Conduit Holdings Limited

We'll do a short management presentation followed by questions and answers. As we've done before, if you can use the raise hand function under reactions on the Zoom to sort of get in the queue for asking questions, then we'll go through hopefully in a very orderly way. And with that, perhaps Neil, I could hand over to you.

Yeah. So if we can have the first slide. You know who we are. Right. So, yes, it's been another busy quarter. And I suppose the main theme is delivering on what we said. And I think that's hopefully the takeaway from today. Our ultimate written premiums in the first half of £333 million, which is bang on plan, gross written £210 million. In this quarter, we've... deployed and invested the funds we raised at the IPO operating platform and team continue to build on track all key roles now filled and we are announcing as we said in the IPO well the IPO we said we pay a dividend of between five and six percent this And we said we'd pay it 50-50. So this dividend implies about a 5.5% annual yield. So basically, we're smack in the middle of the range that we said. And with that, I'll pass over to Elaine.

Thanks, Neil. All right. We've got some headline numbers here. As you've just heard, we have ultimate written premiums to the half year of $333.1 million, which is broadly in line with our IPO plan, albeit with awaiting more towards quota share contracts. That waiting, as we've talked about previously, delays both the lag in gap written and in gap earned and it also increases our acquisition costs. And you can see that impact in the lag into gross written premiums of $210.3 million and also the net earned of $47.7 million. Although that net earned obviously also net of our own reinsurance. Loss ratio for the half year was 70%. Not much happening in the second quarter in terms of loss activity, relatively benign. We did maintain our yearly reserve of $6 million net reinstatement premiums from the first quarter. And we'll continue to monitor that over the next few quarters as well. And net loss ratio excluding URI was 57.2%. So the combined ratio of 127.2% is really a reflection of the maturity of the earnings base of the company at this stage. And given that proportion of quota share that we've been talking about. I'm very happy though with the quality of future earnings that we are locking in. So overall comprehensive loss for the half year of $12.4 million, a negative RLE of 1.2%. And as Neil said, we're declaring our first interim dividend of 18 cents. Next slide, I think just a summary on that for you to take away, nothing else to highlight on that one. So I'll hand over to Trevor to talk about underwriting.