International General Insurance Holdings Ltd. (IGI), has completed its acquisition of Norway-based managing general agency, Energy Insurance Oslo AS (EIO).
The transaction was first announced in August last year, and was originally expected to close during Q322.
IGI noted that the acquisition includes all outstanding shares of EIO. The entity, which is expected to be renamed IGI Nordic AS (IGI Nordic), is a subsidiary of Bermuda-based International General Insurance Co. Ltd.
Since 2009, IGI has had an exclusive arrangement with EIO, writing a portfolio of energy and construction business in Norway.
IGI Chairman & CEO Wasef Jabsheh, commented: “We are delighted to welcome the EIO team to the IGI group. The successful completion of our acquisition of EIO allows us to expand the existing book of energy and construction business and leverage our relationships to broaden our presence in the Nordic markets across other business lines.”
In their FY22 results, IGI reported profit of $85.5 million, nearly double from the previous year, due to higher net premiums earned and investment income, together with a lower level of net claims and strong underwriting results.