LONDON, Sept 8 Reuters A Londonlisted special purpose acquisition company has moved closer to launching a vehicle designed to give investors access to the Lloyd39;s of London insurance market, according to a statement on Friday.

Financial Acquisitions Corp said it had established London Innovation Underwriters Limited LIU, as part of a plan to deploy funds in the historic insurance market and build a reinsurance book with up to 1 billion pounds 1.25 billion of capacity.

The SPAC intends to combine with LIU and raise a significant sum of equity capital on the London Stock Exchange, the statement said, adding a further statement would be made once the combination was entered into.

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Reporting by Iain Withers; Editing by Sharon Singleton

Source Reuters