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Insurance SPAC Delwinds Insurance Acquisition prices $175 million IPO at $10

December 11, 2020
DWIN.U

Delwinds Insurance Acquisition, a blank check company formed by The Gray Insurance Company targeting the insurance industry, raised $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

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; -20% from $10 offer price) in March 2020.

Delwinds Insurance Acquisition plans to list on the NYSE under the symbol DWIN.U. RBC Capital Markets and Cantor Fitzgerald acted as lead managers on the deal.