Conduit Holdings Limited (CHL), the parent company of Conduit Re, anticipates its comprehensive income for the year to be greater than current consensus forecasts, driven by a more positive valuation of investments.
According to the firm, in the second half of 2023, the overall reduction in interest rates led to substantial investment portfolio valuation gains.
CHL added that its investment strategy remains unchanged from that previously reported, and has also disclosed it will release its preliminary results for 2023 on 21 February 2024.
The firm’s Bermuda-based reinsurer, Conduit Re, recently reported estimated ultimate premiums written of $582.4 million at a “very strong” January 1st, 2024, reinsurance renewals for the company, driven by solid year-on-year growth in property and specialty and an overall risk-adjusted rate change of 3%, net of inflation.
When compared with the 1.1 2023 renewals season, Conduit Re’s ultimate premiums written rose 38% as the firm saw attractive underwriting opportunities in property and specialty and maintained a select approach to casualty lines.
At the time, Trevor Carvey, Chief Executive Officer, said, “We are pleased to report a very strong 1 January 2024 renewals season with estimated ultimate premiums written up 38% year-on-year.
“The quality and structure of the business being written is exactly where I want it to be, and our business platform is readily supporting our continued growth. We look forward to capitalising on the high-quality growth opportunities in this market with much optimism.”
Looking forward, Conduit Re noted that the January 1st, 2024, reinsurance renewals period showed its ability to continue growing in an environment of risk-adjusted rate improvements in an already hard market. The firm anticipates continued year-on-year growth in 2024.
