A new SPAC has announced plans to float on the London Stock Exchange today as it eyes up an acquisition target in the booming insurtech industry.
Financial Acquisitions Corp., led by finance veterans William Allen (formerly with KBW) and Andrew Rear (Munich Re), said it is looking to raise £150 million (US$196.5 million) from investors through the listing.
The new firm said it was the right time to bring insurtech companies onto the public markets.
The burgeoning insurtech space has boomed in recent years, with $3.1 billion worth of funding pumped into firms last year across 113 deals, according to CBI Insights. Read more.
