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Cohen & Company launches second re/insurance acquisition vehicle

31st July 2020 - Author: Charlie Wood

Fixed income financial services specialist Cohen & Company has announced the launch of INSU Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC), as the company looks to raise up to $207 million for the purpose of reinsurance and insurtech investment opportunities.

Cohen & Company logoCohen & Co last launched an SPAC last year with Insurance Acquisition Corp, formed for the purpose of acquiring or merging with other insurance entities.

With this latest vehicle, Cohen & Co is targeting the sale of 20.125 million shares at $10 each, for a maximum offering of $201.25 million after over-allotments are accounted for.

Potential gross proceeds could reach as high as $207 million after an additional private placement is factored in.

Former managing partner at Twelve Capital, John Butler, is set to lead the new re/insurance SPAC company. Daniel Cohen, founder of Cohen & Co, will take on the Chairman role.

INSU Acquisition Corp. II shares are expected to be listed on the Nasdaq under the symbol INAQU.

Cohen & Co just recently completed a series of closed-end investment vehicles with total commitments in excess of €375 million.

The PriDe Program was designed to enable insurers to enhance their regulatory capital ratios, fund acquisitions or internal growth, reduce reinsurance costs and/or lower their weighted average cost of capital.

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