Conduit Re commences Panmure Liberum-led $50 million share buyback

By Ryan Hewlett

May 19 - (The Insurer) - Conduit Holdings, the ultimate parent of London-Bermuda carrier Conduit Re, has launched its $50 million share buyback, with UK investment bank and corporate broker Panmure Liberum appointed to execute the programme.

The London-listed carrier provided further details of its share buyback in an update to the London Stock Exchange before markets opened on Monday.

Conduit announced the buyback in its first-quarter 2025 trading update on May 14. The move was welcomed by analysts and helped push the share price up by more than 8%.

The group said on Monday that Panmure Liberum will execute and manage independently repurchases of up to $50 million of common shares of $0.01 each in the capital of Conduit Holdings.

The purpose of the buyback is to return additional capital to shareholders, in line with Conduit Re's capital management strategy.

The buyback, funded from existing cash resources, will run from market open on Monday through to Conduit Holdings' 2026 annual general meeting or August 14, 2026, whichever comes earlier and unless terminated earlier.

Berenberg analyst Michael Huttner noted that the $50 million buyback is equivalent to 6.5% of Conduit Re’s market capitalisation. Combined with Conduit Re’s 7.8% annual dividend yield, the buyback is equivalent to a “compelling” total cash return for shareholders of around 14%, he said.

“As importantly, the buyback is being done at a circa 30% discount to tangible net asset value, an attractive level,” Huttner added.