other interested persons are advised to read, when
available, the F-4 and the amendments thereto and other information
filed with the SEC in connection with the proposed transaction, as
these materials will contain important information about IGI, IGI
Holdings, Tiberius, and the proposed transaction. When available,
the proxy statement and other relevant materials for the proposed
transaction will be mailed to stockholders of Tiberius as of a
record date to be established for voting on the proposed
transaction. Stockholders will also be able to obtain copies of the
F-4 and other documents filed with the SEC, without charge, once
available, at the SEC's web site at www.sec.gov, or by directing a
request to: Tiberius Acquisition Corporation, 3601 N Interstate 10
Service Rd W, Metairie, LA
70002.
Participants in the Solicitation:
Tiberius, IGI, IGI Holdings, and certain of their respective
directors and executive officers may be deemed participants in the
solicitation of proxies from Tiberius's stockholders with respect
to the proposed transaction. A list of the names of Tiberius's
directors and executive officers and a description of their
interests in Tiberius is contained in Tiberius's annual report on
Form 10-K for the fiscal year ended December
31, 2018, which was filed with the SEC and is available free
of charge at the SEC's web site at www.sec.gov, or by directing a
request to Tiberius Acquisition Corporation, 3601 N Interstate 10
Service Rd W, Metairie, LA 70002,
Attention: Bryce Quin. Additional
information regarding the interests of such participants will be
contained in the F-4.
IGI, IGI Holdings and certain of their respective directors and
executive officers may also be deemed to be participants in the
solicitation of proxies from the stockholders of Tiberius in
connection with the proposed transaction. A list of the names of
such directors and executive officers will be included in the F-4
when available.
No Offer or Solicitation:
This press release shall not constitute a solicitation of a
proxy, consent, or authorization with respect to any securities or
in respect of the proposed transaction. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of section 10 of the Securities
Act of 1933, as amended.
Forward-Looking Statements:
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The expectations,
estimates, and projections of the businesses of Tiberius, IGI and
IGI Holdings may differ from their actual results and consequently,
you should not rely on these 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," and similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include, without limitation, expectations with respect
to future performance, projected financial information including
projected IGI data for 2019 (which has not been audited or reviewed
by auditors), statements regarding the anticipated financial impact
of the proposed transaction, the satisfaction of the closing
conditions to the proposed transaction, including without
limitation receipt of all required regulatory approvals, and the
timing of the completion of the proposed transaction. 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 Tiberius, IGI, or IGI Holdings and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the business combination agreement, (2) the outcome
of any legal proceedings that may be instituted against the parties
following the announcement of the business combination agreement
and the transactions contemplated therein; (3) the inability to
complete the proposed transaction, including due to failure to
obtain approval of the stockholders of Tiberius or other conditions
to closing in the business combination agreement; (4) the
occurrence of any event, change, or other circumstance that could
give rise to the termination of the business combination agreement
or could otherwise cause the transaction to fail to close; (5) the
receipt of an unsolicited offer from another party for an
alternative business transaction that could interfere with the
proposed transaction; (6) the inability to obtain or maintain the
listing of the post-acquisition company's common shares on Nasdaq
in connection with or following the closing of the proposed
transaction; (7) the risk that the proposed transaction disrupts
current plans and operations as a result of the announcement and
consummation of the proposed transaction; (8) the potential
inability to recognize the anticipated benefits of the proposed
transaction, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably and retain its key employees; (9) costs related
to the proposed transaction; (10) changes in applicable laws or
regulations; (11) the demand for IGI's and the combined company's
services together with the possibility that IGI or the combined
company may be adversely affected by other economic, business,
and/or competitive factors; and (12) other risks and uncertainties
indicated from time to time in the proxy statement relating to the
proposed transaction, including those under "Risk Factors" therein,
and in Tiberius's other filings with the SEC. The foregoing list of
factors is not exclusive. In addition, the financial projections
included herein 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 Tiberius and IGI. There can be no assurance that
IGI's financial condition or results of operations will be
consistent with those set forth in such financial projections. You
should not place undue reliance upon any forward-looking
statements, which speak only as of the date made. Tiberius, IGI,
and IGI Holdings do 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 their
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
(1) Calculated assuming $10.45
price per Tiberius share and no redemption of shares.
Tiberius Acquisition Investor Contact:
Andrew Poole
Chief Investment Officer
+1.504.754.6671
apoole@tiberiusco.com
International General Insurance Media Contact:
Sarah Hills
(Rein4ce for IGI)
+ 44 (0)7718 882011
Sarah.Hills@rein4ce.co.uk
View original content to download
multimedia:http://www.prnewswire.com/news-releases/international-general-insurance-holdings-company-igi-trading-statement-for-the-three-months-ended-september-30-2019-300961895.html
SOURCE International General Insurance Holdings Company
