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

[email protected]

Investor relations and other enquiries

[email protected]

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.