Panmure Gordon acted as Joint Global Coordinator and Joint Bookrunner on the successful IPO of Conduit Holdings
- Conduit is a newly established non-life reinsurer focused on Property, Casualty and Specialty risk classes; Bermuda domiciled; “A –” A.M. Best rating
- Offer price of 500p – £826m / $1.1bn market cap on admission
- Conditional trading began on 2 December 2020
- Admission to the Standard List of the Main Market expected to take place on 7 December 2020
- Targeting a first year dividend yield of 5 to 6 per cent
- Book-build completed 48 hours ahead of schedule
- Supported by broad selection of high quality long-only institutional investors on both sides of the Atlantic
- Shares allocated to over 55 institutional investors & wealth managers
- Highly positive industry conditions, with rates hardening across all lines and capacity supply dislocations
- Led by two highly successful, experienced and networked industry executives, Neil Eckert (Executive Chairman) and Trevor Carvey (CEO)
- Legacy-free and a strong and unencumbered balance sheet fully available to write new business
- Producing strong risk adjusted returns from a diversified and focused business plan
