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Conduit Holdings Ltd on Wednesday said it benefited from a lack of legacy issues as it anticipated good opportunities for continued growth. The Bermuda-based reinsurer said its net investment result swung to positive $70.6 million in 2023 from negative $52.8 million a year prior. Further, it turned to a comprehensive profit of $190.8 million from a comprehensive loss of $43.9 million. Estimated ultimate premiums written surged 50% to $966.6 million from $644.8 million. The company highlighted its return on equity of 22.0%, swung from a loss of 4.4% in 2022. Its total net investment return was positive 5.8% in 2023 compared to negative 5.0% in 2022. Conduit reported diluted earnings per share of $1.19 for 2023, swung from a diluted loss per share of $0.27. Executive Chair Neil Eckert said: ‘Conduit had an excellent 2023. The team’s experience and deep market knowledge has delivered a fantastic performance and gained enduring support from clients and brokers alike. Market conditions remain attractive to support strong organic growth while maintaining a robust capital position.’ Despite the positive results, the company maintained its dividend at 36 US cents for 2023. Looking ahead, Chief Executive Officer Trevor Carvey said: ‘We continue to benefit from a lack of legacy issues and our clean balance sheet has given us tremendous freedom to deploy exactly where we wish to. Strong investment performance, particularly in the last quarter of the year, supported our underwriting efforts. Entering our fourth year, we continue to deliver on our plans and the market landscape out there is offering up plenty of good opportunities for continued growth.’ Conduit shares rose 2.6% to 477.00 pence each on Wednesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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