8th Nov 2023 09:40
Conduit Holdings Ltd - Bermuda-based reinsurer - Says gross written premiums for the nine months to September 30 grew 50% to USD764.4 million from USD508.7 million a year ago. Estimated ultimate written premiums in the nine-month period grew 56% to USD909.3 million from USD581.4 million the year before. Looking ahead, says it is well-placed for continued growth due to "supply-demand imbalance" as demand for reinsurance continues to exceed supply and provide positive momentum.
Chief Executive Officer Trevor Carvey says: "The third quarter has been a great period for us at Conduit Re. Renewals and new business alike have contributed to the growth of our portfolio, with the non-catastrophe and speciality space continuing to receive much of our attention. The estimated ultimate premiums written of USD909.3 million in the first nine months of 2023 represented an increase of 56.4% over the same period last year and our underwriting teams continue to deploy capacity efficiently in this dynamic marketplace across a broad range of both quota share and excess of loss opportunities."
Current stock price: 448.00 pence, up 3.6%
12-month change: up 24%
By Sabrina Penty, Alliance News reporter
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