23rd Feb 2021 13:32
(Alliance News) - Conduit Holdings Ltd on Tuesday said underwriting commenced on January 1 following a successful listing in London.
The Bermuda-based reinsurer said, following a successful initial public offering with net proceeds of GBP790 million, its book value per share as at the end of 2020 was USD6.37 per share.
Pretax loss was USD4.6 million on total net revenue of USD202,000 for the period from October 7, 2020, to the end of 2020. Basic and diluted loss per share was USD0.03.
"We have launched the business in attractive and improving market conditions. We have already established a top class management and underwriting team. We are embracing the benefits that technology brings for the new generation of reinsurance underwriters and we have established strong relationships with our key trading partners around the market," said Executive Chair Neil Eckert.
"Following on from our strong start in the January renewals, we continue to build out our underwriting portfolio according to plan. We have seen wide acceptance by brokers and clients alike as an attractive and value-adding business partner and we are well positioned to deliver on our stated strategy of building a balanced and diversified portfolio," added Chief Executive & Chief Underwriting Officer Trevor Carvey.
Conduit shares were trading 0.6% higher in London on Tuesday at 530.96p each.
By Evelina Grecenko; [email protected]
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