Financial Acquisitions, a London-listed special acquisition company or SPAC, has filed to set up a new vehicle that will give investors direct access to the Lloyd’s market.
London Innovation Underwriters Limited (LIU) will aim for a reinsurance book with up to £1 billion of capacity the firm said in a statement.
UK-based SPACs have been few and far between with most of this type of vehicle listing in New York and Europe but after a glut eighteen months ago, the market has slowed as many of these listings have collapsed and lost investors huge sums.
In July, Sky News reported that the success of the LIU venture would rest on its ability to raise £500m in new equity capital.
FINSAC was set up by Andy Rear, a former Munich Re executive, and Will Allen, who previously worked for the investment bank KBW.