Delwinds Insurance Acquisition, a blank check company formed by The Gray Insurance Company targeting the insurance industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Houston, TX-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-half of a warrant, exercisable at $11.50. At the proposed deal size, Delwinds Insurance Acquisition would command a market value of $256 million.
The company is led by CEO and Chairman Andrew Poole, an investment consultant at The Gray Insurance Company; CFO Bryce Quin, a Process Improvement Specialist for The Gray Insurance Company; and Director Michael Gray, the principal executive and President of The Gray Insurance Company. The company plans to target businesses in the insurtech, traditional insurance, and insurance-related products and services industries.
The group’s previous SPAC, Tiberius Acquisition, went public in March 2018 and completed its acquisition of International General Insurance (IGIC; -29% from $10 offer price) in March 2020.
Delwinds Insurance Acquisition was founded in 2020 and plans to list on the NYSE under the symbol DWIN.U. The SPAC filed confidentially on June 9, 2020. RBC Capital Markets and Cantor Fitzgerald are the joint bookrunners on the deal.