IGI SPAC Presentation Deck

Attractive Entry Valuation Relative to Specialty Peers Price to Book Value(1) 23% Discount 1.26x IGI (2) 1.64x Peer Median Price to 2020E Earnings 25% Discount 13.2x IGI (3) 17.7x Peer Median 5 Year Avg. Operating ROE No Fin. Leverage 50%+ Investment Portfolio in Cash 9.0% IGI 9.0% Peer Median International General Insurance Holdings Limited Dividend Yield Superior Regular Dividend 2.7% IGI(4) 1.6% Peer Median Offered at a Substantial Discount Compared to Peers, Despite Robust Risk-Adjusted, Unlevered Returns Note: Peers include ARGO, HSX, LRE, BEZ, RLI, JRVR, KNSL, AXS, ACGL, MKL, WRB, RE, and RNR. Market data as of 11/29/2019. Financial statements of IGI have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the International Accounting Standards Board. Financial information for peers presented as reported. Source: SNL Financial, FactSet. (1) US Book Values as of 9/30/19, UK Book Values as of 6/30/19. (2) IGI P/ BV calculated assuming $10.45 price per Tiberius share, no redemption of shares, pro forma outstanding shares of 52.138 million & pro forma book value of $433mm (6/30/19 standalone book value of $309mm and $124mm of incremental balance sheet cash). (3) Price to 2020E earnings calculated using $10.45 price per Tiberius share, weighted average shares outstanding of 47.253 million and 2020E pro forma earnings of $37mm. (4) IGI dividend yield assumes 2020E pro forma earnings of $37mm, dividend payout ratio of 40%, and estimated pro forma market capitalization of $545mm. 26

View entire presentation