Conduit Holdings Ltd on Wednesday said it continued to see an attractive underwriting environment as it celebrated a jump in reinsurance revenue.

The Bermuda-based reinsurance business said gross premiums written surged 36% to £737.8 million in the first half of 2024, from £542.2 million a year prior.

Reinsurance revenue came in 37% higher, at £382.0 million from £278.7 million a year prior.

‘Natural catastrophe accumulations remain in balance relative to the overall portfolio and our net exposures to such events remain within our tolerances,’ Conduit said.

The net investment result improved by 1.8% to £23.0 million from £22.6 million, while comprehensive income jumped 25% to £98.1 million from £78.6 million.

Chief Executive Officer Trevor Carvey said: ‘Property and specialty, in particular the non-catastrophe exposed lines, again attracted our attention and capital deployment. In casualty, while industry underwriting margins are tighter in our view, our casualty book is continuing to support our balanced underwriting portfolio.’

Return on equity ticked up 0.8 percentage points to 9.9% from 9.1%.

The company maintained its interim dividend at 0.18 pence per share.

Looking ahead, Conduit said market conditions remained favourable across the business, with property and specialty lines providing continued opportunities for growth.

‘Conduit continues to see an attractive underwriting environment into which it remains well capitalised to continue to grow its premium base and deliver attractive shareholder returns,’ the firm said.

Executive Chair Neil Eckert said: ‘Our results represent the team’s continued ability to grow our underwriting business successfully. Progression across earnings, premium and assets under management has been substantial and supports the delivery of increasing shareholder value.’

Conduit shares were 0.8% higher at 527.00 pence each late Wednesday morning in London.

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