London Stock Exchange welcomes Conduit Holdings Limited to the Main Market
London Stock Exchange welcomes Conduit Holdings Limited (Conduit), the Bermuda based start-up global reinsurer, following its initial public offering on the main market under the ticker “CRE”.
In a true start-up success story, Conduit was well supported by investors, and achieved a market capitalisation of approximately £826 million (approximately $1.1 billion).
Although it is a start up business, Conduit is led by a vastly experienced management team headed by Executive Chairman Neil Eckert and CEO Trevor Carvey, highly experienced industry players who have built and run successful global reinsurance businesses over many years.
Amid exceptional market conditions, which, as some market commentators have suggested, have not been seen in the industry since 2001/2002, Conduit is launching in time to commence business ahead of 1 January 2021 (in respect of risks incepting at 1 January 2021). It has already gathered significant interest from market participants, eager to work with a reinsurer that has a strong, unencumbered balance sheet, no legacy exposure, and a strong entrepreneurial and enabled culture.
Moreover, following a number of de-listings in the sector in recent difficult trading years, Conduit is a rare opportunity for London investors to buy into a pure play reinsurer in what it suggests will be attractive market conditions.
Trevor Carvey, CEO, said: “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.”
Conduit has also said that it will have a sharp focus on ESG issues, embracing social responsibility and inclusivity and aiming to be a net zero carbon platform from day one.
Neil Eckert, Executive Chairman, said: “We are delighted to bring Conduit to the Main Market of London Stock Exchange. A billion dollar plus IPO for Conduit demonstrates the Exchange's ability to match high quality capital with global commercial opportunities.
“Being legacy free from past insured losses is certainly an advantage to us in our day to day business but we also have the opportunity from Day One to embed ESG positive initiatives into areas like supply chain , investment policy and community engagement and that too is an exciting part of the Conduit story for us "