TIDMCRE
RNS Number : 2438K
Conduit Holdings Limited
20 December 2022
Pembroke, Bermuda - 16 December 2022
Conduit Holdings Limited
("Conduit Re")
Conduit Re welcomes AM Best affirmation of A- (Excellent)
rating
On 15 December 2022, the rating agency AM Best has affirmed the
Financial Strength Rating of A- (Excellent) and the Long-Term
Issuer Credit Rating of "a-" (Excellent) of Conduit Reinsurance
Limited (Conduit Re) (Bermuda). The outlook of these Credit Ratings
(ratings) is stable.
In its release, the agency noted that "The ratings reflect
Conduit Re's balance sheet strength, which AM Best assesses as very
strong, as well as its adequate operating performance, limited
business profile and appropriate enterprise risk management.
Conduit Re's balance sheet strength is underpinned by the strongest
level of risk-adjusted capitalisation, as measured by Best's
Capital Adequacy Ratio (BCAR). BCAR scores are expected to remain
comfortably in excess of the strongest threshold as the company
executes its business plans and grows its reinsurance portfolio.
The company has good capital quality without any debt leverage, a
conservative investment strategy focused on debt securities and a
reinsurance programme of excellent credit quality."
Trevor Carvey, Conduit Re Chief Executive Officer commented:
"We welcome AM Best's affirmation of Conduit Re's rating. Within
one of the best market environments of the last few decades, this
affirmation validates the strategy of Conduit Re and the strength
of its balance sheet. With our pure-play reinsurance focus,
legacy-free balance sheet and selective underwriting we are fully
engaged to accelerate our growth in exceptional market
conditions."
-END-
Media contacts
H/Advisors Maitland - Vikki Kosmalska / Alistair de
Kare-Silver
+44 (0) 207 379 5151
conduitre@h-advisors.global
Investor relations and other enquiries:
info@conduitreinsurance.com
About Conduit Re
Conduit Re is a pure play global reinsurance business based in
Bermuda. Conduit Reinsurance Limited is licensed by the Bermuda
Monetary Authority as a Class 4 insurer. A.M. Best has assigned a
Financial Strength Rating of A- (Excellent) and a Long-Term Issuer
Credit Rating of a- (Excellent) to Conduit Reinsurance Limited. The
outlook assigned to these ratings is stable.
Conduit Holdings Limited is the ultimate parent of Conduit
Reinsurance Limited and is listed on the London Stock Exchange
(ticker: CRE).
Learn more about Conduit Re:
Website: https://conduitreinsurance.com/
LinkedIn: https://www.linkedin.com/company/conduit-re
Twitter: https://twitter.com/Conduit_Re
Market abuse regulation: This announcement contains inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018.
Important Information
This announcement includes statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements may be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "plans",
"goals", "objective", "rewards", "expectations", "projects",
"anticipates", "expects", "achieve", "intends", "tends", "on
track", "well placed", "estimated", "projected", "may", "will",
"aims", "could" or "should" or, in each case, their negative or
other variations or comparable terminology, or by discussions of
strategy, plans, objectives, goals, future events or intentions.
Forward-looking statements include statements relating to the
following: (i) future capital expenditures, expenses, revenues,
pricing rate changes, terms and conditions, earnings, synergies,
economic performance, indebtedness, financial condition, dividend
policy, claims development, losses and loss estimates and future
business prospects; and (ii) business and management strategies and
the expansion and growth of Conduit Re's operations.
Forward-looking statements may and often do differ materially
from actual results. Forward-looking statements reflect Conduit
Re's current view with respect to future events and are subject to
risks relating to future events and other risks, uncertainties and
assumptions relating to Conduit Re's business, results of
operations, financial position, liquidity, prospects, growth and
strategies. These risks, uncertainties and assumptions include, but
are not limited to: the possibility of greater frequency or
severity of claims and loss activity than Conduit Re's
underwriting, reserving or investment practices have anticipated;
the reliability of catastrophe pricing, accumulation and estimated
loss models; the actual development of losses and expenses
impacting estimates for claims which arose as a result of recent
loss activity such as the Ukraine crisis, Hurricanes Ian and Ida,
and the European storms and floods in 2021; the impact of complex
causation and coverage issues associated with attribution of losses
to wind or flood damage; unusual loss frequency or losses that are
not modelled; the effectiveness of Conduit Re's risk management and
loss limitation methods, including to manage volatility; the
recovery of losses and reinstatement premiums from our own
reinsurance providers; the development of Conduit Re's technology
platforms; a decline in Conduit Re's ratings with A.M. Best or
other rating agencies; the impact that Conduit Re's future
operating results, capital position and ratings may have on the
execution of Conduit Re's business plan, capital management
initiatives or dividends; Conduit Re's ability to implement
successfully its business plan and strategy during 'soft' as well
as 'hard' markets; the premium rates which are available at the
time of renewals within Conduit Re's targeted business lines;
increased competition on the basis of pricing, capacity or coverage
terms and the related demand and supply dynamics as contracts come
up for renewal; the successful recruitment, retention and
motivation of Conduit Re's key management and the potential loss of
key personnel; the credit environment for issuers of fixed maturity
investments in Conduit Re's portfolio; the impact of swings in
market interest rates, currency exchange rates and securities
prices; changes by central banks regarding the level of interest
rates and the timing and extent of any such changes; the impact of
inflation or deflation in relevant economies in which Conduit Re
operates; Conduit Re becoming subject to income taxes in the United
States or in the United Kingdom; and changes in insurance or tax
laws or regulations in jurisdictions where Conduit Re conducts
business. Forward-looking statements contained in this trading
update may be impacted by the escalation or expansion of the
Ukraine conflict on Conduit Re's clients, the volatility in global
financial markets and governmental, regulatory and judicial
actions, including coverage issues.
Forward-looking statements speak only as of the date they are
made. No representation or warranty is made that any
forward-looking statement will come to pass. These forward-looking
statements speak only as at the date of this announcement. Conduit
Re disclaims any obligation or undertaking to update or revise any
forward-looking statements contained herein to reflect actual
results or any change in the assumptions, conditions or
circumstances on which any such statements are based unless
required to do so by law or regulation.
"Estimated ultimate premiums written" is the estimated total
gross premiums written that is expected to be earned assuming all
bound contracts run to the end of the period of cover, after
management discount for prudence.
The Conduit Re renewal year on year indicative pricing change
measure is an internal methodology that management intends to use
to track trends in premium rates of a portfolio of reinsurance
contracts. The change measure reflects management's assessment of
relative changes in price, exposure and terms and conditions. It is
also net of the estimated impact of claims inflation. The
calculation involves a degree of judgement in relation to
comparability of contracts and the assessment noted above,
particularly in Conduit Re's initial years of underwriting. To
enhance the methodology, management may revise the methodology and
assumptions underlying the change measure, so the trends in premium
rates reflected in the change measure may not be comparable over
time. Consideration is only given to renewals of a comparable
nature so it does not reflect every contract in the portfolio of
Conduit Re contracts. The future profitability of the portfolio of
contracts within the change measure is dependent upon many factors
besides the trends in premium rates.
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END
MSCTLBJTMTTBTIT
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December 20, 2022 02:00 ET (07:00 GMT)
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