Bermudian-based Conduit Re rebounded to profit in 2023, recording comprehensive income of $190.8 million compared with a loss of $43.9 million in the prior year.

The company reported annual return on equity of 22 per cent and strong year-on-year growth in gross written premiums, which increased 49.6 per cent to $931.4 million.

Conduit had a combined ratio of 72.1 per cent compared with 103 per cent for 2022.

Chief executive officer Trevor Carvey said 2023 was “an outstanding year” for the company.

“Across all three divisions, the underwriting teams navigated the market well, being focused in choosing their preferred spaces to play and allocating our capacity to those where we saw the best opportunities and returns,” he added.

“We continue to benefit from a lack of legacy issues and our clean balance sheet has given us tremendous freedom to deploy exactly where we wish to. Strong investment performance, particularly in the last quarter of the year, supported our underwriting efforts.

“Entering our fourth year, we continue to deliver on our plans and the market landscape out there is offering up plenty of good opportunities for continued growth."

Neil Eckert, the executive chairman, added: “Conduit had an excellent 2023. The team's experience and deep market knowledge has delivered a fantastic performance and gained enduring support from clients and brokers alike.

“Market conditions remain attractive to support strong organic growth while maintaining a robust capital position."

Reinsurance revenue was up sharply in 2023 to $633 million, which compares with $392.4 million in 2022.

The company reported a total net investment return of $70.6 million for the year, which includes a net unrealised gain of $30.6 million, compared with a net investment loss of $52.8 million, which included $67.8 million of net unrealised loss in 2022.

Conduit declared a final dividend of $0.18 per common share, taking the full 2023 dividend to $0.36.