London Stock Exchange welcomes Financials Acquisition Corp, a special purpose acquisition vehicle sponsored by FINSAC, to the Main Market under the ticker symbol FINS and FNWR.

Founded by William Allen and Andrew Rear, who have significant experience as senior executives in insurance and financial services and a strong track record of delivering returns through investing in and growing insurance companies, FINSAC will target technology-enabled opportunities in the insurance or broader financial services industry.

Technology has transformed every facet of consumer and business life, but the insurance industry has been one of the slowest to leave behind its legacy systems. Now, tech-enabled insurers are disrupting traditional insurance markets and experiencing rapid growth. The FINSAC team believes this changing technology has created an opportunity for new winners to emerge across four broad sections:

• Insurtech managing general agents (MGAs) and similar product providers;
• Fintech, Insurtech and Regtech, software as a service;
• Technology-enabled distribution; and
• Technology-enabled London market participants.

FINSAC believes that it can offer a more efficient, more attractive and smoother path to being a public company. At the same time, the company believes that the experience and skill set of the management team and the sponsor team can add value to the target company beyond the acquisition through M&A, capital structuring, capital raising, digital marketing, and investor relations expertise.

William Allen, Chief Executive Officer of the Company, said:

“We are delighted to launch the first UK SPAC that will be focused on the rapidly growing Insurtech industry. Technology has transformed every facet of daily life and ambitious tech-enabled insurers are driving this growth as they disrupt traditional markets. Much of this transformation currently stems from private investments and we believe now is the right time to bring these next generation companies to the public market in London – the natural home of insurance.”

Andrew Rear, Executive Chairman of the Company, said:

“Through the industry expertise and skill set of the management, board and sponsor team, the Company believes it can identify and help bring to the public market high quality Insurtech companies with the ambition to grow and significantly enhance the long-term value of their businesses as a listed company. Our combined global network and track record in insurance give us confidence that we will attract ideal targets in the space and we look forward to bringing a partnership to market soon.”