Slide 1: Reinsuring today, Ready for tomorrow
Reinsuring today, Ready for tomorrow. Conduit Holdings Limited Full Year 2024 Results 19 February 2025 ©
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: 2024 results: established platform delivering profitability and well positioned for market opportunity
2024 results: established platform delivering profitability and well positioned for market opportunity Final dividend of $0.18 (c £0.14) per share declared; full Gross premiums written1 of $1,162.4 million, +24.8% over 2024 dividend $0.36 (c. £0.28) per common share for a full year 2023 total distri
Slide 4: Established platform focused on shareholder returns
Established platform focused on shareholder returns Achieving meaningful scale (Gross premiums written, $m) Benefiting from operating leverage1 Property Casualty Specialty Other operating expenses ($m) Other operating expense ratio (%) 1,162.4 +46.1% 931.4 258.5 15.8% CAGR 186.4 622.5 297.6 30.6 30.
Slide 5: January 2025 Southern California wildfires
January 2025 Southern California wildfires Significant event by historical standards Palisades Fire1 ̶ Commencing 7 January, a series of destructive, high-wind Acres burned Structures destroyed Structures damaged assisted wildfires affected the Los Angeles metropolitan area 23,707 6,833 973 and surr
Slide 6: 25% increase in gross premiums written
25% increase in gross premiums written Gross premiums written1 ($m) Cumulative risk-adjusted rate change, net of inflation2 Property Casualty Specialty +$231m FY 2024: +1% +25% 1,162.4 rate change2 931.4 258.5 121% 122% 186.4 297.6 622.5 97.7 276.7 100% 372.5 236.7 104% 66.4 606.3 129.2 468.3 288.1
Slide 7: 29% increase in gross premiums written in Property
29% increase in gross premiums written in Property Gross premiums written1 ($m) Undiscounted combined ratio2 Reinsurance operating expense ratio Net loss ratio +$138m +29% 606.3 104.5% 468.3 94.0% 89.9% 62.4% 288.1 83.0% 79.2% 176.9 51.5% 11.0% 10.9% 10.7% 2021 2022 2023 2024 2021 2022 2023 2024 Str
Slide 8: 8% increase in gross premiums written in Casualty
8% increase in gross premiums written in Casualty Gross premiums written1 ($m) Undiscounted combined ratio2 Reinsurance operating expense ratio Net loss ratio +$21m +8% 297.6 100.2% 100.1% 96.4% 97.1% 276.7 236.7 93.8% 89.4% 90.6% 129.2 6.3% 7.0% 6.5% 2021 2022 2023 2024 2021 2022 2023 2024 Growth d
Slide 9: 39% increase in gross premiums written in Specialty
39% increase in gross premiums written in Specialty Gross premiums written1 ($m) Undiscounted combined ratio2 Reinsurance operating expense ratio Net loss ratio +$72m 136.7% +39% 258.5 106.9% 94.0% 186.4 83.3% 128.8% 97.7 88.3% 77.1% 66.4 7.9% 6.2% 5.7% 2021 2022 2023 2024 2021 2022 2023 2024 Focuse
Slide 10: January renewals: rates down modestly but remain at historically attractive levels
January renewals: rates down modestly but remain at historically attractive levels The market remains well priced Rate change1,2 ̶ We continued to observe attractive conditions to deploy capacity at January renewals ̶ Experienced modest rate declines following several years of compounding price incr
Slide 11: Natural catastrophe exposure remains in balance with portfolio growth
Natural catastrophe exposure remains in balance with portfolio growth Planned net PMLs1 for peak peril zones (% of TNAV) Net PML 1 in 100 Net PML 1 in 250 Gross premiums written Conduit Re actively manages its net exposure with a retrocession programme and defined risk tolerances 14.5% 11.6% The pla
Slide 12: 2024 financial highlights
2024 financial highlights Key financials ($m) FY2024 FY 2023 Change % Growth in gross premiums written and reinsurance Gross premiums written 1,162.4 931.4 24.8% revenue across all divisions, driven by increases in Reinsurance revenue 813.7 633.0 28.5% Property and Specialty Net reinsurance revenue
Slide 13: High quality investment portfolio
