A London-listed special purpose acquisition company (SPAC) is progressing with plans to provide investors access to the Lloyd’s of London insurance market, according to a statement released on Friday.
Financial Acquisitions Corp announced the establishment of London Innovation Underwriters Limited (LIU) as part of its strategy to inject funds into the historic insurance market. The plan involves building a reinsurance book with a capacity of up to £1 billion ($1.25 billion).
The SPAC intends to merge with LIU and raise a “significant sum” of equity capital on the London Stock Exchange, the statement indicated. Further details will be disclosed upon the completion of the combination.
(£1 = $0.8010)
Reporting by Iain Withers; Editing by Sharon Singleton
