- Conduit Holdings Limited Com Shs (DI)
- 15 May 2024 10:29:12
Source: Sharecast
The company said reinsurance revenue also surged, by 35.1% year-on-year, to $181.1m.
It said the overall portfolio risk-adjusted rate change for the quarter stood at 3%, net of claims inflation, indicating favourable market conditions.
Despite market fluctuations, Conduit Re reported no event loss, either individually or in the aggregate, significantly impacting its operations during the quarter.
The firm said its exposure to the Baltimore Bridge collapse remained within expectations for an event of such nature.
Conduit Re maintained a high-quality investment portfolio with an average credit quality of AA, a duration of 2.5 years, and a book yield of 3.9%, with market yield reaching 5.3% as of 31 March.
Looking ahead, market conditions were still historically favourable, benefiting Conduit Re's underwriting portfolio.
The company said its conservative investment strategy aimed to protect capital to support underwriting, with a diversified platform allowing capital allocation to deserving opportunities.
Its outlook includes a low 80s undiscounted combined ratio and continued growth across all segments, driven by new business, high retention, and improving rates.
“Conditions remain supportive for our focused and disciplined deployment of capital,” said chief underwriting officer Greg Roberts.
“Our mature relationships with non-admitted and E&S carriers remain a cornerstone of our strategy as we continue to grow in that space.
“Rating levels are generally strong, and the overall trading environment remains in a very good place and continues to be an 'underwriters' market'.”
At 0948 BST, shares in Conduit Holdings were up 0.51% at 510.6p.
Reporting by Josh White for Sharecast.com.