Conduit Holdings Ltd on Thursday said it benefitted from a high level of renewing business and positive rates in its property and specialty books during the key January 1 renewals season, as it noted ‘high-quality growth opportunities’.

The Bermuda-based reinsurer said estimated ultimate premiums written as at January 1 jumped 38% to $582.4 million from $421.4 million a year prior.

This was boosted by a 58% surge in Property premiums written to $311.0 million from $197.3 million a year ago, while Speciality premiums climbed 52% to $170.0 million from $111.9 million.

Casualty premiums however declined 10% to $101.4 million from $112.2 million.

Chief Executive Officer Trevor Carvey said: ‘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.’

Chief Underwriting Officer Gregory Roberts added: ‘We continue to grow the portfolio significantly without sacrificing quality. We saw more attractive risk versus reward in the property and specialty segments and therefore we focused growth in these classes over casualty.’

The company will release its 2023 results on February 21.

Conduit shares were 0.4% lower at 464.00 pence each on Thursday afternoon in London.

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