Upon completion of the acquisition, EIO will be renamed IGI Norway
The proposed transaction includes the acquisition of 100% of EIO’s shares. Pending satisfactory completion of due diligence and subject to regulatory approval, IGI and EIO intend to enter into a binding definitive agreement.
Upon completion of the acquisition, IGI expects that EIO will be renamed International General Insurance Company (IGI Norway) and will become a wholly-owned subsidiary of the company.
Commenting on the proposed acquisition, 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.”