Conduit Holdings Ltd. · LSE:CRE
Conduit — Q1 2026 Earnings Presentation
18 slides from Conduit's earnings presentation, May 13, 2026
Slide 1: Q1 2026 Trading Update
Q1 2026 Trading Update Conduit Holdings Limited 13 May 2026
Slide 2: Important notices
Important notices Important information (disclaimers) This announcement contains inside information for the purpose of the Market Abuse Regulation (EU) No 596/2014 (which forms part of UK domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended). This announcement includes state
Slide 3: Q1 2026 trading update: speakers and agenda
Q1 2026 trading update Today’s speakers Neil Eckert Elaine Whelan Stephen Postlewhite Chief Executive Officer Chief Financial Officer Chief Underwriting Officer Agenda 01 02 03 04 05 Q1 2026 summary Performance by Financial and Capital Closing remarks segment investment management highlights strateg
Slide 4: Q1 2026 trading update: highlights
Q1 2026 trading update: highlights Key highlights Gross premiums written1,3 Reinsurance revenue – During Q1 2026 we continued to identify select areas for growth, despite softening market $430.3 million $240.3 million conditions. (+4.9% vs. Q1 2025) (+12.8% vs. Q1 2025) – Growth continued to be driv
Slide 5: 5% increase in gross premiums written
5% increase in gross premiums written Measured deployment prioritising long-term performance Focused on discipline in an increasingly competitive market – Premium increase in Q1 2026 reflects continued growth in – Risk-adjusted rates declined 5% across our portfolio during Q1 Casualty and stable vol
Slide 6: 1% increase in gross premiums written in Property
1% increase in gross premiums written in Property Ongoing portfolio rebalancing remains a priority Rates generally remain adequate despite recent softening – Slower growth rate reflects disciplined deployment in a – Risk-adjusted rates declined 9% during Q1 2026; pricing generally competitive market
Slide 7: 23% increase in gross premiums written in Casualty
23% increase in gross premiums written in Casualty Continue to grow selected classes, aligned with our objectives Increasing competition, with pricing broadly tracking loss trends – Expiring business was generally renewed with similar shares, while – Risk-adjusted rates declined 1% during Q1 2026 as
Slide 8: 4% decrease in gross premiums written in Specialty
4% decrease in gross premiums written in Specialty Premium decline reflects cycle management in a competitive Plentiful capacity driving competition and rate softening market – Risk-adjusted rates declined 7% during Q1 2026. – Premiums declined as we scaled back in a number of classes, – Rates conti
Slide 9: Q1 2026 financial highlights
Q1 2026 financial highlights Gross premiums written for the three months ended 31 March 2026 and 2025: Key highlights – Gross premiums written of $430.3 million, a 4.9% ($m) 2026 2025 Change $m Change % increase over Q1 2025, with growth being driven by Property 248.8 246.3 2.5 1.0% Casualty. Casual
Slide 10: High quality investment portfolio
High quality investment portfolio Asset allocation as at 31 March 2026 Capital preservation and liquidity to support our underwriting teams remain of paramount importance and determines our 31.5% Corporate Bonds relatively conservative strategic portfolio allocation U.S. Treasuries and U.S. Agency D
Slide 11: We maintain a prudent capital management strategy
We maintain a prudent capital management strategy We maintain a strong desire to return excess capital to shareholders when appropriate Strong, well capitalised balance sheet supports our underwriting Required capital levels ̶ We maintain strong capital1 buffers above regulatory requirements, – The
Slide 12: Closing remarks: continued execution of our strategy
Closing remarks: continued execution of our strategy Stabilised results and business – We have stabilised the business and successfully renewed our retrocession programme with broader coverage for peak and secondary perils, reducing our net exposure to tail events. Leadership and the Board strength
Slide 13: Appendix
Appendix AW CONDUIT RE
Slide 14: Conduit Re is a Bermuda-based, multi-line reinsurer
Conduit Re is a Our approach to cycle management across our classes of business, combined with an efficient operating model, plays a key role as we prioritise long-term Bermuda-based, value creation for our stakeholders. multi-line reinsurer. Key statistics as at 31 December 2025 Bermuda-based reins
Slide 15: Achieving scale and diversification
Achieving scale and diversification Gross premiums written by segment, class and location for the year ended 31 December 2025 Diversity by class of business Diversity by location Property Property • Personal - 18% • US - 29% • Commercial - 35% • Worldwide - 15% Casualty • Europe - 5% • General third
Slide 16: Tax credit update
Tax credit update The Bermuda Tax Credits Act 2025 was enacted on 11 December 2025 – Creates a structured, rules-based tax-incentive regime designed to encourage Bermudian employment, local expenditure and community investment across the economy. – Establishes three principal credit categories: – Su
Slide 17: Discounting on losses
Discounting on losses Reminder of our discounting calculation methodology Calculation methodology Variability Discount on − New incurred claims discounted using − Opening discount rates are fixed for the period but discount on material new incurred opening discount rate or date of loss rate events a
Slide 18: Enquiries please contact: About Conduit Re
Enquiries please contact: About Conduit Re David Haggie Conduit Re is a Bermuda-based multi-line reinsurance business with global reach. Conduit Reinsurance Limited is licensed by the Bermuda Peter Rigby Monetary Authority as a Class 4 insurer. A.M. Best has assigned a Caroline Klein Financial Stren