Former Allianz CFO Dieter Wemmer is reportedly unveiling a special purpose acquisition company (SPAC) to target deals in the insurance space.

The aim is to raise nearly $300 million (€250m) on the Amsterdam stock exchange in May, reported Bloomberg citing people familiar with the issue.

In this endeavour, Wemmer will collaborate with insurance-focused investment firm Nazare Capital co-owners Murray Wood and Santiago Corral.

The executives have already started talks with potential investors on the matter and are eyeing targets among technology players in the sector, the report further stated.

The blank-check firm will be reportedly led by Wemmer as the executive chairman and Wood as its CEO.

Bank of America is advising on the blank-check firm, the report added. The news was not officially confirmed by Wemmer, Bank of America, or Nazare.

Before working at Allianz, Wemmer was the CFO at Zurich Insurance Group.

He has board positions at Swiss investment bank UBS and Danish renewables firm Orsted.

As per data gathered by Bloomberg, over 300 SPACs worldwide have completed IPOs this year to collectively raise $101.7bn.

Last month, Hippo Enterprises said that it will go public through a $5bn merger with SPAC Reinvent Technology Partners Z, a special purpose acquisition company.

The merged entity is expected to have around $1.2bn in cash at closing, including up to around $230m of cash held in Reinvent’s trust account from its IPO on 23 November 2020.