LONDON, UK: Financials Acquisition Corp, a particular purpose acquisition firm (SPAC) sponsored by FINSAC LLP, which is a restricted legal responsibility partnership based by William Allen and Andrew Rear, introduced its intention to drift on the London Stock Exchange.
Financials Acquisition Corp intends to raise £150 million through the listing. The firm will place 15 million Class A ordinary shares at a placing price of £10 per Ordinary Share. Each Warrant entitles the holder to buy one Ordinary Share at a price of £11.50 per Ordinary Share, topic to adjustments, at any time commencing 30 days after the completion date of a Business Combination.
The Ordinary Shares and Warrants are every anticipated to be admitted to the usual itemizing segment of the Official List of the FCA and to the London Stock Exchange’s main marketplace for listed securities.
William Allen and Andrew Rear have significant expertise as senior executives in insurance coverage and monetary services. Mr Allen is an skilled capital market executive focused on the worldwide insurance coverage industry and Mr Rear is an insurance coverage industry executive with a strong track record of delivering returns through investing in and rising insurance coverage companies.
The Company is targeting a Business Combination with a technology-enabled firm or enterprise which is probably going to function in (or adjoining to) the insurance coverage or broader monetary services industry.
William Allen, Chief Executive Officer of the Company, said: “We are delighted to launch the primary UK SPAC that will be focused on the quickly rising Insurtech industry. Technology has transformed every facet of daily life and ambitious tech-enabled insurers are driving this growth as they disrupt conventional markets. Much of this transformation currently stems from private investments and we believe now is the proper time to bring these subsequent generation companies to the general public market in London – the pure home of insurance.”
Andrew Rear, Executive Chairman of the Company, said: “Through the industry expertise and skill set of the management, board and sponsor team, the Company believes it can identify and assist bring to the general public market excessive high quality Insurtech companies with the ambition to develop and considerably improve the long-term worth of their companies as a listed company. Our mixed global community and track record in insurance coverage give us confidence that we will attract ideal targets within the space and we glance ahead to bringing a partnership to market soon.”
Financials Acquisition Corp has been formed for the aim of finishing an preliminary merger, share exchange, asset acquisition, share purchase, reorganisation or similar enterprise mixture with a technology-enabled firm or enterprise working principally in (or adjoining to) the insurance coverage or broader monetary services industry.
The Company has a global geographic focus, however particular consideration will be paid to these companies and companies working within the UK and throughout Europe. In any Business Combination the Company will search to utilise the mixture of its goal sourcing capabilities, operational excellence, broad and global reach, and the Management Team’s track record in insurance coverage to create worth for its shareholders.
Technological developments have, over the previous few decades, transformed every facet of daily and enterprise life and this trend has been accelerated by the COVID-19 pandemic.
Whilst the insurance coverage industry has traditionally been slow to undertake technology to beat structural barriers in distribution, administration and underwriting, in recent years the market has proven indicators of transformation, with many innovative companies rising that are set to disrupt and become winners of their chosen markets.
The Company teams these winners into 4 broad categories, namely (i) Insurtech managing general brokers and similar product providers; (ii) Technology-enabled London market participants; (iii) Technology-enabled distribution; and (iv) Fintech, Insurtech and Regtech, software program as a service (SaaS).
Much of the technology transformation that has occurred to date has taken place in privately held organisations. As quite a few tech-enabled insurers attain sufficient scale and maturity to be prepared for the general public markets this step involves dangers and distractions. The Company believes it will offer an efficient, attractive and smooth path to being a public company.
At the identical time, the Company believes that the expertise and skill set of the administration team and the sponsor team can add worth to the goal firm through M&A, capital structuring, capital raising, digital marketing and investor relations expertise, enhancing its long-term worth as a listed entity.
The Sponsor Entity, based by Andrew Rear and William Allen, is supported by sure institutional and strategic investors and industry experts. Such investors comprise funds managed by Toscafund Asset Management LLP, Empyrean Capital Overseas Master Fund Ltd. and Ventura Capital GP Limited and such industry experts include Dominic Christian and Aditya Dutt.