Andy Rear, a former Munich Re executive, and Will Allen, who has worked for the investment bank KBW, plan to unveil FINSAC, a special purpose acquisition company (SPAC), on the London Stock Exchange in the coming days, Sky News reports.
The new shell company has lined up senior insurance industry figures including David Morant, a veteran fund manager, and Paul Jardine, the chairman of Lloyd’s of London managing agent Asta, as non-executive directors.
FINSAC will form part of an anticipated wave of SPACs listing on the London Stock Exchange, with recent rule changes aimed at making it easier for such vehicles to float in the UK.
The SPAC, which has hired Barclays, HSBC, Numis and The Growth Stage to work on the float, is said to have picked London’s standard segment as its listing venue because of the depth and history of innovation in the UK insurance sector. Read more.
