# London-listed SPAC moves closer to launch of Lloyd’s insurance vehicle
Published: 2023-09-08
Category: Headlines
Category URL: https://business.express/category/headlines/
Meta Title: London-Listed SPAC Nears Launch of Lloyd's Insurance
Meta Description: London-listed SPAC creating London Innovation Underwriters Limited to invest in Lloyd's of London insurance market with up to 1 billion pounds of capacity.
URL: https://business.express/london-listed-spac-moves-closer-to-launch-of-lloyds-insurance-vehicle/

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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)


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