Conduit backs new buyback as premiums grow despite softening markets

(Alliance News) - Conduit Holdings Ltd on Wednesday said strength in its Casualty business drove increased gross premiums written at the start of the year.

The parent company of Bermuda-based reinsurer Conduit Re said gross premiums written of USD430.3 million, were up 4.9% year-on-year, with growth being driven by a 23% increase in Casualty.

Here, Conduit said it marginally increased gross premiums written within the Property segment and chose to moderately reduce volume within Specialty. This reflects "active cycle management" amid "softening market conditions, particularly in property and specialty markets," it said.

Reinsurance revenue increased 13% to USD240.3 million on-year, boosted by 21% growth in Casualty and a 13% increase in Property.

Record global reinsurance capital levels combined with relatively low catastrophe losses have contributed to "softening" rates in property and specialty lines, Conduit said. In casualty, pricing remains more stable, although some moderate increases in competition have been observed, it added.

Conduit's overall risk-adjusted rate change for the three months to March, net of claims inflation, was down 5%.

"Although market conditions are softening, we identified select growth opportunities, successfully enhanced our retrocession programme with more comprehensive peak and secondary peril coverage, and substantially completed our previously announced share buyback programme," Chief Executive Neil Eckert.

"This reinforces our confidence in the resilience of the business and strength of our balance sheet," he added.

Against this backdrop, Conduit has approved another buyback programme of up to USD50 million.

Shares in Conduit rose 0.7% to 446.00 pence each in London on Wednesday.

By Jeremy Cutler, Alliance News reporter

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