IGI shares debut on Nasdaq
The common shares of Bermudian-based specialty commercial insurer International General Insurance Holdings Ltd started trading yesterday on the Nasdaq Capital Market under the symbol “IGIC”, the company announced.
On Tuesday, IGI announced the successful consummation of the business combination with Tiberius Acquisition Corporation, resulting in IGI becoming a public company.
Wasef Jabsheh, chairman and chief executive officer of IGI, said: “Today is a defining and very exciting moment for IGI. I am very proud to list on Nasdaq as a scaled, well-capitalised specialty commercial insurer positioned to prudently grow and compound tangible book value.
“This milestone is indicative of the successful track record that IGI has built over its 18-year history. Formed in late 2001, with operations beginning in 2002, we have become a truly international company with a global platform and infrastructure writing business in over 200 countries and territories.
“And we have demonstrated our ability to successfully navigate challenging insurance and reinsurance cycles by generating tremendous value for our shareholders and opportunities for our people.
“This public listing in the United States, the increased shareholder diversification created through our business combination with Tiberius, and a strong majority-independent board of directors, will continue to benefit all of our stakeholders and create opportunities to generate the capital necessary for future growth.”
IGI's shares closed on $8.32 yesterday, according to the Nasdaq.