Conduit Holdings, a newly established reinsurance underwriting business, said on Thursday it plans to issue new shares worth $1.1 billion (844.2 million pounds) as it gears up for a London Stock Exchange listing.

The proposal comes at a time when the pain of steep claims due to the coronavirus crisis coupled with years of high insured losses have produced major corrections in reinsurance pricing and policy terms.

Conduit, which will be led by its founders Neil Eckert and Trevor Carvey, expects to use the money raised to write reinsurance in property, casualty and specialty classes.

“We believe these are exceptional times by any standards and a really opportunistic time to launch a new reinsurance company,” said designated Chief Executive Officer Eckert.

Swiss Re <SRENH.S>, among the world’s biggest reinsurance groups, last year suspended plans for a $4.1 billion London IPO for its ReAssure business, citing weak demand from institutional investors, and eventually sold it to British insurer Phoenix <PHNX.L>.

However, many companies such as Warren Buffett-backed data warehouse company Snowflake Inc <SNOW.N> and UK-based online retailer The Hut Group have gone public this year despite the market volatility brought on by the pandemic.

Conduit said it has engaged Jefferies and Panmure Gordon as joint global co-ordinators and joint book-runners, while Kinmont and GC Securities will be joint financial advisers for the listing.