Bermudian-based Conduit Re grew gross premiums written by 25.2 per cent year-over-year in the first nine months of 2024, the company’s parent has reported in a trading statement.

Conduit Holdings Ltd said GPW for the period totalled $957.3 million.

Conduit Re had reinsurance revenue of $588.2 million, a 30.3 per cent increase over the first nine months of 2023.

The company’s overall portfolio risk-adjusted rate change for the nine months ended September 30 was 1 per cent, net of claims inflation.

Conduit said activity across smaller and mid-size natural catastrophe and risk events has been elevated, and in aggregate its estimated undiscounted net loss recorded in the third quarter was approximately $50 million, net of reinsurance and reinstatement premiums.

Following the loss events of the third quarter, the company added, its undiscounted combined ratio was in the mid-90s on a year-to-date basis through September 30.

Trevor Carvey, chief executive, said: “Our increase in premiums written of 25 per cent year-on-year reflects continued growth into our capital base, in what we view as a strong market with healthy rate adequacy.

“We have seen an active quarter from an event perspective, notably natural catastrophe events across the US, Canada and the Caribbean, and as a well-diversified, predominantly quota share reinsurer we pick up our fair share of these, as we expect to do so.

“Looking forward and into 2025, we remain committed to risk selection and growing our business in a measured and balanced manner.”

Gregory Roberts, chief underwriting officer, said: “With two months remaining in the year, the reinsurance industry has already experienced a significant level of natural catastrophe and large loss activity.

“Pricing conditions remain broadly stable and benefit from several years of compounding rate increases.

“As a trusted partner, our underwriting team engages with clients in what is a dynamic marketplace as we continue to grow while maintaining the balance of our overall portfolio.”