MADRID – Former executives of insurer Munich Re and funding financial institution KBW will launch an preliminary public providing for a clean test firm on the London Inventory Change to lift 150 million kilos ($195.69 million) to put money into tech insurance coverage companies.
The automobile – launched by Andrew Rear and William Allen – will search for a enterprise goal to amass in Europe or the UK, working principally within the insurance coverage or broader monetary providers trade, in response to a press release on Wednesday.
A SPAC, or a clean test firm, is a shell firm that makes use of IPO proceeds to purchase one other firm, usually inside two years of itemizing.
Barclays, HSBC, Numis and The Progress Stage are all engaged on the float, the assertion mentioned.
($1 = 0.7665 kilos)
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