Reinsurance and digital insurance provider Lexasure Financial Group and Capitalworks Emerging Markets Acquisition today announced a business combination agreement at a pre-money equity value of $250 million.
The SPAC said an additional 5 million shares would be distributed to stockholders post-merger if certain financial targets are met.
If approved, the deal would create a new Cayman Islands holding company, Lexasure Financial Holdings that will acquire both Lexasure and the SPAC.
Today’s deal announcement coincides with a rescheduled meeting at which Capitalworks shareholders will be asked to consider a merger deadline extension until Dec. 3. The SPAC had teased last week that it signed a letter of intent with an Asian reinsurance company/
Lexasure enables direct insurers to compete across emerging Asia through product solutions designed to empower insurers, companies, and individuals to manage risk more effectively and accelerate their growth, according to a press reelase. These solutions include the recently launched mobile apps, Vivacity and Flourish, which are designed to promote healthy lifestyles, improve engagement for health insurance providers, and provide farmers with insurance coverage and mobile technology in the event of the failure of crops and livestock. In its traditional lines of business, Lexasure underwrites reinsurance and insurance and serves as a broker for a diverse set of industries, working with over 60 primary insurers across 22 countries in Asia, the Middle East, and North America. Read more.
