Following the Cayman Islands corporate team’s representation of Financials Acquisition Corp (FAC) in its successful IPO on the main market of the London Stock Exchange (LSE) in 2022, a cross-jurisdictional team from Conyers has advised FAC on its business combination with Bermuda-incorporated London Innovation Underwriters Limited (LIU) and proposed capital raise by way of a global offering of new securities and proposed admittance of LIU to the main market of the LSE.

LIU is an insurance venture and is raising capital to support the underwriting of insurance and reinsurance within the Lloyd’s of London insurance market. Alongside the capital raise (which aims to raise gross proceeds of at least £150 million and up to £300 million), LIU will merge with FAC, a special purpose acquisition company, and will become a company whose shares are admitted to trading on the main market of the LSE. The net proceeds will be applied towards the provision of funds into or on behalf of LIU’s corporate member to enable it to participate in Lloyd’s syndicates, using London Bridge 2 PCC Limited, a third party protected cell risk transformation vehicle which allows access for institutional capital into the Lloyd’s market.

Partner Alex Davies, Counsel Matthew Harkness and Associate Mauricio Da Rocha of Conyers’ Cayman Islands office worked together with Directors Jason Piney and Robert Alexander and Senior Associate Alexis Haynes of Conyers’ Bermuda office who advised on the merger transaction, working alongside Winston & Strawn (London) LLP as onshore counsel.

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