London-listed SPAC moves closer to launch of Lloyd's insurance vehicle

Financials Acquisition

08/09/2023 08:21

LONDON, Sept 8 (Reuters) - A London-listed special
purpose acquisition company has moved closer to launching a
vehicle designed to give investors access to the Lloyd's of
London insurance market, according to a statement on Friday.
    Financial Acquisitions Corp said it had established London
Innovation Underwriters Limited (LIU), as part of a plan to
deploy funds in the historic insurance market and build a
reinsurance book with up to 1 billion pounds ($1.25 billion) of
capacity.
    The SPAC intends to combine with LIU and raise a
"significant sum" of equity capital on the London Stock
Exchange, the statement said, adding a further statement would
be made once the combination was entered into.

($1 = 0.8010 pounds)

 (Reporting by Iain Withers; Editing by Sharon Singleton)
 ((Iain.Withers@thomsonreuters.com;))