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This announcement contains inside information for the purpose of Article 7 of the Market Abuse Regulation (EU) No 596/2014 (the "Market Abuse Regulation").
Conduit Holdings Limited ("Conduit Holdings")
Hamilton, Bermuda 25 January 2021
Conduit Holdings today announces that Elaine Whelan, the Chief Financial Officer and a person discharging managerial responsibilities in Conduit Holdings ("PDMR"), on 20 January 2021, acquired 19,950 Conduit Holdings common shares of par value $0.01 per share each at a price of 500 pence per share. Elaine's total current shareholding is 19,950 common shares.
PDMR Notification of Dealing Form: The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further details of the transaction.
Details of the person discharging managerial responsibilities ("PDMR") / person closely associated ("PCA")
Reason for the Notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Conduit Holdings Limited
Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the Financial instrument, type of
Common Shares of $0.01 par value
Nature of the Transaction
Acquisition of Shares
Price(s) and volume(s)
19,950 Common Shares in aggregate
£99,750 aggregated total
£5.00 per Common Share
Date of the transaction
20 January 2021
Place of the transaction
London Stock Exchange (XLON)
Media: David Haggie, Caroline Klein, Haggie Partners
+44 (0) 207 562 4444
Other: [email protected]
Further details of the Conduit Group can be found at its website: https://conduitreinsurance.com/
Notes to Editors
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.