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Conduit Holdings Ltd on Wednesday reported lower total income and a flat total dividend for 2025, as it noted a continued softening of the market going into 2026. Conduit Holdings is the parent company of Conduit Re, a Bermuda-based reinsurance business. Bermuda-based Conduit Holdings posted $116.8 million in total income for 2025, down 7.0% from $125.6 million in 2024. The company described 2025 as a ‘high catastrophe year’ that started with its exposure to the California wildfires, and resulted in an 11.1% return on equity, down from 12.7%. Gross written premiums totalled $1.24 billion, up 6.9% from $1.16 billion, with Conduit noting growth was driven by its Casualty segment. Gross written premiums in this segment advanced 23% to $392.3 million from $318.9 million. Reinsurance revenue rose 10% to $897.1 million from $813.7 million, and net reinsurance revenue improved 8.1% to $778.0 million from $720.0 million. Conduit tied the reinsurance revenue gain to ‘continued growth in the business plus the earn-out of premiums from prior underwriting years’. The company reported an undiscounted combined ratio of 101.5%, up from 97.1%, stating this reflected a ‘highly active period of natural catastrophe events’, as well as risk losses for industry in the first half of the year. Conduit noted a 15.3% contribution from the California wildfires. The combined ratio is an indicator of an insurance company’s profitability, with a figure below 100% indicating a profit on underwriting, and therefore the lower the better. Net investment result rose 81% to $119.5 million from $66.1 million. Conduit declared a final dividend per share of 18 US cents, flat with the prior year. Its total dividend therefore rose to 36 US cents, also flat. ‘After a difficult start to 2025, we are pleased to have delivered an 11.1% return on equity for the year. The result reflects our loss exposure to the California wildfires, the largest absorbed loss in Conduit’s history, and our postevent retrocession purchases,’ said Chief Executive Neil Eckert. ‘As markets softened in 2025 and into 2026, our growth rate has moderated as we have reduced or exited business that did not meet our pricing or performance standards. Against the backdrop of more competitive market conditions, we are pleased with the start to 2026.’ Conduit shares were down 2.1% at 396.50 pence each in London on Wednesday morning. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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