Lakeview Acquisition, a blank check company formed by Transverse Insurance Group targeting the US insurance sector, withdrew its plans for an initial public offering on Tuesday. The company had originally filed in May 2021 and most recently planned to raise $175 million by offering 17.5 million units at $10, with each unit containing one share of common stock and one-half of a warrant. It had not updated its prospectus since February.
The company was set to be led by CEO and Chairman Jeffrey Hayman, who most recently served as a Director of Zurich Insurance Group (SIX: ZURN) and previously spent 15 years with AIG (NYSE: AIG), and CFO George Perrotta, who previously consulted for Transverse Insurance Group and is the former CFO of Liberty Surplus Insurance and Liberty International Underwriters.
The Warren, NJ-based company was founded in 2021 and had planned to list on the NYSE under the symbol LKVA.U. BTIG was set to be the sole bookrunner on the deal.
