Conduit Re sees reinsurance revenue climb 35.1% in Q1 to $181.1m

Conduit Holdings Limited, the ultimate parent company of Bermuda-based reinsurer Conduit Re, has reported reinsurance revenue of $181.1 million in Q1 2024, marking a 35.1% increase over Q1 of 2023.

Of this revenue figure, Conduit’s Property segment made up $98.8 million, its Casualty segment $48.3 million, and its Specialty segment $34 million.

Meanwhile, gross premiums written in the opening quarter of 2024 were $356.8 million, a 28.3% increase over Q1 2023.

Commenting on its underwriting performance, Conduit observed that the continued growth benefited from new business, high retention and underlying renewal business growth, and improving rates.

Greg Roberts, Chief Underwriting Officer, said, “Conditions remain supportive for our focused and disciplined deployment of capital. 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’.”

The firm also noted that despite an active loss period for the industry, no event loss, individually or in the aggregate, had a material impact on Conduit Re.

“The market loss associated with the Baltimore Bridge collapse continues to develop; our exposure is within expectations for an event of this nature,” Conduit added.

Trevor Carvey, Chief Executive Officer, concluded, “Following a successful 2023, our momentum was maintained in the first quarter, with growth continuing in line with our plans.

“The broad trading landscape remains very attractive and we continue to see a significant range of high-quality opportunities.

“As always, we remain focused on profitability and underwriting discipline, leveraging our efficient operating model.”

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