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☆ Lloyd's of London SPAC venture scrapped due to volatile markets
▼ + stars: | 2023-11-13 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

A view shows the Lutine Bell during an event to mark accession of Britain's King Charles at the Lloyd's Building in the City of London, Britain, September 15, 2022. The special purpose acquisition company (SPAC) had unveiled plans to combine with London Innovation Underwriters (LIU) and raise additional funds to deploy in the Lloyd's of London insurance market. The SPAC has an end of year deadline to use funds raised for a takeover, and said it would not seek an extension. LIU said it would consider exploring alternative options to pursue its strategy of accessing the Lloyd's of London insurance market. The failed effort comes amid a dearth of new listings in London and concerns over its appeal as a capital markets hub, despite profits at Lloyds of London which are booming thanks to rising prices for insuring commercial risks.

Persons: Britain's King Charles, Sarah Meyssonnier, LIU, Huw Jones, Sinead Cruise, Jason Neely Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Company, Corp, Lloyds of, Thomson Locations: City, City of London, Britain, London, Lloyds of London

The special purpose acquisition company (SPAC) unveiled plans earlier this year to combine with London Innovation Underwriters and raise additional funds to deploy in the Lloyd's of London insurance market. The deal by Financials Acquisition Corp differs from a typical SPAC merger because the company has set up London Innovation Underwriters itself. It is not the first time that public market investors in London have backed a new insurance venture. In 2020, Conduit Holdings (CRE.L) listed on the London Stock Exchange, subsequently starting reinsurance activities. UBS and HSBC are joint global coordinators to the Financials Acquisition deal.

Persons: Britain's King Charles, Sarah Meyssonnier, William Allen, Lloyd's, Beazley, Carolyn Cohn, Pablo Mayo Cerqueiro, Anousha Organizations: City of, REUTERS, Financials, London Innovation Underwriters, Lloyds, Innovation Underwriters, Conduit Holdings, London Stock Exchange, UBS, HSBC, Thomson Locations: City, City of London, Britain, London, Lancashire, Lloyd's

☆ Picasso portrait of mistress Marie-Thérèse Walter could sell for over $120 million at auction
▼ + stars: | 2023-09-13 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +4 min

CNN —A Picasso masterpiece entitled “Femme à la montre” is expected to fetch more than $120 million when it goes up for auction this fall. Sotheby'sThe piece, which measures 51¼ x 38 inches (130 x 96.5 centimeters), depicts Picasso’s lover and “golden muse” Marie-Thérèse Walter, who featured in many of his portraits. In a statement announcing the sale, Julian Dawes, Sotheby’s head of Impressionist & Modern Art for the Americas, said: “Picasso’s ‘Femme à la Montre’ is a masterpiece by every measure. The artist painted “Femme à la montre” in August 1932, soon after the retrospective at the Galerie Georges Petit in Paris ended. Andy Warhol's 1986 self portrait will also be auctioned as part of Fisher Landau's collection.

Persons: Emily Fisher Landau, Fernand Léger's, ” Marie, Thérèse Walter, Picasso, London’s, Julian Dawes, Sotheby’s, ” Picasso, Walter, Olga Khokhlova, ”, Galerie Georges Petit, Fisher Landau, Andy Warhol's, Fisher, Mark Rothko, Andy Warhol, Willem de Kooning, Fisher Landau’s, fenêtre, Thérèse, Picasso’s Organizations: CNN, London’s Tate, Art, Galerie, Lloyds Locations: New York, Manhattan, Paris, Americas, Russian, Ukrainian, Georgia, London, Marie

☆ Picasso masterpiece depicting his young mistress sells for $139 million at Sotheby’s auction
▼ + stars: | 2023-09-13 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +4 min

CNN —A Picasso masterpiece entitled “Femme à la montre” fetched more than $139 million on Wednesday, becoming the second most valuable work by the artist ever sold at auction. The 1932 oil painting took center-stage at a two-day event at Sotheby’s in New York, at the sale of late philanthropist Emily Fisher Landau’s private collection. She is pictured here in front of Fernand Léger's "Étude pour Les Constructeurs" in her home in Manhattan in 2002. In a statement announcing the sale in September, Julian Dawes, Sotheby’s head of Impressionist & Modern Art for the Americas, said: “Picasso’s ‘Femme à la Montre’ is a masterpiece by every measure. Andy Warhol's 1986 self portrait will also be auctioned as part of Fisher Landau's collection.

Persons: CNN —, ”, Emily Fisher, Emily Fisher Landau, Fernand Léger's, ” Marie, Thérèse Walter, Picasso, London’s, Julian Dawes, Sotheby’s, ” Picasso, Walter, Olga Khokhlova, Galerie Georges Petit, Fisher Landau, Andy Warhol's, Fisher, Mark Rothko, Andy Warhol, Willem de Kooning, Jasper Johns, Ed, fenêtre, Thérèse, Picasso’s Organizations: CNN, London’s Tate, Art, Galerie, Lloyds Locations: New York, Manhattan, Paris, Americas, Russian, Ukrainian, Georgia, London, Marie

☆ Karn Saroya's Web3 seed startup is creating a version of Lloyds of London for crypto. It was just valued at $100 million.
▼ + stars: | 2022-09-28 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

The Web3 reinsurance company Re has raised $14 million from investors such as Tribe Capital. Now he's seeking to apply Web3 tools to make that industry, which is dominated by firms such as Munich Re and Lloyds of London, more accessible. The company participated in Tribe Capital's crypto incubator, Tribe Crypto Labs, and its other investors include Defy, Exor, Stratos, Framework, Morgan Creek Digital, and SiriusPoint. Cover started out as a search tool for insurance policies but then became an insurer in its own right. Like other financial products, such as mortgages and loans, insurance policies can be bundled up and sold as securities.

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