Conduit welcomes strong broker and client support in first Q1 trading statement

Conduit Holdings has hailed a successful first quarter of trading, insisting it has enjoyed strong broker and client support, with its legacy free balance sheet positioning it well to take advantage of the attractive conditions currently seen in the market.

“There appears to be rating discipline in primary markets that is not necessarily born out of capital constraints, but from the results the market has experienced over the last few years and the perceived need for fundamental improvement in pricing,” said Neil Eckert, group executive chairman at Conduit. “We expect to see this trend continuing.”

In its first quarter trading statement, Conduit reported gross written premiums of $82.6 million for the first three months of 2021. It estimated ultimate premiums written of $199.1 million, up from the approximately $160.0 million announced in its previous statement on January 14, 2021.

It estimated losses of around $6 million due to Winter Storm Uri, a figure that includes the impact of reinstatement premiums.

Trevor Carvey, Conduit’s group chief executive officer, said: “Our underwriting teams moved straight on from January 1 business and have continued to enjoy outstanding support and approval from both brokers and customers alike. The dual forces of rate and market sentiment are still pushing strongly in our classes, which further strengthens our opinion - expressed at the time of the IPO - that the rising tide would be lifting many boats across the industry.”