Delwinds Insurance Acquisition, a blank check company formed by The Gray Insurance Company targeting the insurance industry, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Houston, TX-based company now plans to raise $175 million by offering 17.5 million units at a price of $10. The company had previously filed to offer 20 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Delwinds Insurance Acquisition will raise -13% less in proceeds than previously anticipated.
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; -23% 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. RBC Capital Markets and Cantor Fitzgerald are the joint bookrunners on the deal.
