Conduit Capital praises turnaround strategy
The investment firm says the new management team at Constantia Insurance is delivering results
Conduit Capital, an investment holding company with stakes in insurance and investment businesses, said a turnaround in its performance was “pleasing” and had continued into its new financial year.
The Johannesburg-based company brought in a new management team at its insurance business, Constantia Insurance Group (CIG), in February 2020. CIG has since delivered 10 consecutive months of underwriting profits and a combined ratio of 99.8% in the six months to December 31, down from 111.3% in the prior comparable period, according to a Thursday trading update. A combined ratio is a profitability measure used by insurance companies and is calculated by dividing total incurred losses and expenses by total earned premiums...