Company reported a comprehensive loss of $13.5 million for the six months ending 30 June 2025
LONDON: Conduit Holdings Limited, the Bermuda-based parent of reinsurance specialist Conduit Re, today reported a comprehensive loss of $13.5 million for the six months ending 30 June 2025, as it embarks on a strategic transformation to enhance portfolio resilience and long-term returns.
Chief Executive Neil Eckert said the company is “in a period of transition,” with initiatives underway to optimize net exposures, expand excess of loss appetite, and reduce quota share exposure. These actions, alongside key senior hires, aim to stabilize attritional loss experience and boost diversification.
Gross premiums written rose 8.9% to $803.3 million, driven by selective expansion amid pricing adequacy across target classes. However, the undiscounted combined ratio deteriorated to 122.1%, impacted heavily by loss events including California wildfires, aviation accidents, and severe convective storms.
Investment performance remained strong, with net investment income growing 29.8% and a 3.9% return for the half year, underlining the strength of Conduit’s expanding portfolio.
Conduit’s RoE outlook for 2025 has been revised downward to mid single digits following additional reserving related to the 2022 Ukraine loss, which saw a material industry impact after a recent UK High Court ruling.
Despite the interim loss, the Board declared an interim dividend of $0.18 per share, reaffirming its commitment to stable shareholder returns. The company continues to target mid-teens RoE across the cycle.
“We are laying the groundwork for more resilient performance and consistent value creation,” Eckert added.