Conduit Re’s gross premiums written grew by 28.3 per cent year-on-year to $356.8 million, its parent company has reported in a first-quarter trading update.

Trevor Carvey, chief executive officer of the Bermudian-based pure-play reinsurer, said: "Following a successful 2023, our momentum was maintained in the first quarter, with growth continuing in line with our plans.

“The broad trading landscape remains very attractive and we continue to see a significant range of high-quality opportunities.

“As always, we remain focused on profitability and underwriting discipline, leveraging our efficient operating model.”

The company reported a 35.1 per cent increase in reinsurance revenue year-on-year to $181.1 million.

Providing an underwriting update, Conduit Re said it was experiencing continued growth across all segments, benefiting from new business, high retention and underlying growth of renewal business, coupled with improving rates.

It added that client count increased in line with Conduit Re's strategy, with the embedded renewing portfolio providing the key foundations.

The overall portfolio risk-adjusted rate change for the first quarter was 3 per cent, net of claims inflation.

The company said no event loss, individually or in the aggregate, had a material impact on Conduit Re in the quarter, adding that the Baltimore Bridge collapse is within its expectations for an event of this nature.