FOXO Technologies, a technology company applying epigenetic science and AI to modernise the life insurance industry, has entered into a definitive merger agreement with special purpose acquisition company Delwinds Insurance Acquisition Corp.
As a result of the transaction, which values the combined company at an estimated enterprise value of $36m, FOXO is expected to become publicly listed and plans to trade on the NYSE under ticker symbol ‘FOXO’.
Proceeds from the merger are expected to accelerate the development of FOXO’s platform to offer saliva-based epigenetic biomarker underwriting technology and consumer engagement services to the global life insurance industry.
According to LIMRA International, an international research association for life insurance and financial services companies, among the most significant current issues in the life insurance industry are the lengthy timelines and invasive blood and urine specimen requirements associated with underwriting. FOXO is at the forefront of commercialising proprietary saliva-based epigenetic biomarkers with a plan to create a simpler, smoother, non-invasive underwriting process.
FOXO said it expects its seamless saliva based underwriting process to provide enhanced protective value and represent a step-change improvement to the global life insurance industry.
Jon Sabes, founder and CEO of FOXO, said, “Our goal is to modernise life insurance by making advances in longevity science fundamental to the product itself. This transaction is transformative in our effort to support the industry’s effort to modernise in the face of accelerating advances in science and technology to reach more consumers at a time when interest in life insurance is at all-time highs.”
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