Conduit Holdings Limited, the parent company of Conduit Re, a reinsurance business based in Bermuda, has released its preliminary results for the year ended 31 December 2023. The company achieved comprehensive income of $190.8 million and a return on equity of 22.0%. This success was attributed to a strong year-on-year growth in gross premiums written of 49.6% and a combined ratio of 72.1%. The CEO, Trevor Carvey, highlighted the efficient business model and strong capital base, positioning the company for continued growth into favorable market conditions.

The financial highlights for 2023 include a comprehensive income of $190.8 million, representing a 22.0% return on equity for the full year, and a combined ratio of 72.1% compared with 103.0% for 2022. Gross premiums written for the year ended 31 December 2023 amounted to $931.4 million, marking a 49.6% increase over 2022. The company also reported a high-quality investment portfolio with an average credit quality of AA and a book yield of 3.7%.

Looking ahead, Conduit Re's focused and disciplined approach to underwriting resulted in continued growth at 1 January 2024, with estimated ultimate premiums written of $582.4 million, a 38% increase versus the 1 January 2023 renewal season. The company also reported very strong levels of renewing business with key partners, complemented by high-quality new business. Additionally, there was an increased weighting towards property and specialty, thanks to attractive underwriting opportunities in these segments.

Conduit Holdings Limited also announced a final dividend of $0.18 per common share, bringing the full 2023 dividend to $0.36 per common share in line with their stated dividend policy. As of 31 December 2023, Conduit Re's estimated Bermuda solvency capital ratio coverage ratio was 381%, indicating a strong financial position.

In conclusion, the company's strong financial performance in 2023, along with its strategic approach to underwriting and disciplined capital management, has positioned it for continued growth and success in the reinsurance market.