Bermuda-based reinsurer Conduit Re has reported reinsurance revenue of $455.9 million for the first half of 2026, up 5.2% from $433.3 million in the prior-year period, driven by renewals, selective growth opportunities, changes in business mix, and the earn-out of premiums from prior underwriting years.
The Property segment contributed $241.4 million of H1 2026 reinsurance revenue, up year on year, while the Casualty segment generated $143 million, also higher than the prior-year period. Specialty contributed $71.5 million, compared with $75.6 million in H1 2025.
Gross premiums written (GPW) for H1 2026 totalled $789 million, down 1.8% from $803.3 million in H1 2025.
Commenting on premium movements across its business, Conduit Re said, “We identified select opportunities to deepen our alignment with preferred partners in targeted Casualty classes, driving 21.2% growth in the segment.
“Property segment premiums declined 9.3% over the prior year period, primarily due to the non-renewal of certain quota share treaties and a more conservative view on premium estimates given current market conditions.
“Specialty gross premiums written reflect increasing competition and a disciplined approach to new and renewal business, driving a 4.7% decrease in the segment.”
Conduit Re reported an undiscounted combined ratio of 92.6% for H1 2026, a marked improvement from 122.1% in the prior-year period, primarily reflecting a more benign natural catastrophe environment.
The reinsurer said that losses arising from Middle East conflict events were not material, either individually or in aggregate.
“Our discounted net loss ratio for the six months ended 30 June 2026 was 68.5% compared with 95.8% for the same period in 2025, while our undiscounted net loss ratios were 80.7% and 109.6% respectively,” Conduit Re added.
The firm’s investment result for H1 2026 was $25.3 million, representing a return of 0.9%, as 20.4% growth in net investment income was largely offset by unrealised investment losses resulting from rising Treasury yields.
Conduit Re reported comprehensive income of $80.3 million for H1 2026, representing a 7.8% return on equity.
Neil Eckert, Chief Executive Officer, commented, “These results represent a solid first half, demonstrating the considerable progress we have made in advancing the business.
“In the period, we have continued to rebalance our property portfolio towards excess of loss business, added depth to our team with new hires across key functions, including a COO and senior additions to our property team to join later this year.
“We have also put in place an enhanced retrocession programme that is designed to reduce underwriting volatility and provide strong earnings and balance sheet protection. While the market is softening, we feel it is right to place emphasis on margin and capital discipline as opposed to growth.”
Providing further commentary on the pricing environment, Conduit Re said, “Following significant pricing increases over the past several years, pricing levels softened during the first six months of 2026 with some expansion in terms and conditions.
“Strong industry returns and record global reinsurance capital levels have contributed to softening rates, primarily in Property and Specialty lines. In Casualty, pricing remains more stable, although some moderate increases in competition have been observed.”
Conduit Re’s overall risk-adjusted rate change for H1 2026 was down 6%.
