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

LONDON (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)