Cohen & Co. Insurance Acquisition Corp. Raises $150 Million in IPO

March 26, 2019

Insurance Acquisition Corp., company sponsored by Cohen & Co. and formed for the purpose of acquiring or merging with insurance firms, completed an initial public offering that raised gross proceeds to the company of $150,650,000.

Insurance Acquisition Corp. is a “blank-check” company. It completed its IPO on the promise that it will complete a business combination within 18 months.

The company says it intends to concentrate on identifying acquisitions in insurance or insurance related service businesses. Its targets may include:

  • Insurance and/or reinsurance carriers, in any sector including property/casualty, life and health;
  • Insurance run -off managers;
  • Insurance distribution companies, including retail agents, insurance brokers or managing general agencies;
  • Service providers, including claims or cost management, business processing, premium payment facilitation, data and technology providers, and asset managers; and
  • InsureTech, including those focused on using technology to maximize savings and efficiency, launch growth opportunities and innovate new risk selection processes.

The new firm is focused on insurance, however under the terms of its offering it may also complete its initial business combination outside of the insurance industry.

The company’s units began trading on March 20, 2019 on the Nasdaq Capital Market under the symbol INSUU

Cantor Fitzgerald & Co. served as the sole book-running manager and BTIG was lead manager for the offering.

Philadelphia-based Cohen & Co. is a financial services company specializing in fixed income markets. The company manages approximately $2.9 billion in fixed income assets in a variety of asset classes including U.S. and European trust preferred securities, subordinated debt and corporate loans.

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