Conduit Holdings Limited PDMR Notification (7033S)
March 18 2021 - 04:02AM
UK Regulatory
TIDMCRE
RNS Number : 7033S
Conduit Holdings Limited
18 March 2021
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 March 18, 2021
PDMR Notification
Conduit Holdings today announces that Richard Sandor, a Director
and a person discharging managerial responsibilities in Conduit
Holdings ("PDMR"), on 2 March 2021, acquired 1,000 Conduit Holdings
common shares of par value $0.01 per share each at a price of 5.48
pence per share. Richard's total current shareholding is 1,000
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 Dr Richard Sandor
------------------------------------------------------------ ---------------------------------------
2 Reason for the Notification
-----------------------------------------------------------------------------------------------------
a) Position/status PDMR
Director
------------------------------------------------------------ ---------------------------------------
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 Common Shares of $0.01 par value
instrument
------------------------------------------------------------ ---------------------------------------
Identification code ISIN BMG243851091
SEDOL BN133N2
------------------------------------------------------------ ---------------------------------------
b) Nature of the Transaction Acquisition of Shares
------------------------------------------------------------ ---------------------------------------
c) Price(s) and volume(s) Price(s)
GBP 5.48
Volume(s)
1,000
------------------------------------------------------------ ---------------------------------------
d) Aggregated information 1,000 Common Shares in aggregate
GBP 5,493.70 aggregated total
Aggregated volume
GBP5.48 per Common Share
Price
------------------------------------------------------------ ---------------------------------------
e) Date of the transaction March 2, 2021
------------------------------------------------------------ ---------------------------------------
f) Place of the transaction London Stock Exchange (XLON)
------------------------------------------------------------ ---------------------------------------
ENDS
Contacts
Media: David Haggie, Caroline Klein, Haggie Partners +44 (0) 207
562 4444 ConduitRe@haggie.co.uk
Other: info@conduitreinsurance.com
Website
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.
Learn more:
Web: https://conduitreinsurance.com/
LinkedIn: https://www.linkedin.com/company/conduit-re
Twitter: https://twitter.com/Conduit_Re
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END
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