In its trading update for the nine months ended Sept. 30, Conduit Re parent company Conduit Holdings reports premium growth as it rebounds from the significant natural catastrophe losses from the first half of the year.
The company reported gross premiums written of US$1.04 billion, reflecting an 8.5% increase compared to the same period in 2024. Growth was recorded across all three business segments.
Reinsurance revenue reached US$662.4 million for the period, up 12.6% year-over-year. The company stated that its overall portfolio risk-adjusted rate change remained steady at (3)%, net of claims inflation, for premiums written during the nine months.
Conduit Holdings noted that, after a period of significant natural catastrophe and risk losses in the first half of the year, the third quarter saw relatively limited loss activity. Ultimate loss estimates for previously reported events, net of ceded reinsurance and reinstatement premiums, remain stable.
Comparatively, in the first quarter of the year, Conduit Holdings reported gross premiums written of US$410.2 million, representing a 15% increase year-over-year. Reinsurance revenue for the quarter reached US$213.0 million, up 17.6% from the same period in 2024.
Also earlier in the year, the company faced significant insured catastrophe events, including the California wildfires, which resulted in widespread damage throughout the Los Angeles region. Conduit estimated its ultimate net loss from the event to be between US$100 million and US$140 million, net of reinsurance and reinstatement premiums.
The investment portfolio returned 5.4% for the nine months, supported by net investment income and a reduction in treasury yields. CEO Neil Eckert (pictured above) said the company is focused on repositioning certain parts of its portfolio to drive more consistent returns.
“Building on the improvements made during 2025, we plan to maintain focus on our net position going forward with more effective retrocession coverage for peak and secondary perils to reduce volatility,” Eckert said.
Conduit Holdings indicated that market conditions remain adequate, though some rate softening has occurred and is expected to continue. The company expects growth rates to moderate as it shifts more of its portfolio toward excess of loss reinsurance, particularly in the property segment.
The firm also highlighted continued growth in its high quality, short duration investment portfolio, which supports net investment income, subject to interest rate movements.
The company announced it will resume its previously announced share buyback program, with approval for up to US$50 million in place until May 2026, after pausing during the peak of the Atlantic hurricane season.
In a separate announcement, Conduit also named Nicholas Shott as a non-executive director, effective Nov. 4. Shott brings over 30 years of experience in financial services, including senior roles at Lazard such as Vice Chairman of European Investment Banking and Head of UK Investment Banking.
He has also held non-executive and advisory positions with FTSE-listed companies, government, and media organizations, including Phoenix Group Holdings plc.
Rebecca Shelley, interim chair and non-executive director, said, “Nicholas has a wealth of experience advising listed companies, including a strong background in financial services. His financial expertise and strategic insight will be invaluable to the Board.”
“His broad experience in strategy and finance will be an asset to Conduit, as we continue to work through changes to improve our resilience and long-term value,” Eckert said.
Shott will serve on Conduit’s nomination and remuneration committees.
