Conduit Holdings, the Bermuda-based treaty start-up reinsurer, is set to be the largest ever start-up initial public offering (IPO) on the London Stock Exchange.
Conduit will have a market capitalisation of approximately £826 million (approximately $1.1 billion) based on an offer price of 500 pence per share.
Conduit is led by a management team including executive chairman Neil Eckert and chief executive officer Trevor Carvey. It will start writing business on January 1, 2021.
Eckert said: “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.”
Carvey added: “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.”
London Stock Exchange, Conduit Holdings, Neil Eckert, Trevor Carvey