Conduit Re’s GWP surpasses $1bn premium mark in first nine months
London/Bermuda reinsurer Conduit Re saw gross premiums written (GPW) rise by 9% to $1 billion in the first nine months of 2025.
The reinsurer reported year-on-year GPW growth across all three segments: casualty GPW were up 20.2% to $268.7 million, property up 6% to $568.3 million, and specialty up 2.2% to $202.1 million.
Conduit Re put the slowing growth rate in specialty down to increased competition and said it had reduced exposure in lines experiencing more pressure on pricing and terms.
And total reinsurance revenue for the nine-month period was up 12.6% to $662.4 million.
Specialty revenue up 19.1% to $142.3 million, casualty revenue up 15.7% to $172.2 million, and property revenue up 8.8% to $347.9 million.
In terms of pricing, Conduit reported that its overall rate change for the nine months, net of claims inflation, was down 3%, property down 5% and specialty down 3%, reflecting “some increased competition following significant pricing increases over the past several years,” the reinsurer said.
Market conditions remain adequate, Conduit said, although some rate softening has occurred, which it expects 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,” the reinsurer said.
Conduit Re CEO Neil Eckert (pictured) said: “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.”
Yesterday (November 4), Conduit Re named Stephen Postlewhite as its new CUO after a senior exit in April, the second high-level departure following losses of up to $140 million from the California wildfires.
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