INSU Acquisition III, the third blank check company formed by Cohen & Company targeting the insurance industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $200 million by offering 20 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 III would command a market value of $274 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 have served in similar roles for two previous SPACs: INSU Acquisition II (INAQU; +4% from $10 offer price), which raised $200 million in September of this year, and Insurance Acquisition, which recently completed its merger with Shift Technologies (SFT; -1%). INSU Acquisition III 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.
The Philadelphia, PA-based company was founded in 2020 and plans to list on the Nasdaq under the symbol IIIIU. No underwriters have been selected yet.
