REG - Conduit Holdings Ltd - Performance Update

Conduit HoldingsAnnouncement

29/01/2024 07:00

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RNS Number : 1916B  Conduit Holdings Limited  29 January 2024

Pembroke, Bermuda - 29 January 2024

Pembroke, Bermuda - 29 January 2024

Conduit Holdings Limited

("CHL" LSE ticker: CRE)

Performance Update

CHL, the ultimate parent company of Conduit Re, a pure-play Bermuda-based
reinsurance business, today provides an update in respect of its results for
the year end 31 December 2023.

CHL will announce its preliminary results for the year ended 31 December 2023
on 21 February 2024. Comprehensive income for the year is now estimated to be
greater than current consensus forecasts. The primary driver for the positive
variance relates to the valuation of investments.

In the second half of 2023 the overall reduction in interest rates has led to
substantial investment portfolio valuation gains. CHL has previously
quantified and disclosed the modelled impact of interest rate movements in the
risk disclosure note to the financial statements. CHL's investment strategy
remains unchanged from that previously reported.

Media contacts

H/Advisors Maitland - Vikki Kosmalska / Genevieve Ryan

+44 (0) 207 379 5151

conduitre@h-advisors.global

Investor relations and other enquiries

info@conduitreinsurance.com

Panmure Gordon (Joint Corporate Broker)

+44 (0) 207 886 2500

Berenberg (Joint Corporate Broker)

+44 (0) 203 207 7800

Peel Hunt (Joint Corporate Broker)

+44 (0) 207 418 8900

About Conduit Re

Conduit Re is a pure-play Bermuda-based reinsurance business with global
reach. 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). References to
"Conduit" include Conduit Holdings Limited and all of its subsidiary
companies.

Learn more about Conduit Re

Website: https://conduitreinsurance.com/ (https://conduitreinsurance.com/)

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

Important information (disclaimers)

This announcement contains inside information for the purpose of the Market
Abuse Regulation (EU) No 596/2014 (which forms part of UK domestic law
pursuant to the European Union (Withdrawal) Act 2018, as amended).

This announcement includes statements that are, or may be deemed to be,
"forward-looking statements" relating to our financial condition, investment
portfolio and performance, operating results, claims development, losses and
loss estimates and future business prospects and results. These
forward-looking statements may be identified by the use of forward-looking
terminology, including the terms "believes", "estimates", "projects",
"anticipates", "expects", "achieve", "intends", "tends" and "on track".
Forward-looking statements may and often do differ materially from actual
results. Forward-looking statements reflect Conduit'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's business,
results of operations, financial position, liquidity, prospects, growth and
strategies. These risks, uncertainties and assumptions include, but are not
limited to: the completion of Conduit's audit of the actual financial results
for the year ended December 31, 2023, the possibility of greater frequency or
severity of claims and loss activity than Conduit'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; unusual loss frequency or losses that
are not modelled; the effectiveness of Conduit's risk management and loss
limitation methods, including to manage volatility; the recovery of losses and
reinstatement premiums from our own reinsurance providers;; the successful
recruitment, retention and motivation of Conduit's key management and the
potential loss of key personnel; the credit environment for issuers of fixed
maturity investments in Conduit's portfolio; the impact of the ongoing
conflicts in Ukraine and the Middle East, 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; and the impact of inflation or deflation in relevant
economies in which Conduit operates.

 

 

 

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