REG - Conduit Holdings Ltd - Appointment of Interim CUO

Conduit HoldingsAnnouncement

Tue 07:00

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RNS Number : 6363F  Conduit Holdings Limited  22 April 2025

Pembroke, Bermuda - 22 April 2025

Conduit Holdings Limited

("CHL"; LSE ticker: CRE)

Appointment of Interim CUO

CHL, the ultimate parent company of Conduit Re, a multi-line Bermuda-based
reinsurance business, today announces the appointment of Nick Pritchard as
interim chief underwriting officer with immediate effect following the
decision by Gregory Roberts to leave Conduit and return to the United Kingdom
for personal reasons.

Neil Eckert, Executive Chairman and Interim CEO, said: "We have an extremely
talented underwriting team, and the appointment of Nick Pritchard reflects his
considerable experience, leadership and underwriting vision for the future of
Conduit Re. The Board of Directors thanks Gregory for his contribution to
Conduit Re since the business was launched in 2020 and wishes him well in his
future endeavours."

Nick joined Conduit in September 2024 and has more than 20 years of industry
experience in the Bermuda and London markets, with a background in leading
underwriting teams and structuring portfolios of risk and retrocessional
programmes. Before joining Conduit, Nick most recently served as Managing
Director at Aon Bermuda. Prior to this Nick was responsible for the property
catastrophe portfolio at Vantage Risk, following roles earlier in his career
at Validus Re and Neon.

Nick's appointment is subject to Bermuda immigration approval.

 

Media contacts:

H/Advisors Maitland - Neil Bennett

+44 (0) 790 000 0777

conduitre@h-advisors.global

Haggie Partners - Peter Rigby

+44 (0) 780 385 1426

Investor relations and other enquiries:

brett.shirreffs@conduitre.bm

Panmure Liberum (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 Bermuda-based multi-line 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 positive.

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

Neither the content of Conduit's website, nor the content on any website
accessible from hyperlinks on its website for any other website, is
incorporated into, or forms part of, this announcement nor, unless previously
published by means of a regulated information service, should any such content
be relied upon in reaching a decision as to whether or not to acquire,
continue to hold, or dispose of, securities in Conduit Holdings Limited.

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". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "plans", "goals", "objective", "rewards",
"expectations", "signals", "projects", "anticipates", "expects", "achieve",
"intends", "tends", "on track", "well placed", "continued", "estimated",
"projected", "preliminary", "upcoming", "may", "will", "aims", "could" or
"should" or, in each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives, goals, targets,
future events or intentions or loss estimates. Forward-looking statements
include statements relating to the following: (i) future capital requirements,
capital expenditures, expenses, revenues, unearned premiums pricing rate
changes, terms and conditions, earnings, synergies, economic performance,
indebtedness, financial condition, dividend policy, claims development, losses
and loss estimates and future business prospects; and (ii) business and
management strategies and the expansion and growth of Conduit's operations.

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 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 which arose as a result of recent loss activity such as
hurricanes, storms, floods and wildfires; the impact of complex causation and
coverage issues associated with attribution of losses to wildfires, wind or
flood damage; the impact of increased costs and inflation to settle claims in
high density areas and emerging information as losses develop; 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 development of Conduit's technology platforms; a decline in
Conduit's ratings with A.M. Best or other rating agencies; the impact that
Conduit's future operating results, capital position and ratings may have on
the execution of Conduit's business plan, capital management initiatives or
dividends; Conduit's ability to implement successfully its business plan and
strategy during 'soft' as well as 'hard' markets; the premium rates which are
available at the time of renewals within Conduit's targeted business lines and
at policy inception; the pattern and development of premiums as they are
earned; increased competition on the basis of pricing, capacity or coverage
terms and the related demand and supply dynamics as contracts come up for
renewal; 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; the impact of inflation or deflation in relevant
economies in which Conduit operates; Conduit becoming subject to income taxes
in Bermuda, the United States or in the United Kingdom; and changes in
insurance or tax laws or regulations in jurisdictions where Conduit conducts
business. Forward-looking statements contained in this trading update may be
impacted by emerging information regarding losses from the California
wildfires, the escalation or expansion of the Ukraine conflict or Middle East
conflict, the volatility in global financial markets and governmental,
regulatory and judicial actions, including coverage issues.

Forward-looking statements speak only as of the date they are made. No
representation or warranty is made that any forward-looking statement will
come to pass. Conduit disclaims any obligation or undertaking to update or
revise any forward-looking statements contained herein to reflect actual
results or any change in the assumptions, conditions or circumstances on which
any such statements are based unless required to do so by law or regulation.
All subsequent written and oral forward-looking statements attributable to
Conduit and/or the group or to persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements referred to above.

 

 

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