Latest financials from Conduit Re;
2023 H1 Results
• Total net investment return of $22.6 million for the six months ended 30 June 2023 which includes a net unrealised gain of $5.7 million, compared to a net investment loss of $50.0 million which included $54.3 million of net unrealised loss in the same period in 2022
• Interim dividend of $0.18 (approximately 14 pence) per common share declared
CHL, the parent company of Conduit Re, a pure-play reinsurance business based in Bermuda, today presents its interim results for the six months ended 30 June 2023, on an IFRS 17 basis.
Trevor Carvey, Chief Executive Officer, commented: “This has been a very successful half year for Conduit, and we are delivering on the goals we set out when we founded the business in 2020. In a half year which has seen high industry losses, our focused underwriting strategy has delivered strong underwriting results which, coupled with our low expense base, have delivered a very attractive combined ratio of 72.5% (83.1% on undiscounted basis). With no back years prior to 2021, we continue to look forward to deploying capital effectively, taking maximum advantage of current market conditions, which we see continuing for some time.”
Neil Eckert, Executive Chairman, commented: “We are delighted to announce our maiden interim profit. The low combined ratio and highly attractive return on equity are testament to the effectiveness of our strategy. This is one of the hardest insurance markets in a generation and we are very well placed to capitalise on that with our efficient business model.”