SPACs
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The classic car insurer goes public but might have to pay a price for growth later. -
Just over a quarter of shareholders voted to redeem shares as Aldel Financial took classic car underwriter public.
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The classic car underwriter will use the proceeds from its most recent fundraise to spur organic growth, and invest in data, technology, and geographic expansion.
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RT ProExec report finds increasing legal and regulatory action on SPACs and cybersecurity among top concerns for D&O market.
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As federal courts and the SEC take a more critical view of the vehicles, D&O underwriters are approaching coverage with caution.
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The classic car insurer is expected to trade under the ticker HGTY.
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The recent SPAC listings of Hippo and Doma have been subject to significant outfluxes of capital.
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The venture capital firm is seeking a sustainable portfolio rather than firms ‘looking toward the next funding round’.
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A vote on July 29 is expected to be less nerve-racking than once predicted, with investor appetite warming on the prospect of InsurTech SPAC mergers.
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As part of expansion plans, Kin has also signed a stock purchase agreement to acquire an inactive insurance carrier that holds licenses in more than 40 states.
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The InsurTech is said to be in negotiations with blank check company PWP for a merger.
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Every market is going to have to decide where they stand on the issue of SPACs, said AIG’s head of North America financial lines.
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