Business
Conduit Holdings Limited Q1 2022 Trading Update
Conduit Holdings Limited Q1 2022 Trading Update.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n \n \n Conduit Holdings Limited First Quarter 2022 Trading Update\n \n \n Conduit Holdings Limited First Quarter 2022 Trading Update\n \n \n \n \n \n Conduit Holdings Limited (\"CHL\" or \"Conduit Re\") (Ticker:CRE)\n \n \n \n \n \n Pembroke, Bermuda - 11 May 2022\n \n \n \n \n \n CHL is today presenting its trading update for the first quarter of 2022.\n \n \n \n \n \n Key highlights of the first quarter:\n \n \n \n \n \n \n \n \n \n \n \n \n \n 2022\n \n \n $m\n \n \n \n \n 2021\n \n \n $m\n \n \n \n \n Year on year change %\n \n \n \n \n \n \n Estimated ultimate premiums written\n \n \n \n \n 296.9\n \n \n \n \n 199.1\n \n \n \n \n 49.1\n \n \n \n \n \n \n Gross premiums written\n \n \n \n \n 177.5\n \n \n \n \n 82.6\n \n \n \n \n 114.9\n \n \n \n \n \n \n • Continued build of a high quality reinsurance franchise\n \n \n • Market conditions remain strong with continuing rate increases and improvements in terms and conditions\n \n \n • Diversified and balanced portfolio growth with a renewal net rate change of 4.9%\n \n \n • Net ultimate incurred losses related to the Russian invasion of Ukraine are estimated at between $15.0 million and $30.0 million, with net impact for the first quarter of $24.6 million, after reinsurance and reinstatement premiums, predominantly driven by the classes of aviation, war on land and marine war\n \n \n • Investment return at (2.9)% driven by unrealised losses of $32.6 million from increase in yields due to interest rate hike expectations; conservative approach to invested assets maintained\n \n \n • Final dividend of 18c (approximately 14p) per common share (in respect of the second half of 2021) paid in the second quarter of 2022\n \n \n \n \n \n Neil Eckert, Group Executive Chairman, commented:\n \n \n \"Our position as a pure-play reinsurer, with a strong balance sheet and no legacy, allows the team to take advantage of the best market conditions for a decade.\n \n \n As the discipline in primary markets continues, Trevor and his team are successfully executing the strategy put forward in the IPO plans and our earned premium recognition is building.\"\n \n \n Trevor Carvey, Group Chief Executive Officer, commented:\n \n \n \"The first quarter of 2022 has seen significant year-on-year growth as we execute on our plan to selectively grow our diversified portfoli...