FCA gives green light to Conduit Holdings

Conduit Holdings will proceed with an initial public offering on the London Stock Exchange, after its registration document was approved by the Financial Conduct Authority.

Conduit is a newly established Bermuda-based reinsurance underwriting business focusing on producing strong risk adjusted returns from a diversified and focused business plan.

The business was founded by Neil Eckert and Trevor Carvey and will write reinsurance in the property, casualty and specialty classes.

Conduit said it will pursue a balanced approach to catastrophe risk exposures, generating profit and franchise value through the quality of its underwriting and its select portfolio of high-quality business.

Eckert said: “We believe these are exceptional times by any standards and a really opportunistic time to launch a new reinsurance company bringing fresh capital and a very focused business plan to the market. We are enthused by the industry support we have had whilst developing our ideas for Conduit and look forward to opening for business."

Carvey added: "We will be targeting an excess of loss and quota share book of treaty reinsurance business across property, specialty and casualty lines. We are excited by a market where there is so much price improvement across so many classes. For the first time in a long while we think a well-capitalised new entrant can come into the market and successfully target quality business in scale and at historically attractive rates.”