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Travers Smith advises Conduit Holdings Limited on its $1.1bn Main Market IPO

Overview

Travers Smith LLP has acted for Conduit Holdings Limited (LSE: CRE) on its successful initial public offering and listing on the Main Market of the London Stock Exchange. Conduit raised approximately £826 million (approximately $1.1 billion) in the IPO.

Conduit is a newly established reinsurance underwriting business focusing on producing strong risk adjusted returns from a diversified and focused business plan. The business has been formed to capitalise on what the Conduit directors believe to be an exceptional market opportunity. Domiciled in Bermuda, Conduit was founded by two highly successful and experienced insurance executives, Neil Eckert (Executive Chairman) and Trevor Carvey (Chief Executive). The principal use of the net proceeds from the IPO will be to write reinsurance in line with Conduit's business plans.

The Travers Smith team advising Conduit on the IPO was led by Corporate Partners Spencer Summerfield, Tom Coulter and Aaron Stocks, and also included Senior Associate Mark Anderson and Associates James Lansdown and Robert Ash. US securities Senior Counsel, Brent Sanders, provided specialist US securities law advice.

Jefferies International Limited and Panmure Gordon (UK) Limited acted as Joint Global Coordinators, Joint Brokers and Joint Bookrunners on the IPO.