IPOs

Austin-based Vista bought insurance technology provider Duck Creek Technologies Inc. earlier this year.

The IPO by Corebridge Financial Inc. is the biggest in the U.S. this year.

The insurer will offer 80 million shares in Corebridge Financial Inc. at $21 to $24 apiece in a proposed initial public offering, according to a statement Tuesday.

Several insurtechs considered or used special purpose acquisition companies, a method of going public, in 2020 and 2021, but the results have been lacking.

The company also announced new directors on Corebridge’s board.

The insurer has been sharpening its focus on its core operations and making necessary preparations to split off its life and retirement unit, which is planned for the first half of this year.

The merger with Delwinds Insurance Acquisition Corp. will value the combined company at $369 million, said the people, who asked to not be identified as the details are private.

The fintech startup is working with advisers on a potential deal and is in early talks with Catcha Investment Corp., the special purpose acquisition company set up by internet entrepreneur Patrick Grove, said the people, who asked not to be named as the process is private.

Having raised nearly 20 billion yen ($175 million) in an offering that was priced at the top of its advertised range, got off to a bad start -- the biggest first-day decline in more than two decades for a company that raised at least $150 million. Daiwa Securities Co. and Mitsubishi UFJ Morgan Stanley Securities Co. were the lead managers for the listing.

As the wave of SPAC mergers crested in the past two years, startups that chose this path found it difficult to keep up with more established companies and investor expectations. The insurtech companies that went this route are not exempt from experiencing that strain.