Cohen & Company, a financial services company specialising in fixed income markets, has launched a special purpose acquisition company (SPAC)INSU Acquisition Corp. II.
The move comes as the company is looking to raise around $207m to tap investment opportunities in reinsurance and insurtech segments, reported Reinsurance News.
The company aims to sell 20.125 million shares with each share valued at $10, with a maximum offering of $201.25m following the accounting of over-allotments.
Twelve Capital former managing partner John Butler will head the new SPAC company while Cohen & Co-founder Daniel Cohen will become the chairman.
Last year, Cohen & Company, in collaboration with Insurance Acquisition Corp, launched a SPAC to acquire and merge with other insurance firms.
Earlier this month, the company’s investment advisory subsidiary Cohen & Company Financial (Europe) Limited (CCFEL)completed a host of closed-end investment vehicles with combined commitments of more than €375m.
In June, Insurance Acquisition Corp entered into a definitive merger agreement with automotive e-commerce firm Shift Technologies.
Founded in 1999, Cohen & Company specialises in segments such as capital markets, asset management, and principal investing.