In the first half of 2023, Conduit Re’s pricing levels and favourable terms and conditions improved significantly, driving increased interest from potential clients and presenting promising avenues for expansion.
An essential factor contributing to Conduit Re’s prosperity was the risk-adjusted rate change, net of claims inflation, for the six months ending on June 30, 2023, which recorded an impressive overall increase of 15%.
A breakdown by segment reveals that the Property segment experienced a significant rate surge of 30%; the Specialty segment, with a rate change of 12%, also saw substantial growth; while the Casualty segment remained stable with a rate change of 0%.
Throughout the initial half of 2023, Conduit Re experienced consistent expansion in all sectors, driven by a combination of factors. The company capitalised on new business opportunities, maintained strong client retention rates, and witnessed organic growth in its renewals.
Moreover, the favourable market conditions with improving rates further contributed to Conduit Re’s success. The company’s strategic approach aligned with its objectives, resulting in a notable increase in both client count and submission flow. The embedded renewing portfolio played a pivotal role in establishing a solid and profitable foundation for the company’s growth.
Conduit Re reported these figures in its H1 2023 results, posting an 83.1% combined ratio for the six months ended 30 June 2023, a 22.7-point improvement from a year-ago period, as it expanded gross premiums written by 52.9% into the current insurance hard market.
Gross premiums written for H1 2023 hit $542.2 million, showcasing a 52.9% increase from H1 2022.
