Insurance SPAC Delwinds Insurance Acquisition files for a $200 million IPO

Christel Deskins

Delwinds Insurance Acquisition, a blank check company formed by The Gray Insurance Company targeting the insurance industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering. The Houston, TX-based company plans to raise $200 million by offering 20 million units at $10. […]

Delwinds Insurance Acquisition, a blank check company formed by The Gray Insurance Company targeting the insurance industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Houston, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Delwinds Insurance Acquisition would command a market value of $256 million.

The company is led by CEO and Chairman Andrew Poole, an investment consultant at The Gray Insurance Company; CFO Bryce Quin, a Process Improvement Specialist for The Gray Insurance Company; and Director Michael Gray, the principal executive and President of The Gray Insurance Company. The company plans to target businesses in the insurtech, traditional insurance, and insurance-related products and services industries.

The group’s previous SPAC, Tiberius Acquisition, went public in March 2018 and completed its acquisition of International General Insurance (IGIC; -29% from $10 offer price) in March 2020.

Delwinds Insurance Acquisition was founded in 2020 and plans to list on the NYSE under the symbol DWIN.U. The SPAC filed confidentially on June 9, 2020. RBC Capital Markets and Cantor Fitzgerald are the joint bookrunners on the deal.

The article Insurance SPAC Delwinds Insurance Acquisition files for a $200 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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