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

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