Conduit Holdings Limited

is logged on. Welcome to the Conduit Holdings Trading Update. We'll be talking about the 1st of January renewals. Just as a point of order, we'll be recording the call and we'll be putting up on the website with the slides later on today. We are here to talk about the one January renewals and we'll be updating on our quarter four 21 and full year 21 on the 24th of February. And so hopefully we can just keep the discussion to our experience in the first of January renewals for today. Just to introduce the team, I'm sure most people know Neil Eckert, our executive chairman, Trevor Carvey, chief executive officer and chief underwriting officer. We also have a special guest star, Greg Roberts, who's head of our property team. We'll be talking about some of the insights that we've had during the renewal season. So, Neil, it's all over to you.

Yeah. So, first of all, we've had a really good renewal season. Market conditions were, I think, ahead of where we had expected them to be. And looking at the background, 2021 was the year, fourth highest cat loss year in history, between 110 and 120 billion of claims. And notably there are more than 500 billion of cat losses over the last five years. So we launched the company into what was a technically repricing market on the back with some pretty serious losses from 2017 to 2020. Last year, there was ILS capacity and retrocession was, available, we responded to that by writing more quota share. This year, we have seen a significant withdrawal of our less capacity through funds being trapped or withdrawn. We still see inflation, both in terms of social inflation across casualty lines and economic inflation, which will affect short tail account. So rate rises were needed to reflect that. And the other thing is the recognition of the impact of climate change. in itself. I mean, URI was an unmodeled loss at the beginning of the year, the winter storms in Texas. We then saw in Q4 the quad state tornadoes together with the Marshall Fire in Colorado in December. One doesn't normally expect to see wildfires happening in North America in December. So that creates further momentum for repricing. We've seen a withdrawal of capacity from a number of players in the market, which further strengthened our conviction that our timing is good. Next slide.

Trevor. Okay, thanks. Highlight slide, yeah? It's just not turning over on our screen.