Conduit Holdings Limited, the ultimate parent company of Bermudian-based Conduit Re, has reported a 50.3 per cent year-over-year increase in gross premiums written for the first nine months of 2023 of $764.4 million.

Issuing a trading update through September 30, Conduit reported $909.3 million of estimated ultimate premiums written, a 56.4 per cent increase year-over-year.

The company reported almost $2 billion of estimated ultimate premiums written from launch in December 2020 up to September 30, with significant unearned premium of approximately $676 million, which will flow through in subsequent years.

The overall portfolio risk-adjusted rate change for the nine months ended September 30, net of claims inflation, was 15 per cent.

No event loss, individually or in the aggregate, had a material impact during the nine-month period, the company said.

Trevor Carvey, the chief executive, said: "The third quarter has been a great period for us at Conduit Re. Renewals and new business alike have contributed to the growth of our portfolio, with the non-catastrophe and specialty space continuing to receive much of our attention.

“The estimated ultimate premiums written of $909.3 million in the first nine months of 2023 represented an increase of 56.4 per cent over the same period last year and our underwriting teams continue to deploy capacity efficiently in this dynamic marketplace across a broad range of both quota share and excess of loss opportunities."

Neil Eckert, executive chairman, added: "Trevor and his team have created a scalable business model and a platform that is delivering strong organic sustainable growth and we have an ample capital base that will enable us to continue to do so.

“We expect the duration of the current hard cycle to be extended due to structural changes in the industry, continued inflationary pressures and adverse development on the industry's legacy casualty business."