INSU Acquisition III, a third blank check company formed by Cohen & Company targeting the insurance industry, raised $218 million by offering 21.8 million units at $10. The company offered 1.8 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
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 (INAQ; +32% from $10 offer price), which raised $200 million in September of this year and is pending a combination with Metromile, and Insurance Acquisition, which recently completed its merger with Shift Technologies (SFT; -12%). 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.
INSU Acquisition III plans to list on the Nasdaq under the symbol IIIIU. Cantor Fitzgerald and Wells Fargo Securities acted as lead managers on the deal.
