Business
Conduit Re welcomes AMBest affirmation of A rating
Conduit Re welcomes AMBest affirmation of A rating.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n \n \n \n Pembroke, Bermuda - 16 December 2022\n \n \n \n Conduit Holdings Limited\n \n \n (\"Conduit Re\")\n \n \n Conduit Re welcomes AM Best affirmation of A- (Excellent)\n rating\n \n \n On 15 December 2022, the rating agency AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of \"a-\" (Excellent) of Conduit Reinsurance Limited (Conduit Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.\n \n In its release, the agency noted that \"The ratings reflect Conduit Re's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. Conduit Re's balance sheet strength is underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR). BCAR scores are expected to remain comfortably in excess of the strongest threshold as the company executes its business plans and grows its reinsurance portfolio. The company has good capital quality without any debt leverage, a conservative investment strategy focused on debt securities and a reinsurance programme of excellent credit quality.\"\n \n Trevor Carvey, Conduit Re Chief Executive Officer commented:\n \n \"We welcome AM Best's affirmation of Conduit Re's rating. Within one of the best market environments of the last few decades, this affirmation validates the strategy of Conduit Re and the strength of its balance sheet. With our pure-play reinsurance focus, legacy-free balance sheet and selective underwriting we are fully engaged to accelerate our growth in exceptional market conditions.\"\n \n \n -END-\n \n \n Media contacts\n \n \n H/Advisors Maitland - Vikki Kosmalska / Alistair de Kare-Silver\n \n +44 (0) 207 379 5151\n [email protected]\n \n \n Investor relations and other enquiries:\n \n [email protected]\n \n \n About Conduit Re\n \n Conduit Re is a pure play global reinsurance business based in Bermuda. 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 ...