Category Archives: Press Release

In Conversation with Stuart Quinlan, deputy CEO and COO of Conduit RE

 

Scribestar - Conduit RE
Interview with Stuart Quinlan – Deputy CEO & COO – Conduit RE

In December 2020 Conduit RE, a Bermuda-based pure-play reinsurer raised capital through a listing on the London Stock Exchange. At USD 1.1 bln it was the largest IPO in London in Q3 of 2020, and a great success for the newly established Company.

We kindly asked Stuart Quinlan, the Deputy CEO and COO of Conduit RE for his feedback so we could share this with others who are thinking of coming to market or are already listed and are looking at ways of digitizing the capital raising process and ongoing compliance. 

Hi Stuart, thanks for speaking to us today. Can you tell us more about yourself and Conduit’s IPO?

I’m the deputy CEO and COO of Conduit, a newly set-up specialty reinsurance underwriting business. We’re a well experienced team of professionals based in Bermuda. We used ScribeStar for our US$1.1 billion IPO on the London Stock Exchange Main market in December 2020.

Our deal-team on this transaction consisted of Travers Smith acting as our UK legal counsel, Conyers Dill & Pearman as legal advisers in Bermuda, Kinmont as financial advisers, in addition to Jefferies and Panmure Gordon (the bookrunners) and BDO as the reporting accountants.

In total there were 100 professionals working on the transaction.

Can you walk us through the IPO process and compliance obligations from an issuer’s perspective?

Preparing an IPO is an extremely intensive process but doing a $1.1 billion IPO from scratch in a matter of weeks is an incredible achievement – ScribeStar made it so much easier to project manage the drafting, verification and regulatory aspects of the most complex and time-critical documentation – the registration document and the prospectus.

We as the issuer, and the whole deal-team had full control over the crucial workstreams involved, and thanks to ScribeStar we had more confidence that we’d hit the market at the planned time. I haven’t come across any other platform or technology that accomplishes what ScribeStar does. It is incredibly innovative, but yet a simple solution that’s easy to understand and deploy.

We’re very proud of what we were able to accomplish in a very tight time frame.  It was vital that we raised the capital and completed the IPO no later than the first week of December 2020, to give us time to deploy the capital and underwrite the reinsurance risks we bound from 1 January 2021.

Since we became a public company, we started to use ScribeStar for other work as well, for example drafting and issuing RNS announcements (ScribeStar was used to draft our preliminary results announcement issued on 23 February 2021). I think ScribeStar’s principles of binding the listing and ongoing compliance together in a seamless digital environment is a great idea.

What do you think stock exchanges and regulators could do to make market access easier for the issuers?

From an issuer’s point of view, the listing and compliance processes need to become easier. Doing things in a digital manner has truly transformative potential for the public capital markets. We’ve proven it on our end with ScribeStar.

For the market to move more rapidly, and to make listings more attractive, exchanges themselves should start recognizing this technology as an opportunity to improve issuer services and get more companies to list.

I would personally love to see a digital environment such as this offered directly by the exchange. I see no reason why ScribeStar’s digital way of doing issuances could not be the industry standard. It’s time this part of the market starts transitioning towards a digital future.

There is a compelling business case to be made around it as well, for both the exchange and market participants. I understand that several exchanges are exploring this with ScribeStar, which is a really good sign.

I invite other issuers and law firms to trial the technology. The more parties that are using it the sooner we move the needle on systemic digital transformation in capital markets work.

ScribeStar and Reynen Court announce partnership on unique capital markets technologies

ScribeStar, a digital ecosystem that improves efficiency and reduces the cost and time required for document production for capital markets transactions, today announced a partnership with Reynen Court. ScribeStar will feature its capital markets offering in the Reynen Court Solution Store, making it available for containerized deployment to law firms and corporate legal departments through the Reynen Court platform.

“We are incredibly excited that ScribeStar, as a leading capital markets solution provider, has joined our family of vendors helping to speed the sourcing and deployment of solutions through our platform,” said Christian Lang, Reynen Court’s Head of Strategy. “I have no doubt ScribeStar’s unique offering, focused specifically on generating efficiencies in capital markets documentation drafting, will be a key solution for our platform and provide significant value add to our community of legal users.”

The Reynen Court platform combines a solution store for legal technology along with a powerful control panel that makes it easy for law firms and legal departments to run cloud-based applications either on-premises or within virtual private clouds, thus enabling firms to access modern cloud-based solutions without sacrificing security or stability. The platform also enables firms to manage software subscriptions and provides usage monitoring and advanced application-specific metrics to aid better predictability of IT software and infrastructure maintenance and expenditure.  It is supported by a consortium of 20 leading global law firms co-chaired by Latham & Watkins and Clifford Chance, with Paul Weiss serving as vice-chair.

A crucial factor in the post-Covid world for lawyers is the time taken to improve their workflow and they are seeking new technologies to help with this. The consortium of firms backing Reynen Court recognized the need for a single place to access curated and vetted solutions. ScribeStar’s selection by Reynen Court shows that it has been recognized as the best-in-class technology and vetted as a secure solution for use on capital market transactions internationally.

ScribeStar has so far had over 50 transactions on its ecosystem allowing deal teams from around the world to work together. ScribeStar’s clients have seen up to 50% reductions in the time taken to complete issuance documentation on first issues, and even more on follow on equity issues, and the company is now seeing interest in complicated bond documents such as those for high yield bonds. ScribeStar’s software allows capital markets deal-teams to work in a controlled, role based environment, where they can draft, review and approve complex documents, perform backup, circle-up and meet regulatory requirements – all the way to final printed versions without involving any third parties. It also includes additional modules for capital markets processes allowing General Counsels to get their securities offering and regulatory documents ready quicker, faster and smarter.

Srinivas Suravarapu, CEO of ScribeStar, said: “We are really excited by the opportunity to deliver our unique technology through Reynen Court and make it accessible to their clients globally. The future of how technology is delivered to drive higher efficiencies is rapidly evolving and capabilities that enable automated compliance, smarter contract documents and data analytics are changing the way lawyers work.

Sri continued: “We are working closely to develop a fully functional and ‘virtual instance’ of ScribeStar for law firms. The ability to deliver the benefits of a SaaS service in the cloud, on or off premise at a low cost, combined with more control for firms and their clients of their data for capital markets transactions would be a first of its kind. There will be a significant reduction in the barriers of cost and speed of procuring technology, thereby enabling clients of law firms to move faster and raise money cheaper. The future of collaboration on capital markets transactions will be different and it will focus on the entire deal team, including regulators, where everyone works in the same ecosystem. This collaboration with Reynen Court highlights our focus and commitment to improving efficiencies for lawyers and their clients in capital markets and driving change for a digital future.”

By providing access to ScribeStar for the time of a transaction, clients are able to massively reduce the burden of capital markets document production cost for all parties. As a business we will be more agile and the assurance our partnership with Reynen Court provides to customers is of immense value. The end goal is to deliver technology that is cost effective and accessible, be it to small or large law firms, and this partnership is strategically aligned with our target market and vision.”

 

Further information:

Contact Simon Barker at:
sbarker@barkercomms.com
+44 7866 314 331

Media Inquiries at Reynen Court
+1.917.588.0746 / +31.623660310
info@reynencourt.com