London-listed SPAC moves closer to launch of Lloyd’s insurance vehicle

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Interior of the Lloyd's of London building is seen in the City of London financial district

The interior of the Lloyd’s of London building is seen in the City of London financial district in London, Britain, April 16, 2019. REUTERS/Hannah McKay//File Photo Acquire Licensing Rights

LONDON, Sept 8 (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

Our Standards: The Thomson Reuters Trust Principles.

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