Conduit Holdings, the parent of Bermuda-based multi-line reinsurer Conduit Re, has reported reinsurance revenue of $673.2 million for the first nine months of 2026, up 1.6% from $662.4 million a year earlier, as growth in Casualty more than made up for lower revenue in the Property and Specialty books.
Casualty reinsurance revenue rose 15.7% to $212.7 million for the period, while Property revenue slipped 2.8% to $355.6 million, and Specialty fell 7% to $104.9 million.
Meanwhile, Conduit’s gross premiums written fell to $999.9 million in the first nine months of 2026, down 3.8% from the same period a year earlier.
Property premiums fell 10.1% to $532.9 million as the firm continued to rebalance toward higher-margin excess of loss business in a softening market, while Specialty premiums eased 3.0% to $157.9 million.
Casualty premiums grew 8.9% to $309.1 million, which Conduit attributed to growth with preferred clients.
Pricing continued to soften, with Conduit Re’s overall risk-adjusted rate change coming in at negative 6% for the first nine months of 2026, net of claims inflation. By segment, Property was down 10%, Specialty down 7% and Casualty down 1%, which the firm described as stable.
Conduit attributed the softening, mainly in Property and Specialty, to strong industry returns and record global reinsurance capital, and said it expects the trend to continue. It nonetheless called pricing broadly adequate on the business it is targeting.
On losses, the firm described the period as relatively benign for insured natural catastrophes, but with elevated frequency of Specialty losses.
Neil Eckert, Chief Executive Officer, commented, “Throughout 2026, we have executed our underwriting strategy as planned, with continued progress in rebalancing the portfolio towards excess of loss, growing with core clients where pricing and margins remain adequate, and maintaining a robust retrocessional programme to manage underwriting volatility and reduce PMLs.
“As market conditions soften, we expect to carry this fundamental strategy into the upcoming renewal season. 2026 has been marked by relatively benign insured losses from natural catastrophes, elevated frequency of Specialty losses and volatile investment markets.
“Our investment performance has been impacted by rising treasury yields and unrealised losses during the year, but our asset portfolio remains high quality and our investment income will benefit from higher reinvestment rates over time.
“We are pleased to have secured our leadership succession plans with the arrival of Mark Pickering as CFO on 30 November and Christian Dunleavy as CEO on 1 March 2027.
“These appointments, along with other executive hires over the last 18 months, position Conduit with a strong leadership team to build on our progress and take the business forward with confidence.”
