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/
LinkedIn: 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.