Conduit Holdings Limited, the ultimate parent company of Conduit Re, a Bermuda-based reinsurance business, has released its January 2024 Trading Update. The company reported a 38% year-on-year growth in estimated ultimate premiums written, totaling $582.4 million. The CEO, Trevor Carvey, expressed satisfaction with the quality and structure of the business, highlighting the company's readiness to support continued growth. The underwriting activities showed a significant increase in property and specialty segments, with a selective approach to casualty lines to maintain stable combined ratio expectations year-over-year.
Conduit Re's Chief Underwriting Officer, Gregory Roberts, noted positive rates in the property and specialty books, with a focus on growing the portfolio significantly without sacrificing quality. The net rate changes for the 2024 renewals season reflected management's assessment of rate changes of Conduit Re's renewed business net of the impact of claims inflation, exposure changes, and changes in any other terms and conditions. The company anticipates continued year-on-year growth and will announce its 2023 year-end financial results on 21 February 2024.
Conduit Re's management will host a live question and answer session for analysts and investors via a webcast and conference call on Thursday, 25 January 2024. The company's strong, legacy-free balance sheet and its ability to grow in the current market conditions were highlighted. Conduit Re is a pure-play Bermuda-based reinsurance business with global reach, 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.