Conduit Re Reports Strong Q3 Revenue Growth

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Conduit Re says its third quarter 2022 results show strong growth in premium income, with the strength of the balance sheet and underwriting direction putting it in “an excellent position” in “exceptional” market conditions.

The company said in a statement that it saw $600.9 million in estimated ultimate gross premiums written for the nine months ending September 30, 2022, which it said represented a 55% increase over nine months ending September 30, 2021. It also reported that gross underwritten premiums in the first nine months of 2022 were $528.1 million, up 81.4% from $291.2 million dollars in the first three quarters of 2021.

Broken down by segment, the company said it saw an increase in gross written premiums of 49.7% for property, 34.3% for accident and 16% for specialty over the same period.

Trevor Carvey, Managing Director of Conduit Re, said: “The creation and development of Conduit Re was perfectly timed. Over the past two years, we have built a lean and efficient reinsurance business, with an excellent underwriting team that is uniquely positioned to take full advantage of current market conditions.

He added: “The growth we have shown in our premium income, together with the high quality business volume we have built up, which will continue to earn our income statement in the periods to come, gives us great confidence for the rest of this period. year and beyond.

Stratumn, by SIA Partners

In terms of the broader market, the company said it expects an ultimate loss, net of reinsurance recoveries and reinsurance premiums, for Hurricane Ian of about $40 million. But while reservations have been recorded for this recent event, he said there was still significant uncertainty over the ultimate losses.

He added: “With regard to the current crisis in Ukraine resulting from the Russian invasion on February 24, 2022, Conduit Re has potential exposure through its property and specialty reinsurance portfolios, via classes such as aviation. , land warfare and sea warfare. There is great uncertainty in estimating losses resulting from the conflict, especially since it is an ongoing event. Based on current information, Conduit Re’s estimated ultimate losses, net of reinsurance recoveries and reinsurance premiums, related to the dispute are unchanged at $24.6 million.

It was in July that Conduit Re released for the first time its figure of $24.6 million for losses resulting from Russia’s invasion of Ukraine.

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