Lexasure Financial Group, provider of reinsurance and digital insurance solutions in Southeast and South Asia, has signed an agreement to go public via special merger acquisition company (SPAC) Capitalworks Emerging Markets Acquisition (CEMAC).
CEMAC is a publicly traded special purpose acquisition company organised in the Cayman Islands to effect a merger, stock exchange, asset acquisition, stock purchase, recapitalization or other similar business combination.
The definitive business combination agreement will provide Lexasure with a path to becoming a publicly listed company through a new Cayman Islands holding company, Lexasure Financial Holdings Corp. (“Pubco”), that will acquire both Lexasure and CEMAC.
Lexasure enables local direct insurers to compete across emerging Asia through innovative product solutions designed to empower insurers, companies, and individuals to manage risk more effectively and accelerate their growth.
These product solutions include Lexasure’s recently launched comprehensive mobile apps, Vivacity and Flourish, which are designed to promote healthy lifestyles, improve engagement for health insurance providers, and provide farmers with insurance coverage and mobile technology in the event of the failure of crops and livestock, respectively.
In its traditional lines of business, Lexasure underwrites reinsurance and insurance and serves as a broker for a diverse set of industries, working with over 60 primary insurers across 22 countries in Asia, the Middle East, and North America.
Whitney Baker, CEMAC chair, said, “We are thrilled to partner with a company with a proven track record of growth and profitability that is also advancing financial inclusion goals by bringing insurance products to historically underserved populations across Southeast Asia and South Asia.”
Roberta Brzezinski, CEMAC CEO, added, “Lexasure represents an exceptional opportunity as a digital insurance solutions provider infusing greater competitiveness and resiliency in local small- and medium-sized insurers in the region who truly understand the needs of local businesses and consumers.”
Last year, FOXO Technologies, a technology company applying epigenetic science and AI to modernise the life insurance industry, entered into a definitive merger agreement with special purpose acquisition company Delwinds Insurance Acquisition Corp.
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