A quick trading update from CHL;
CHL, the ultimate parent company of Conduit Re, a pure-play Bermuda-based reinsurance business, provides a Trading Update in relation to the 1 January 2024 renewal season.
Trevor Carvey, Chief Executive Officer, said:
“We are pleased to report a very strong 1 January 2024 renewals season with estimated ultimate premiums written up 38% year-on-year. The quality and structure of the business being written is exactly where I want it to be, and our business platform is readily supporting our continued growth. We look forward to capitalising on the high quality growth opportunities in this market with much optimism.”
Key highlights of 1 January renewals
• Estimated ultimate premiums written of $582.4 million:
• Increase of 38% versus the 1 January 2023 renewal season of $421.2 million
• Very strong levels of renewing business with our key partners, complemented by high quality new business
• Attractive underwriting opportunities in property and specialty resulting in increased weighting towards these segments
• Continued selective approach to casualty lines to maintain stable combined ratio expectations year-over-year
• Further hardening of portfolio rate demonstrated by 3% risk-adjusted rate change, net of inflation
• Outwards retrocession programme secured successfully – no material changes in our net PMLs at 1 January
• Conduit Re continues to have a strong, legacy-free balance sheet and is well placed to continue to grow in the current market conditions
OUTLOOK
The January renewals represent a key renewal period for both the business and industry and are considered a primary indication point for pricing in the reinsurance market. The 1 January renewals period has shown Conduit Re’s ability to continue to grow the business in an environment of risk-adjusted rate improvements in an already hard market. Conduit is well capitalised and anticipates continued year-on-year growth.
We will announce our 2023 year-end financial results on 21 February 2024.
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