Conduit Holdings posts jump in Q1 gross premiums written

Conduit Holdings reported a jump in first-quarter gross premiums written on Wednesday as it struck an upbeat note on the outlook.

In the three months to the end of March, gross premiums written rose 59.1% from the same period a year earlier to $278m. Estimated ultimate premiums written were up 50.7% at $443.2m.

The company hailed continued growth across all segments as it benefited from new business, high retention and underlying growth of its renewal business and improving rates.

Looking ahead, Conduit said market conditions remain "very favourable", with property and specialty leading the way ahead of casualty.

This is driven by fundamental re-pricing of risk and growing demand for reinsurance while supply remains constrained; continuing risk-adjusted rate increases, augmented by improvements in terms and conditions; and enduring momentum into April, ahead of the mid-year renewals.

Executive chairman Neil Eckert said: "As the year progresses, the capacity constraint in the market becomes increasingly acute. We see this as an enduring pricing environment, creating the opportunity for improved margins in our business throughout 2023 and beyond.

"Conduit continues to deliver strong year-on-year growth. Our current ultimate premium growth is ahead of the original five-year IPO plan expectations and the true value of our strong balance sheet is becoming more apparent as time passes."