Conduit reports third-quarter revenue rise; will resume share buyback
Conduit Holdings Ltd on Wednesday reported growth in gross premiums in its third-quarter trading update and appointed Nicholas Shott as non-executive director.
Conduit Holdings is the parent company of Conduit Re, a Bermuda-based reinsurance business.
The company said its revenue rose 13% to $662.4 million for the nine months to September 30, from $588.2 million a year prior.
Gross written premiums rose 8.5% to $1.04 billion from $957.3 million, driven by its Casualty and Property segments.
Property gross written premiums rose 6.0% to $568.3 million, up from $536.0 million, and Casualty gross written premium rose 20% to $268.7 million from $223.6 million.
Conduit reported slowed growth in Specialty at 2.2%, which it attributed to increased competition and a reduction in lines experiencing more pressure on pricing and terms.
The company said its investment portfolio produced a return of 5.4% for the period, driven by ‘strong net investment income and a reduction in treasury yields’.
Conduit said the third quarter was a ‘relatively benign loss period’ compared to the first half of 2025 which it said was a ‘highly active period for natural catastrophe and additional risk losses’.
Describing its outlook, Conduit said that it anticipates growth rates will moderate as it ‘repositions certain parts of the portfolio towards a greater share of excess of loss reinsurance’, particularly in its Property segment.
The company said it will resume its share buyback programme after taking a ‘cautious approach’ during the peak of the Atlantic hurricane season, with approval for up to $50 million in place until May 2026.
Chief Executive Neil Eckert said: ‘We continue to move our business forward as we look to reposition certain parts of the 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.’
Conduit also appointed Nicholas Shott as independent non-executive director, effective from Tuesday this week.
Eckert said: ‘I am pleased to welcome Nicholas to the Conduit 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.’
Shares in Conduit rose 1.5% to 331.25 pence on Wednesday afternoon in London.
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