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Conduit Holdings Ltd - Bermuda-based reinsurer - Reports $600.9 million of estimated ultimate gross premiums written for the nine months that ended on September 30, up 55% from $387.7 million a year ago. Gross premiums written is up 81% to $528.1 million from $291.2 million. Expects underlying business trending towards a mid-80's combined ratio in the medium term. "High-quality quota share business contracted since December 2020 provides an embedded pipeline of premium which is flowing through to income", Conduit notes.
Chief Executive Officer Trevor Carvey says: "The growth we have shown in our premium income, together with the high-quality book of business we have assembled, which will continue to earn through to our income statement in future periods, gives us great confidence for the rest of this year and beyond."
Current stock price: 364.50 pence, up 1.5% on Wednesday in London
12-month change: down 19%
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