Conduit Holdings Ltd. · LSE:CRE
Conduit — Q1 2024 Earnings Presentation
18 slides from Conduit's earnings presentation, May 15, 2024
Slide 1: Conduit Holdings Limited Q1 2024 Trading Update
Conduit Holdings Limited Q1 2024 Trading Update 15 May 2024
Slide 2: Strong growth continues in Q1 2024
Strong growth continues in Q1 2024 Gross premiums written of $356.8 million, +28.3% versus Q1 2023 – Year-on-year growth: property 37%, casualty 6% and specialty 31% – 35.1% increase in reinsurance revenue to $181.1 million from $134.0 million in Q1 2023 – Our focus remains on classes where margins
Slide 3: Over $2.2bn gross premiums written since inception
Over $2.2bn gross premiums written since inception Cumulative gross premiums written1 ($m) 2,283.2 421.3 +32.0% Significant pipeline 350.6 Average quarterly increase of unearned 306.1 711.7 premiums continue 257.4 to flow through 642.7 218.3 585.2 Delivering on our 506.6 strategy as a multi- 164.1 1
Slide 4: 37% growth in property
37% growth in property Gross premiums written1, $m Cumulative risk-adjusted rate change, net of inflation2 Q1 2024:+ 5% 217.1 rate change2 146% +36.5% 139% 159.0 107% 83.6 100% 44.2 Q1 2021 Q1 2022 Q1 2023 Q1 2024 YE 2021 YE 2022 YE 2023 Q1 2024 E&S3 primary market continuing Cat capacity increasing
Slide 5: 6% growth in casualty
6% growth in casualty Gross premiums written1, $m Cumulative risk-adjusted rate change, net of inflation2 +6.3% 69.0 64.9 59.7 Q1 2024: - 2% rate change2 100% 101% 101% 99% 15.9 Q1 2021 Q1 2022 Q1 2023 Q1 2024 YE 2021 YE 2022 YE 2023 Q1 2024 Underlying inflation Reinsurance market Primary market rat
Slide 6: 31% growth in specialty
31% growth in specialty Gross premiums written1, $m Cumulative risk-adjusted rate change, net of inflation2 70.7 +30.7% 54.1 Q1 2024: + 2% rate change2 113% 111% 31.4 102% 22.5 100% Q1 2021 Q1 2022 Q1 2023 Q1 2024 YE 2021 YE 2022 YE 2023 Q1 2024 Flow of diversifying Selective approach to Current lar
Slide 7: Financial highlights
Financial highlights Gross premiums written1 for the three months ended 31 March 2024: 2024 2023 Change Change $m $m $m % Significant growth, driven by overall positive rate Property 217.1 159.0 58.1 36.5 increases, strong demand and high retention Casualty 69.0 64.9 4.1 6.3 Specialty 70.7 54.1 16.6
Slide 8: High quality investment portfolio
High quality investment portfolio Asset allocation as at 31 March 2024 Capital preservation and liquidity to support our 1.5% underwriting teams remain of paramount importance 8.2% Corporate Bonds and determines our low-risk strategic portfolio allocation U.S. Treasuries and U.S. Agency Debt 14.1% 3
Slide 9: Quality growth momentum - diversified range of classes
Quality growth momentum - diversified range of classes Solid growth in gross premiums written for the quarter with momentum continuing through the 1 April renewals Trading environment and rating levels remain in our favour; continuing to grow shares and positions appropriately All three divisions pl
Slide 10: Any questions?
Any questions?
Slide 11: Appendices
Appendices
Slide 12: How we create value
HOW WE Our investment proposition CREATE VALUE Our key business objectives Targeted Operational Strong balance underwriting excellence sheet Building a sustainable business for the - Multiline reinsurance - Single location, highly - Balance sheet well long-term benefit of our stakeholders treaty foc
Slide 13: Historic financial highlights
Historic financial highlights H1 2022 FY 2022 H1 2023 FY 2023 Commentary Gross premiums written growth1 +69% +67% +53% +50% Strong, targeted growth Combined ratio (undiscounted)2 105.8% 109.3% 83.1% 81.9% Low 80s emerging Investment book yield 1.4% 2.4% 3.2% 3.7% Opportunity to reinvest at higher ra
Slide 14: Robust commercial insurance pricing environment
Robust Commercial insurance pricing environment Marsh Global Insurance Market Index 22% 20% The Marsh Global Insurance 19% 18% Market Index was up 1% 15%15% overall in the first quarter, 14% down from 2% in Q4 2023, 13% 11% 11% as property price increases 9% slowed to 3% (6% in the 8% 6% 6% prior qu
Slide 15: Excellent growth in gross premiums written
Excellent growth in gross premiums written1 ($m) 356.8 +28.3% 70.7 278.0 +59.1% 54.1 69.0 +111.5% 174.7 64.9 31.4 59.7 217.1 82.6 159.0 22.5 15.9 83.6 44.2 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Property Casualty Specialty © 15 1. Gross premiums written for 2022, 2023 and 2024 exclude reinstatement premium
Slide 16: Investor relations calendar - 2024
Investor relations calendar - 2024 Although we endeavour to adhere to the dates below, all future planned events are provisional and subject to change Conduit Re scheduled disclosures Conduit Re planned attendance at conferences 31 July 2024: 4 June: – 2024 Interim Results – Goldman Sachs (Madrid) 1
Slide 17: Forward looking statements
Forward looking statements Important information (disclaimers) This announcement contains inside information for the purpose of the Market Abuse Regulation (EU) No 596/2014 (which forms part of UK domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended). This announcement incl
Slide 18: Enquiries please contact
Enquiries please contact: Vikki Kosmalska / Genevieve Ryan Antonio Moretti H/Advisors Maitland Investor Relations +44 (0) 207 379 5151 +1 (441) 276 4054 conduitre@h-advisors.global Antonio.Moretti@conduitre.bm About Conduit Re Conduit Re is a a pure-play Bermuda-based reinsurer, with a global reach.