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Conduit Re reports 60% premium growth at 1/1

The reinsurer says it expects the positive movement in terms and conditions and pricing it saw at January 1 to be 'enduring', creating the opportunity for improved margins through 2023 and beyond

Bermuda-based reinsurer books estimated premiums of $421m at January 1 on the back of ‘extremely strong’ market conditions in property and specialty business

Bermuda-based reinsurer Conduit Re reported 60% premium growth at the January 1 renewal season as it increased its weighting towards property and specialty business. 

In a trading update, the company booked estimated ultimate premiums written of $421.4m at the key renewal, up from $262.6m a year earlier.

Conduit Re said it benefited from “extremely strong” property and specialty market conditions, while it saw “selective growth” in casualty lines, which continued to provide “attractive underwriting opportunities”.

“We increased our weighting towards property and specialty business, capitalising on an exceptional shift in pricing, while balancing it against our casualty book, which is still attractively priced,” Gregory Roberts, chief underwriting officer, said.

Across the portfolio the risk-adjusted rate change net of inflation was 19% for this January renewals. Property alone was up 39%, while specialty was up 14% and casualty rates were up 1%. 

Conduit Re said it expected the movement in terms and conditions and pricing to be “enduring”, creating the opportunity for improved margins through 2023 and beyond.

Business continued to trend towards a “mid-80s” combined ratio for the medium term, it said, helped by stronger terms and conditions, reduced acquisition costs on new business and the high pricing environment.

Property made up nearly half of the business Conduit Re wrote at the renewal, with premiums worth $197.3m. Casualty premiums amounted to $112.2m, while specialty premiums reached $111.9m.

The company secured a retrocession programme in line with its objectives.

Conduit Re chief executive, Trevor Carvey, said it had been “an exceptional renewal season”.

“Premium growth of 60% is the true indication of the underwriting conditions we have experienced. This is manifesting itself across pricing and rates, terms and deductibles and the strong increase in new business that we have enjoyed,” he said.

“From a capital perspective, we have plenty of room to execute our plan and the growth we anticipate.”

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