Former Munich Re, KBW execs launch SPAC to invest in tech insurance

MADRID - Former executives of insurer Munich Re and investment bank KBW will launch an initial public offering for a blank check company on the London Stock Exchange to raise 150 million pounds ($195.69 million) to invest in tech insurance businesses.

The vehicle - launched by Andrew Rear and William Allen - will look for a business target to acquire in Europe or the UK, operating principally in the insurance or broader financial services industry, according to a statement on Wednesday.

A SPAC, or a blank check company, is a shell company that uses IPO proceeds to buy another company, typically within two years of listing.

Barclays, HSBC, Numis and The Growth Stage are all working on the float, the statement said.

($1 = 0.7665 pounds)