Conduit
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Mario Binetti will be responsible for leading Conduit’s global casualty underwriting team. -
Reclassifying expenses as underwriting or corporate costs for different reporting metrics is set to get more complex under IFRS17.
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Analysts said Conduit is well positioned to benefit from the attractive conditions in reinsurance.
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The Bermudian reported 1.1 risk-adjusted price increases of 19%.
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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The carrier also secured risk-adjusted rate increases of 19% across its portfolio at 1 January.
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The reinsurer said the appointment comes as it looks to grow in the property treaty arena.
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Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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The reinsurer posted losses of $40mn from Hurricane Ian but said pricing and terms were set to improve.
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The start-up’s top team predicted further rate hardening at 1 January.
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The carrier’s combined ratio improved by 22.1 points to 105.1%.
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