Business
Conduit Holdings Limited Q3 2021 Trading Update
Conduit Holdings Limited Q3 2021 Trading Update.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 1362R\n Conduit Holdings Limited\n 03 November 2021\n \n \n \n \n Conduit Holdings Limited Q3 2021 Trading Update \n \n \n Conduit Holdings Limited (\"CHL\" or \"Conduit Re\") (Ticker:CRE)\n \n Hamilton, Bermuda - 3 November 2021\n \n Trading Statement - Q3 2021\n \n CHL is today presenting its trading statement for the nine months ended 30 September 2021.\n \n \n Key highlights:\n \n • Underwriting plan on track;\n • Estimated ultimate premiums written of $387.7 million; on plan for the year;\n • Gross premiums written of $291.2 million;\n • Diversified and balanced portfolio;\n • Market conditions remain strong with continuing rate increases and improvements in terms and conditions;\n • Net incurred losses in the third quarter in relation to Hurricane Ida and the European Floods of $28.6 million, including the impact of outward reinsurance and reinstatement premiums (representing 2.9% of tangible net assets);\n • Conservative approach to invested assets maintained;\n • Continued development of a high quality underwriting franchise with the build out of our teams and operating platform;\n • First interim dividend of 18c (approximately 13p) per common share (in respect of H1 2021) declared and paid in the third quarter of 2021.\n \n Neil Eckert, Group Executive Chairman, commented:\n \"We continue to build our business as we set out in our initial plans and remain on track to deliver on these. This quarter saw two major catastrophe loss events and our relatively limited exposures to these demonstrates the quality of the portfolio that Trevor and the team have been carefully building. This justifies the Conduit Re approach of building a focussed, diversified and balanced business model.\"\n \n Trevor Carvey, Group Chief Executive Officer, commented:\n \"We passed our first test as a global reinsurer during the quarter with the experiences of the European Floods and Hurricane Ida. Both of these events serve as a poignant reminder of the potential severity and frequency of natural events in the reinsurance marketplace. Whilst Ida in particular is a major event for the Industry, it sits well within our retrocession programme and has therefore only had a limited impact on our financial performance. Our reinsurance programme remains strong for the rest of the yea...