SPACs
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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Established players are walking away from writing IPO, SPAC and de-SPAC accounts as increased capacity and falling demand in the sub-class causes rates to crater.
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Sources noted that competition has expanded from excess layers into the primary market – and that has been a major development since the beginning of the year.
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The downward trend of securities class actions against public companies is expected to continue in 2022, with the annual filings projected to drop by 7% this year, Woodruff Sawyer said.
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The executive discussed InsurTech challenges, his priorities for Branch, fundraising, and his concerns about the capital markets.
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Following his promotion, Hippo’s new CEO discussed InsurTech public market conditions, the funding environment for private companies, inflationary pressures and loss ratios.
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Inside P&C’s news team canters through the week’s key developments.
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Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive – whose new venture wrote $230mn last year – is skeptical about the long-term future of MGAs in the D&O and casualty spaces.
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Two more vehicle tech companies face SPAC-related securities suits.
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The proposed regulations would require additional disclosures about SPAC sponsors, conflicts of interest and sources of dilution.
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Experts at the PLUS D&O symposium took a deep dive into the issues and uncertainties affecting SPAC deals.
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The start-up said its survey shows that SPAC and de-SPAC claims would drive increasing litigation throughout 2022.
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Investors are taking a second look at private valuations, as they realize that an IPO or a SPAC exit is no longer an attractive option in the short term.
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Harper’s comments follow Kin and Omnichannel mutually agreeing to terminate their previously announced SPAC merger deal due to 'unfavorable market conditions'.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
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The parties decided to terminate the business combination agreement due to “current unfavorable market conditions”.
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Woodruff Sawyer noted that the SEC, Finra, and the DoJ are likely to continue focusing on the SPAC market in 2022.
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Aggregate settlements during 2021 amounted to $1.8bn, falling 18.2% from the $2.2bn aggregate amount in 2020, Nera data showed.
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For the SPAC market, sources said that prices should continue to harden, while D&O rates are expected to stabilize amid a capacity flush.
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If the vote is successful and all closing requirements are satisfied, the combined company will be named Kin insurance and is expected to be listed on the NYSE under the ticker symbol “KI”.
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The classic car insurer goes public but might have to pay a price for growth later.
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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.