Neil Eckert, chief executive officer (CEO) of Bermuda-based global reinsurer Conduit Re, said its casualty count increased by more than 23% in the first quarter of 2026 and that it will be able to expand share with existing customers and develop new relationships as the company implements its medium-term strategy.
Conduit Re’s gross written premiums increased nearly 5% in the first quarter of 2026 to more than $430 million as casualty lines increased 23.1% to $20.6 million and property and casualty lines increased 1% to $248.8 million, partially offset by a 4% decline in professional lines premiums to $71.8 million.
The reinsurer’s overall risk-adjusted rate change (net of claims inflation) for the first quarter was -5%, with property and casualty lines down 9%, specialty lines down 7% and casualty lines down just 1%.
Following the release of a strong set of financial numbers for the start of the year, we caught up with CEO Eckert, who emphasized that overall interest rate adequacy remains despite continued softness in market rates.
“Our main growth area is casualty and we do target certain priority clients who want to enter into mid- to long-term partnerships. Casualty is the segment where pricing remains strongest and we feel we can target specific opportunities within casualty accounts that we find attractive.
“So this is not a short-term, but a medium-term strategy of selective growth,” Eckert said.
Conduit Re was founded in late 2020, so it benefits from having no traditional casualty business on its books, which has caused some pain for some other insurers.
Conduit Re noted in its results announcement that competition in the casualty insurance segment has intensified slightly, although of course that may accelerate as the property market weakens further, a trend expected to continue at mid-year renewals.
“If the market softens at the highest levels, then it will inevitably trickle down to many categories. I wouldn’t say I think casualty is immune to that. Right now, it’s less soft than other categories. So what we’re doing is identifying the key priority accounts that we want to work with, and we’ve been able to develop new relationships and increase our share of existing relationships. But as I said, that’s part of a measured medium-term strategy,” Eckert said.
Regarding the specialty product portfolio, Eckert said continued geopolitical instability due to conflict in the Middle East, coupled with a doubling of reserves resulting from the Baltimore Bridge incident, could create attractive opportunities.
“It depends on the opportunities that arise. Accounts have shrunk by a very small amount, which is really a response to cycle management,” Eckert said.
In real estate, marginal growth was achieved in the first quarter of 2026, following a strong performance in late 2025, when Conduit Re was “slightly ahead of the curve” to protect itself from future market weakness. Eckert confirmed that we may see a slowdown in growth rates in the coming months.
As Conduit Re has grown since its inception, so has its use of retrocession, and the company is committed to strengthening its plans for the year ahead.
Eckert explained: “I’m very happy with our program, we set up a significant overall tower of accounts, both secondary risk and primary risk. We’re getting better value out of it. I say value because it’s not about rates, it’s about value and getting a good program. So, again, I’m happy with that. There’s plenty of capacity in the vintage market and it’s behaving in line with the rest of the reinsurance market.”
Looking ahead, Eckert told Reinsurance News that progress in the second quarter would continue from the first, with the addition of Stephen Postlewhite as chief underwriting officer and Nicholas Shot as chairman, non-executive director, as well as three new non-executive directors, a “very positive” move for the reinsurer.
“We continue to stabilize and strengthen the business from the top down,” Eckert said.
