Bermuda-based reinsurer Conduit Re has reported reinsurance revenue for the nine months ended 30th September 2025 of $662.4 million, a 12.6% increase over the nine months ended 30 September 2024.
Meanwhile, Conduit Re’s gross premiums written for the nine months ended 30 September 2025 stood at $1.04 billion, an 8.5% increase over the same period of 2024, with growth achieved across all three aforementioned segments.
Notably, Property accounted for $568.3 million of the total gross written premiums, followed by Casualty at $268.7 million and Specialty at $202.1 million.
Conduit Re stated that the growth rate in Specialty has slowed compared to recent periods as competition has increased, leading the firm to reduce in lines experiencing more pressure on pricing and terms.
Adding more on pricing, the firm suggested that despite some moderation, pricing levels and terms and conditions continued to be attractive in the nine months ended 30 September 2025, benefiting from multiple years of compounding rate increases.
“Certain Casualty lines continued to benefit from market correction driven by reserve deterioration and loss emergence, primarily from pre-2020 years. Market conditions across Property and Specialty segments reflected some increased competition following significant pricing increases over the past several years,” Conduit Re explained.
As previously noted in the firm’s H1 results, the first six months of 2025 were highly active for the industry, marked by significant natural catastrophe and risk losses.
However, during the third quarter, no individual event, nor the aggregate of events, had a material impact on Conduit Re.
The investment return for the first nine months of 2025 was also much improved at 5.4%, driven by strong net investment income, in addition to net unrealised gains due to the reduction in treasury yields in the period.
Looking forward, Conduit Re said, “Market conditions remain adequate, although some rate softening has occurred and is expected to continue; we anticipate growth rates will moderate as we reposition certain parts of the portfolio towards a greater share of excess of loss reinsurance, particularly in our Property segment.”
Neil Eckert, Chief Executive Officer, commented, “We continue to move our business forward as we look to reposition certain parts of the portfolio to drive more consistent returns.
“Building on the improvements made during 2025, we plan to maintain focus on our net position going forward with more effective retrocession coverage for peak and secondary perils to reduce volatility.
“As part of this transition, we have made several key employee appointments and promotions within our underwriting and claims teams in recent months, and we are delighted that Stephen Postlewhite will join Conduit as Chief Underwriting Officer.
“Our investment portfolio has grown to $2 billion and performed well with a 5.4% return through the first nine months of 2025. Gross premiums written growth has continued at a steady pace, with all segments reporting increases
“While we note that the loss environment was more benign during the third quarter, we are reaffirming our mid single-digit RoE guidance for 2025, recognising that there is still potential for late-season hurricane activity and other loss events before the end of the year. We are also resuming the previously announced share buyback programme after taking a cautious approach through the peak of Atlantic hurricane season.”
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