Conduit Holdings Limited Appointment of Brokers and Notice of 2020 Results (1798O)

TIDMCRE

RNS Number : 1798O

Conduit Holdings Limited

05 February 2021

CONDUIT HOLDINGS LIMITED APPOINTMENT OF BROKERS AND NOTICE OF 2020 RESULTS RELEASE

Conduit Holdings Limited ("Conduit Holdings" or "the Company")

Hamilton, Bermuda - 5th February 2021

Appointment of Joint Brokers

Conduit Holdings, a newly established reinsurance underwriting business, is pleased to announce that it has appointed Jefferies International Limited and Panmure Gordon (UK) Limited as Joint Brokers to the Company with immediate effect.

Notice of 2020 Results Release

The Company also intends to release its 2020 results on Tuesday 23 February 2021.

Media contacts

Haggie Partners - David Haggie, Caroline Klein

+44 (0) 207 562 4444

ConduitRe@haggie.co.uk

Investor relations and other enquiries:

info@conduitreinsurance.com

Website

Further details of the Conduit Group can be found at its website: https://conduitreinsurance.com/

About Conduit Re

-- Conduit Re 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 Company's founders, Neil Eckert and Trevor Carvey (the
"Founders") believe to be an exceptional market opportunity.
-- Conduit Re writes reinsurance in the property, casualty and specialty classes. Years of high
insured losses, diminished reserves and the more recent losses and industry strain caused
by Covid-19 and severe capacity shortages in certain classes of insurance and reinsurance
have produced major corrections in reinsurance pricing and policy Terms & Conditions.
-- Against the industry background of losses, litigation and capacity constraint, as a new business,
Conduit has no legacy exposure and its strong and unencumbered balance sheet is available
to write new business in what the Founders believe to be an attractive market environment.
-- Conduit Re is led by two highly successful, experienced and networked industry executives,
Neil Eckert and Trevor Carvey.
-- Conduit Re has been established to build a strong underwriting franchise which will target
strong cross-cycle returns on equity in the mid-teens. The business plan has a balanced approach
to catastrophe risk exposures, generating profit and franchise value through the quality of
its underwriting and its select portfolio of high quality business.
-- Conduit Re expects to generate significant returns for its shareholders and to provide an
ongoing and progressive dividend. The Company is targeting a dividend as soon as during the
2021 financial year of approximately 5% - 6% of equity capital, allocated between an interim
and final distribution. Conduit will manage its balance sheet efficiently and in the long
term may return excess capital through special dividends or share buybacks where appropriate.
-- Following years of de-listings, in weak industry conditions and upon industry consolidation,
Conduit Re offers investors the opportunity to take advantage of prevailing, highly positive
industry conditions through investment in a listed business which is legacy free and focused
only on reinsurance.
-- Conduit Re believes that sound ESG principles should be strongly embedded across the business
and that this promotes better risk management, innovation, sustainable outperformance and
positive community engagement. Conduit Re intends to be a carbon neutral business. Conduit
Re will target a Net-Zero position through a combination of sound business practices and strategically
chosen offset initiatives.
-- A.M. Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer
Credit Rating of "a-" to Conduit Reinsurance Limited. The outlook assigned to these Credit
Ratings (ratings) is stable.

Learn more:

Website: https://conduitreinsurance.com/

LinkedIn: https://www.linkedin.com/company/conduit-re

Twitter: https://twitter.com/Conduit_Re

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February 05, 2021 06:40 ET (11:40 GMT)

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