Delwinds Insurance Acquisition, a blank check company formed by The Gray Insurance Company targeting the insurance industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Houston, TX-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Delwinds Insurance Acquisition would command a market value of $256 million.
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.