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(Sharecast News) - Reinsurance underwriter Conduit Holdings reported $458.5m (£342.39m) in estimated ultimate premiums written in its preliminary results on Thursday, in line with its first year plan.
The London-listed firm said gross written premiums were $378.8m for the year ended 31 December, with net written premiums coming in at $346.2m, and net premiums earned totalling $194.2m.
It recorded an underwriting loss of $7m, and a comprehensive loss of $42m for 2021.
Looking at its ratios, Conduit said its return on equity was a negative 4%, while its net loss ratio came in at 73.2%.
Its net acquisition cost ratio was 30.4% and its other operating expense ratio was 15.8%.
Conduit's combined ratio was 119.4%, and its total investment return was a negative 0.3% for the year ended 31 December.
"To have accomplished the goals we set ourselves for our first year has been an outstanding achievement for Conduit Re," said group chief executive officer Trevor Carvey.
"For me, the highlight has been the development of our non-cat account which represents 69% of our premium income."
Carvey said the company's "selective and technical" approach to underwriting, together with favourable market conditions, had allowed it to construct a "high-quality and diversified" core portfolio in a year of significant losses for the industry.
"We have been able to minimise our exposure to the volatility of the year's external events and our hard work and discipline should reap rewards in the coming years."
At 1151 GMT, shares in Conduit Holdings were down 4.59% at 394.5p.
