Business
Trading Update for Q1 2025
Trading Update for Q1 2025.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n\nPembroke, Bermuda - 14 May 2025\nConduit Holdings Limited\n(\"CHL\" LSE ticker: CRE)\nTrading update for Q1 2025\nContinued premium growth across all segments\nNeil Eckert appointed Chief Executive Officer\nBoard approves buyback programme of up to $50 million\nCHL, the ultimate parent company of Conduit Re, a multi-line Bermuda-based reinsurance business, today presents its trading update for the three months ended 31 March 2025.\nNeil Eckert, Chief Executive Officer, commented: \"I am honoured to accept the role of CEO and look forward to continuing to work with the talented team at Conduit to deliver on our objectives. During the quarter we have continued to see attractively priced underwriting opportunities and as a result have driven growth across all our divisions, delivering a 15% increase in gross premiums written. Our growing, high quality investment portfolio has also performed well with a 2.1% return for the quarter.\nThe experienced team at Conduit have effectively navigated one of the most challenging quarters for insured catastrophe losses in history, taking decisive action following the devastating California wildfires to enhance our resilience and reduce earnings volatility for the rest of 2025. Looking ahead, we continue to have confidence in our ability to deliver a target return on equity in the mid-teens across the insurance cycle. The Board's decision to approve a share buyback programme further demonstrates its confidence in the value of Conduit's franchise and our commitment to deliver shareholder value.\"\n \nKey highlights:\n• Gross premiums written of $410.2 million, a 15.0% increase over the first three months of 2024, with growth achieved across all three segments\n• Reinsurance revenue of $213.0 million, a 17.6% increase over the first three months of 2024\n• Overall portfolio risk-adjusted rate change for the three months ended 31 March 2025 was (4)%, net of claims inflation, but remains at attractive levels following improvements in pricing, terms and conditions during recent years\n• No change from previously reported undiscounted ultimate net loss relating to the California wildfires of between $100.0 million and $140.0 million, net of reinsurance and reinstatement premiums\n• High quality investment portfolio produced a return ...