Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Gross premiums rise in strong quarter for Conduit

(Sharecast News) - Conduit Holdings reported a 28.3% increase in gross premiums written in its first quarter on Wednesday, reaching $356.8m for the three months ended 31 March. The company said reinsurance revenue also surged, by 35.1% year-on-year, to $181.1m.

It said the overall portfolio risk-adjusted rate change for the quarter stood at 3%, net of claims inflation, indicating favourable market conditions.

Despite market fluctuations, Conduit Re reported no event loss, either individually or in the aggregate, significantly impacting its operations during the quarter.

The firm said its exposure to the Baltimore Bridge collapse remained within expectations for an event of such nature.

Conduit Re maintained a high-quality investment portfolio with an average credit quality of AA, a duration of 2.5 years, and a book yield of 3.9%, with market yield reaching 5.3% as of 31 March.

Looking ahead, market conditions were still historically favourable, benefiting Conduit Re's underwriting portfolio.

The company said its conservative investment strategy aimed to protect capital to support underwriting, with a diversified platform allowing capital allocation to deserving opportunities.

Its outlook includes a low 80s undiscounted combined ratio and continued growth across all segments, driven by new business, high retention, and improving rates.

"Conditions remain supportive for our focused and disciplined deployment of capital," said chief underwriting officer Greg Roberts.

"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'."

At 0948 BST, shares in Conduit Holdings were up 0.51% at 510.6p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Thor posts strong first half, lowers full-year production guidance
(Sharecast News) - Gold explorers and miner Thor Explorations reported a solid first-half performance on Friday, although it lowered its full-year production guidance.
Trinity delays publication of scheme document for its takeover
(Sharecast News) - Trinity Exploration & Production announced a delay in the publication of the scheme document related to its recommended cash acquisition by Lease Operators on Friday.
Celadon confident in seeing through funding challenges
(Sharecast News) - Cannabis-based medicines specialist Celadon Pharmaceuticals updated the market on its financial position on Friday, amid ongoing challenges related to delays in expected funding.
Sound Energy inks bridge finance deal ahead of SEME sale completion
(Sharecast News) - Sound Energy has entered into a bridge financing facility agreement for up to £1.5m, it announced on Friday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.