INSU Acquisition II, the second blank check company formed by Cohen & Company and targeting the insurance industry, filed on Thursday with the SEC to raise up to $175 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed price, INSU Acquisition II would command a market value of $241 million.
The company is led by CEO John Butler, the Head of US Insurance Debt Strategy and Global ILS Platform for Cohen & Company LLC, and Chairman Daniel Cohen, the Chairman of Cohen & Company LLC and CEO of the European Business of Cohen & Company Inc. (NYSE: COHN). The pair serve in the same roles for Insurance Acquisition (INSU), which is up 9% from its March 2019 IPO and recently announced a merger agreement with Shift Technologies. INSU Acquisition II plans to target businesses providing insurance or insurance related services, with particular emphasis on insurance distribution businesses, regulated insurance or reinsurance businesses, and insurance related technology businesses.
INSU Acquisition II was founded in 2018 and plans to list on the Nasdaq under the symbol INAQU. Cantor Fitzgerald is the sole bookrunner on the deal.
