Conduit Holdings has reported a 114.9% year-on-year increase in gross written premiums for the first quarter – from US$82.6 million to US$177.5 million.
According to the parent company of Conduit Re, market conditions remain strong with continuing rate increases and improvements in terms and conditions. The reinsurer also saw diversified and balanced portfolio growth, with a renewal net rate change of 4.9%.
For the first quarter of 2022, the property segment made up the largest part of Conduit Re’s GWP at 47.2%. Casualty premiums came second at 33.6%, followed by specialty at 19.2%. The fastest growth was seen in the casualty segment, which grew 275.5% year on year.
The reinsurer estimated net ultimate incurred losses related to the Russian invasion of Ukraine at between US$15.0 million and US$30.0 million, with net impact for the first quarter of US$24.6 million, after reinsurance and reinstatement premiums. This was predominantly driven by the classes of aviation, war on land and marine war.
“The first quarter of 2022 has seen significant year-on-year growth as we execute on our plan to selectively grow our diversified portfolio,” said Trevor Carvey, group CEO of Conduit Holdings. “We continue to enjoy the benefits of strong reinsurance market conditions and the continuing excellent support from our clients and brokers.”
“Our position as a pure-play reinsurer, with a strong balance sheet and no legacy, allows the team to take advantage of the best market conditions for a decade,” said Neil Eckert, group executive chairman, Conduit Holdings. “As the discipline in primary markets continues, Trevor and his team are successfully executing the strategy put forward in the IPO plans and our earned premium recognition is building.”
