Putting Conduit's 'underwriting profit' under the microscope
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Putting Conduit's 'underwriting profit' under the microscope

conduit re logo microscope.jpg

Conduit Re heralded its debut underwriting profit several times when discussing its 2022 results, with one of the first slides of its earnings presentation proclaiming that the firm offered “a legacy-free balance sheet and capital to deploy” combining “underwriting profitability and high growth”.

But as the firm itself noted, this small $0.3mn underwriting profit was “effectively a break-even number”. And on a combined ratio basis, it was not even at that level, coming in at an unprofitable 107%.

The

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