Last checked at 8 Dec 2020 07:00
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FOR IMMEDIATE RELEASE
8 December 2020
Conduit Holdings Limited ("Conduit" or the "Company")
AM Best Rating Confirmed
On 7 December 2020 Conduit's entire issued share capital was Admitted to trading on the London Stock Exchange's Main Market for listed securities pursuant to its successful IPO and $1.1bn capital raise.
As set out in Conduit's prospectus, in excess of $1bn of the proceeds of the IPO has been used to capitalise Conduit Reinsurance Limited (its main operating subsidiary) and, following such capitalisation, AM Best has, in line with its Preliminary Credit Assessment published on 18th November 2020, assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" to Conduit Reinsurance Limited.
Conduit Reinsurance Limited is licensed by the Bermuda Monetary Authority as a Class IV reinsurance business and as such is now in a position to commence underwriting.
Trevor Carvey said: "We are delighted to have received confirmation of our AM Best rating, which, following the successful closing of the IPO, is the final step in the launch of the business. The reinsurance market's reception for Conduit has been very encouraging and we are presented with very-strong market conditions across all of our targeted risk classes, so it's a really exciting time to lead a professional reinsurer with a strong and legacy free capital base."
Enquiries
Haggie Partners (PR advisor to Conduit) | |
David Haggie | +44 (0) 207 562 4444 |
Caroline Klein |
Conduit was advised by Kinmont and GC Securities, a division of MMC Securities (Europe) Limited. Jefferies and Panmure Gordon were Joint Global Co-ordinators and Bookrunners. Travers Smith, Conyers Dill & Pearman and Willkie Farr & Gallagher were legal counsel to Conduit, Hogan Lovells were legal counsel to the Global Co-ordinators, BDO were Reporting Accountants.
Important Legal Information
Each of Jefferies International Limited ("Jefferies") , Panmure Gordon (UK) Limited ("Panmure Gordon" and, together with Jefferies, the "Banks") and Kinmont Limited (the "Financial Adviser") are authorised and regulated in the United Kingdom by the FCA and are acting exclusively for the Company and no one else in connection with the Offer and Admission (as defined in the Company's pricing announcement dated 2 December 2020). The Banks and the Financial Adviser will not regard any other person (whether or not a recipient of this announcement) as its client in relation to the Offer and Admission and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for providing any advice in relation to the Offer or Admission, the contents of this announcement or any transaction or arrangement referred to herein.