Conduit Re, the Bermudian-based pure play reinsurer, has reported a 38 per cent year-on-year increase in estimated ultimate premiums written in a trading update in relation to the January 1 renewal season.

The company reported estimated ultimate premiums written of $582.4 million, well up on the January 1 2023 renewal season figure of $421.2 million.

Trevor Carvey, the chief executive, said: “We are pleased to report a very strong 1 January 2024 renewals season with estimated ultimate premiums written up 38 per cent year-on-year.

“The quality and structure of the business being written is exactly where I want it to be, and our business platform is readily supporting our continued growth.

“We look forward to capitalising on the high-quality growth opportunities in this market with much optimism."

Conduit Re reported very strong levels of renewing business with its key partners, complemented by high-quality new business, as well as attractive underwriting opportunities in property and specialty resulting in increased weighting towards these segments.

The company said it continued its selective approach to casualty lines to maintain stable combined ratio expectations year-over-year.

Conduit Re said further hardening of its portfolio rate was demonstrated by a 3 per cent risk-adjusted rate change, net of inflation.

The company said its outwards retrocession programme was secured successfully with no material changes in its net probable maximum losses at January 1.

The company said: “Conduit Re continues to have a strong, legacy-free balance sheet and is well placed to continue to grow in the current market conditions.”

Gregory Roberts, chief underwriting officer, added: “Our 2024 renewals season was again characterised by a high level of renewing business and positive rates in our property and specialty books.

“We continue to see high submission levels of attractive business and, being selective around lines, rates and structure, we continue to grow the portfolio significantly without sacrificing quality.

“We saw more attractive risk versus reward in the property and specialty segments and therefore we focused growth in these classes over casualty.”

Of the outlook going forward, the company said: “The January renewals represent a key renewal period for both the business and industry and are considered a primary indication point for pricing in the reinsurance market.

“The 1 January renewals period has shown Conduit Re’s ability to continue to grow the business in an environment of risk-adjusted rate improvements in an already hard market.

“Conduit is well capitalised and anticipates continued year-on-year growth.”

The company said it would announce its 2023 year-end financial results on February 21.