Conduit Holdings Ltd. · LSE:CRE

Conduit — Q1 2023 Earnings Presentation

14 slides from Conduit's earnings presentation, May 17, 2023

  1. Slide 1: Conduit Holdings Limited Q1 2023 Trading Update

    Conduit Holdings Limited Q1 2023 Trading Update 17 May 2023

  2. Slide 2: Strong first quarter of 2023

    Strong first quarter of 2023  Strong year-on-year growth supported by selective underwriting within excellent market conditions:  Estimated ultimate premiums written1) of $443.2 million, +50.7% over the three months ended 31 March 2022  Gross premiums written1) for the three months ended 31 March

  3. Slide 3: $1.3 billion gross premiums written since inception

    $1.3 billion gross premiums written since inception Cumulative gross premiums written1), $m 1,273 218 995 881 164 431 727 148 123 366 547 310 98 241 372 286 66 189 624 210 51 129 423 465 37 77 364 83 44 261 129 157 177 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2022 2023 Property Casualty Specialty 1) Gross pr

  4. Slide 4: Strong growth - particularly in property and specialty

    Strong growth - particularly in property and specialty Gross premiums written1), $m Specialty 278.0  Further reduction in breadth of coverage on contracts +59.1% 54.1  Continued uncertainty in market view of Ukraine  Good opportunities in selected areas – some still lag 174.7 64.9 Casualty 31.4 

  5. Slide 5: April business – building on renewals

    April business – building on renewals Estimated ultimate premiums written1), $m 575.8 Specialty  Retro markets capacity again very limited 443.2 143.9  Larger transactions emerging – premium relief driven +50.7% 126.8 Casualty 294.1 192.4  Certain Q1 contracts extended to April renewal date 74.6

  6. Slide 6: Capitalising on the structural marketplace shift

    Capitalising on the structural marketplace shift Risk-adjusted rate change, net of inflation1) 39% 19% 14% 8% 8% 7% 7% 5% 4% 4% 4% 3% 2% 2% 2% 2% 1% 1% 1% 1% 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 Property Casualty Specialty Weighted  Enduring pricing environment creating the opportunity for impro

  7. Slide 7: First quarter of 2023, financial highlights

    First quarter of 2023, financial highlights Estimated ultimate premiums written1) for the three months ended 31 March: 2023 2022 re-stated Change Change Q1 2022 $m $m $m % Published2) Property 205.7 120.5 85.2 70.7% 120.8 Casualty 110.7 99.0 11.7 11.8% 99.0 Specialty 126.8 74.6 52.2 70.0% 77.1  No

  8. Slide 8: High quality investment portfolio

    High quality investment portfolio Asset allocation as at 31 March 2023 Credit quality as at 31 March 2023 U.S. Agency MBS/CMBS, 9% BBB U.S. Municipal Bonds 10% and Non U.S. Govt Bonds/Agencies, 1% Corporate Bonds, 36% Non-Agency Structured Portfolio Duration: Products, 20% A AAA 2.4 years 23% Averag

  9. Slide 9: Perfectly positioned for excellent market conditions

    Perfectly positioned for excellent market conditions  Excellent first quarter, in terms of premium growth – ahead of expectations – with no material claim experience  Market conditions remain very favourable, and momentum has continued in April and into the mid-year renewals, supporting Conduit Re

  10. Slide 10: APPENDICES

    APPENDICES We CONDUIT RE 10

  11. Slide 11: No change to target net natural catastrophe exposures

    No change to target net natural catastrophe exposures  Our business plan assumed target PMLs1) remain unchanged  1 in 100 at $65 million, 1 in 250 at $92 million or 8.0% and 12.2% of business plan TNAV respectively  These targets are calibrated to 1 July viewpoints, on an OEP basis  Capital capa

  12. Slide 12: Investor relations calendar - 2023

    Investor relations calendar - 2023 Conduit Re scheduled disclosures Conduit Re planned roadshows & conferences  TBD: IFRS 17 Update  13 June: Goldman Sachs conference, Paris  26 July: 2023 interim results  11-12 September: Montecarlo rendez-vous  8 November: Q3 2023 trading update  2-4 October

  13. Slide 13: Forward looking statements

    Forward looking statements Important note: This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", “goals”

  14. Slide 14: conduitreinsurance.com

    Enquiries please contact: H/Advisors Maitland Vikki Kosmalska / Alistair de Kare-Silver +44 (0) 207 379 5151 conduitre@h-advisors.global Antonio Moretti Investor Relations +44 (0) 7935 708 723 Antonio.Moretti@conduitre.bm About Conduit Re Conduit Re is a a pure-play Bermuda-based reinsurer, with a g

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