Bermuda-based, global reinsurer Conduit Re grew its casualty book by more than 23% in the first quarter of 2026, and was able to expand its share with existing clients and develop new relationships as the company embraces its medium-term strategy, according to Neil Eckert, Chief Executive Officer (CEO).
Conduit Re’s gross premiums written rose by almost 5% in Q1 2026 to more than $430 million, driven by 23.1% growth in casualty to $20.6 million and 1% growth in property to $248.8 million, partially offset by a 4% cut in specialty to $71.8 million.
The reinsurer’s overall risk-adjusted rate change for the first quarter, net of claims inflation, was -5%, with declines of 9% in property, 7% in specialty, and just 1% in casualty.
Following the release of a strong set of financials to start the year, we spoke with CEO Eckert, who emphasised that although market rates continue to soften, overall, rate adequacy remains.
“The principal area of growth for us was casualty, and we do target certain preferred clients where we want to enter into medium and long-term partnerships. Casualty is the segment where the pricing has remained the strongest, and we think we can target specific opportunities in subsections of the casualty account that we find appealing.
“So, this is not short-term, it’s about a medium-term strategy of selective growth,” said Eckert.
Conduit Re was established in late 2020 and so benefits from not having the legacy casualty business on its book, which has caused some pain to certain other carriers.
In its results announcement, Conduit Re noted some moderate increases in competition within casualty, and of course, as the property market softens further, a trend expected to persist at the mid-year renewals, competition in the casualty space could accelerate in response.
“If at the highest level the market is softening, it will inevitably permeate across a number of classes. I’m not going to say that I think casualty could be immune to that. At the moment, it is softening less than the other classes. So, what we are doing is identifying the key preferred clients we want to partner with, and we have been able to develop new relationships and increase our share in existing. But as I say, that’s part of the measured medium-term strategy,” said Eckert.
Regarding the specialty portfolio, Eckert said continued geopolitical instability stemming from the conflict in the Middle East, combined with the doubling of reserves related to the Baltimore bridge event, could create attractive opportunities.
“It depends on what opportunities emerge. The account shrank by a very small amount, and that’s really in response to cycle management,” said Eckert.
On the property side, the marginal growth achieved in the first quarter of 2026 followed a strong 2025 year-end when Conduit Re “got slightly ahead of the game” in order to protect itself against the future amid market softening. Eckert confirmed that it’s possible we’ll see that rate of growth tail off during the months ahead.
As Conduit Re has grown since its inception, its use of retrocession has evolved, and the firm worked to enhance its programme for the year ahead.
Eckert explained: “I’m very pleased with our programme, which we placed a significant whole account tower, including secondaries and primary perils. We got better value out of that. And I say value because it’s not about rate, it’s about value and getting a good programme. So, again, I’m pleased with that. There is plenty of capacity in the retro market, and it is acting in line with the other reinsurance markets.”
Looking ahead, Eckert told Reinsurance News that the second quarter is progressing where the first left off, with the additions of Stephen Postlewhite as Chief Underwriting Officer, Nicholas Shott as Chair, non-executive director, and three new additional non-executive directors “a really positive” move for the reinsurer.
“We continue to stabilise and strengthen the business from the top down,” said Eckert.
