PDMR Notification

RNS Number : 8129M

Conduit Holdings Limited

25 January 2021

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION, PUBLICATION OR RELEASE OF THIS ANNOUNCEMENT WOULD BE UNLAWFUL.

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

PDMR Notification

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.

1	Details of the person discharging managerial responsibilities ("PDMR") / person closely associated ("PCA")
a)	Name	Elaine Whelan
2	Reason for the Notification
a)	Position/status	PDMR Director, CFO
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Conduit Holdings Limited
b)	LEI	213800VO4O83JVSSOX33
4	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
a)	Description of the Financial instrument, type of instrument	Common Shares of $0.01 par value
	Identification code	ISIN BMG243851091 SEDOL BN133N2
b)	Nature of the Transaction	Acquisition of Shares
c)	Price(s) and volume(s)	Price(s) 500 pence Volume(s) 19,950
	Aggregated information	19,950 Common Shares in aggregate
d)	Aggregated volume	£99,750 aggregated total
	Price	£5.00 per Common Share
e)	Date of the transaction	20 January 2021
f)	Place of the transaction	London Stock Exchange (XLON)

ENDS

Contacts

Media: David Haggie, Caroline Klein, Haggie Partners

[phone]

[e-mail]

Other: [e-mail]

Website

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

Notes to Editors

About Conduit Re

•	ConduitReisanewlyestablishedreinsuranceunderwritingbusinessfocusingonproducingstrong risk-adjustedreturnsfromadiversifiedandfocusedbusinessplan.Thebusinesshasbeenformedto capitaliseonwhattheCompany'sfounders,NeilEckertandTrevorCarvey(the"Founders")believeto be an exceptional market opportunity.
•	ConduitRewritesreinsuranceintheproperty,casualtyandspecialtyclasses.Yearsofhighinsured losses,diminishedreservesandthemorerecentlossesandindustrystraincausedbyCovid-19 andseverecapacityshortagesincertainclassesofinsuranceandreinsurancehaveproducedmajor corrections in reinsurance pricing and policy Terms & Conditions.
•	Againsttheindustrybackgroundoflosses,litigationandcapacityconstraint,asanewbusiness, Conduithasnolegacyexposureanditsstrongandunencumberedbalancesheetisavailabletowrite new business in what the Foundersbelieve to be an attractive marketenvironment.
•	ConduitReisledbytwohighlysuccessful,experiencedandnetworkedindustryexecutives,NeilEckert and Trevor Carvey.
•	ConduitRehasbeenestablishedtobuildastrongunderwritingfranchisewhichwilltargetstrongcross-cyclereturnsonequityinthemid-teens.Thebusinessplanhasabalancedapproachtocatastrophe riskexposures,generatingprofitandfranchisevaluethroughthequalityofitsunderwritinganditsselect portfolio of high quality business.
•	ConduitReexpectstogeneratesignificantreturnsforitsshareholdersandtoprovideanongoingand progressivedividend.TheCompanyistargetingadividendassoonasduringthe2021financialyear ofapproximately5%-6%ofequitycapital,allocatedbetweenaninterimandfinaldistribution.Conduit willmanageitsbalancesheetefficientlyandinthelongtermmayreturnexcesscapitalthroughspecial dividends or share buybacks where appropriate.
•	Followingyearsofde-listings,inweakindustryconditionsanduponindustryconsolidation,Conduit Reoffersinvestorstheopportunitytotakeadvantageofprevailing,highlypositiveindustryconditions through investment in a listedbusiness which is legacy free and focusedonly on reinsurance.
•	ConduitRebelievesthatsoundESGprinciplesshouldbestronglyembeddedacrossthebusiness andthatthispromotesbetterriskmanagement,innovation,sustainableoutperformanceandpositive communityengagement.ConduitReintendstobeacarbonneutralbusiness.ConduitRewilltarget aNet-Zeropositionthroughacombinationofsoundbusinesspracticesandstrategicallychosenoffset 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:

Web: https://conduitreinsurance.com/

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

Twitter: https://twitter.com/Conduit_Re

 

END

 

 

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