Conduit Re CEO Eckert says cycle management strategy supports growth in softening market
Bermuda-based multi-line reinsurer Conduit Re increased gross premiums written by 4.9% in the first quarter of 2026 as CEO Neil Eckert said the company remained focused on disciplined cycle management despite softer market conditions.
Property saw just a 1% increase in gross premiums written. It’s unsurprising to see Conduit Re being cautious following outsized unmodelled losses on California wildfires in 2025, which cost Conduit Re a net $120 million, 1.7x what the company had said was its maximum probable loss against a monster 1-in-250 year Florida hurricane. CEO Neil Eckert commented, “We remain confident in the execution of our strategy.”
The resulting fallout from said losses is still impacting the C-suite, which witnessed major restructuring last year, with CFO Elaine Whelan due to step away in September 2026. This quarter also saw board succession planning with the appointment of Nicholas Shott as chair, and Richard Lightowler, Peter Mullen and Penny Shaw as independent non-executive directors. Elizabeth Murphy, a founding director, retired from the board.
Conduit Re specified that most classes of business remain adequately priced, while property and speciality have seen softening rates due to low catastrophe losses and record global reinsurance capital.
Reinsurance revenue grew 12.8%, landing on $240 million in the first quarter 2026 compared to $213 million.
Subject to shareholder approval, the Conduit Re board has approved another buyback programme of up to $50 million.
Eckert said: “Although market conditions are softening, we identified select growth opportunities, successfully enhanced our retrocession programme with more comprehensive peak and secondary peril coverage, and substantially completed our previously announced share buyback programme.”
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