Conduit announces pricing for $1.1bn IPO
The holding company for Conduit Reinsurance Ltd, one of the large new start-ups set to enter the Bermudian reinsurance market, has announced the pricing for its initial public offering of shares on the London Stock Exchange.
The market capitalisation of Conduit Holdings Limited will be £826 million ($1.1 billion), which makes it the largest IPO on the LSE, based on the £5 per share offer price.
Conduit is headed by Neil Eckert, executive chairman, and Trevor Carvey, chief executive officer, and is launching in time to write business on January 1. Conduit Re will be a Class 4 reinsurer.
Mr Eckert said: “We are delighted that Conduit’s business proposition has been strongly received by a group of high-quality investors. Business conditions in our targeted reinsurance markets have continued to improve during our journey to IPO and we now move on to the launch of the business with confidence.”
While Mr Carvey added: “Conduit is well set for a successful launch and we have been positively received across the reinsurance community. We may be a new company but our team has many decades of underwriting experience trading across multiple market cycles, and I am excited to lead a legacy free business into these exceptional market conditions.”