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Cohen & Company's SPAC INSU Acquisition IV files for a $220 million IPO

February 25, 2021
IAIV.RC

INSU Acquisition IV, the fourth blank check company formed by Cohen & Company targeting the insurance industry, filed on Thursday with the SEC to raise up to $220 million in an initial public offering.

The Philadelphia, PA-based company plans to raise $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, INSU Acquisition IV would command a market value of $302 million.

The company is led by Chairman Daniel Cohen, who currently serves as Chairman of Cohen & Company LLC and CEO of the European Business of Cohen & Company Inc. (NYSE American: COHN), and CEO John Butler, who currently serves as Head of US Insurance Debt Strategy and Global ILS Platform for Cohen & Company LLC. The company plans to target businesses providing insurance or insurance related services, with particular emphasis on insurance distribution businesses, regulated insurance or reinsurance businesses, and insurance related technology businesses.

Management's previous SPACs include INSU Acquisition III (IIIIU; +11% from $10 offer price), which went public in December 2020; INSU Acquisition II, which went public in September 2020 and completed its combination with digital auto insurance platform Metromile (MILE; +70%) earlier this month; and Insurance Acquisition, which went public in March 2019 and completed its combination with online auto marketplace Shift Technologies (SFT; -6%) in October 2020.

INSU Acquisition IV was founded in 2020 and plans to list on the Nasdaq. It has not selected a symbol yet (RC ticker: IAIV.RC). Cantor Fitzgerald is the sole bookrunner on the deal.