Conduit Holdings Ltd, the ultimate parent company of Conduit Re, the multiline Bermudian-based reinsurance business, has provided further details of the share buyback programme of up to $50 million announced on May 14.

Panmure Liberum Ltd has been appointed by CHL to execute and manage independently repurchases of up to $50 million of common shares of $0.01 each in the capital of CHL, within set parameters, through on-market purchases under the buyback programme.

The purpose of the programme is to return additional capital to shareholders, in line with CHL's capital management strategy.

It will be funded from CHL's existing cash resources and all common shares repurchased will be held in treasury.

Shareholders agreed at Conduit Holdings' annual meeting on May 14 that treasury shares can be resold for cash, cancelled or used for the purposes of CHL's 2023 long-term incentive plan or any future approved employee share schemes.

Repurchases may be made up to and including the conclusion of CHL's 2026 annual meeting or by the end of the day on August 14, 2026, whichever is sooner, unless the buyback programme is terminated earlier.

Conduit Holdings has given Panmure an irrevocable instruction to make market purchases of common shares on its behalf independently.

In accordance with European Union regulations, Conduit Holdings will not purchase on any trading day more than 25 per cent of the average daily trading volume of the common shares calculated based on the 20 trading days preceding the date of purchase of such common shares. Panmure will make its trading decisions independently of Conduit Holdings.

The buyback programme may be suspended and/or cancelled, subject to market factors, and there is no guarantee that it will be executed in full or that any repurchases will be made.