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 " 

Quick facts

Market: Main Market
Instrument market cap (£m)
Listing/Admission to trading
01 Dec 2020
Looking for new and recent issues?

More recent

London Stock Exchange welcomes the Rt Hon John Glen, Economic Secretary to the Treasury, celebrating HM Treasury UK Sovereign Sukuk

The UK Government today celebrated the listing of its second sovereign Sukuk on London Stock Exchange. The 5-year offering was for £500 million, more than double the size of the UK Government’s debut issuance and the largest sterling Sukuk issuance to date. The UK’s second Sukuk saw strong investor participation, with demand from a diverse group of high-quality institutional investors from the

Learn more
London Stock Exchange welcomes Cornerstone FS plc to AIM

The Ordinary Shares of Cornerstone FS plc were admitted to trading at 8.00am on Tuesday 6 April 2021, under the stock market ticker CSFS. The placing price was 61p per share, resulting in a market capitalisation of £12.4 million.

Cornerstone FS plc, is a cloud-based provider of international payment, currency risk management and electronic account services to SMEs. Its strategy is to

Learn more
London Stock Exchange welcomes Deliveroo Holdings plc to the Main Market

Today, the online food delivery platform Deliveroo has made a significant step in the execution of its ambitious growth plans as it begins trading on the Main Market of London Stock Exchange, having raised net proceeds of around £1.5bn. Deliveroo’s admission is the biggest in London since 2011 and the largest UK technology listing of all time.

Founded in 2013 by Will Shu, Deliver

Learn more
London Stock Exchange welcomes Digital 9 Infrastructure plc to the Specialist Fund Segment of the Main Market

London Stock Exchange welcomed Digital 9 Infrastructure plc to the Specialist Fund Segment of the Main Market today, after it raised gross proceeds of £300 million in its Initial Public Offering.

Digital 9 Infrastructure plc (DGI9) is a newly established, externally managed investment trust. It will invest in a range of digital infrastructure assets which deliver a reliable, functioni

Learn more