High quality investment portfolio Asset allocation as at 31 December 2024 Capital preservation and liquidity to support our underwriting Corporate bonds teams remain of paramount importance and determines our 16.2% conservative strategic portfolio allocation 29.7% U.S. treasuries and U.S. agency deb
Slide 14: Compounding earnings contribution from investment portfolio
Compounding earnings contribution from investment portfolio Investments and cash Book yield Market yield Investments and cash totaling $1.8 5.2% 5.1% billion as at 31 December 2024, 4.8% representing growth of 27.9% from 31 December 2023 4.1% 3.7% 1,839.5 Investment leverage1 has increased 1.2% 2.4%
Slide 15: Profitable growth platform focused on long-term returns
Profitable growth platform focused on long-term returns 2024 represents a year of good progress for Conduit ̶ Continued exceptional organic growth in gross premiums written (+24.8%) ̶ Comprehensive income of $125.6 million and RoE of 12.7% in a high industry loss year, follows a 22.0% RoE in 2023 ̶
Slide 16: Appendices
Appendices
Slide 17: Conduit at a glance
Conduit at a glance Our dynamic cycle management across classes of business and efficient operating model are fundamental to delivering long-term value to our stakeholders FY 2024 gross premiums written FY 2024 Property Casualty Specialty “CRE” listed on the $606.3 million $297.6 million $258.5 mill
Slide 18: How we create value
HOW WE Our investment proposition CREATE VALUE Our key business objectives Targeted Operational Strong balance underwriting excellence sheet Building a sustainable business for the - Multi-line reinsurance treaty - Single location, efficient set - Balance sheet well long-term benefit of our stakehol
Slide 19: Capital to support continued growth
Capital to support continued growth Conduit year-end Peer year-end 2023 BSCR BSCR coverage ratio1 coverage ratio2 574% 404% 381% 269% 300% 200% 2021 2022 2023 2024 Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 Co. 10 Co. 11 Co. 12 Eligible capital <$2.5 billion Eligible capital >$2.5 billion
Slide 20: Strategic cost benefit from operating structure
Strategic cost benefit from operating structure Gross premiums written per full time employee1 ($m) Conduit Peers FY 20242 17.9 15.8 11.5 9.5 9.1 6.3 5.4 4.7 4.0 3.1 2.7 2.6 1.7 1.6 0.6 2021 2022 2023 2024 Co. 1 Co. 2 Co. 3 Co. 4 Co. 5 Co. 6 Co. 7 Co. 8 Co. 9 Co. 10 Co. 11 1. Conduit Re based on act
Slide 21: We are committed to driving meaningful change
We are committed to driving meaningful change Effective governance supports our strategy We empower our staff - Robust risk governance framework ensuring effective oversight and - As at 31 December, 2024, 45% of our workforce is female, reflecting accountability our commitment to gender diversity -
Slide 22: Underwriting performance
Underwriting performance Gross premiums written1 ($m) Discounted combined ratio2 In our fourth year, we continued to gain scale while experiencing an elevated frequency of natural catastrophes and risk events, 119.4% resulting in a higher combined 1,162.4 ratio 103.0% 931.4 86.0% Diversification and
Slide 23: Over $3 billion of gross premiums written since inception
Over $3 billion of gross premiums written since inception Cumulative gross premiums written1 ($m) 3,089 609.1 Significant pipeline of premium continues to 498.4 flow through 940.3 350.6 790.9 Delivering on our 257.4 strategy as a multi-line 642.7 reinsurer 506.6 164.1 1,539.4 122.6 366.0 1,374.9 241
Slide 24: Commercial insurance pricing environment
Commercial insurance pricing environment Marsh Global Insurance Market Index 25% 22% 20% 19% 20% 18% 15% 15% 14% 15% 13% 11% 11% 9% 10% 8% 6% 6% 4% 4% 5% 3% 3% 3% 2% 2% 1% 1% 1% 1% 1% 0% 0% -2% (1)% -2% -2% (2)% -3% -4% -4% -3% (5)% -5% (10)% © 24 Note: Conduit Re’s underwriting business incepted in
Slide 25: Bermuda corporate income tax
Bermuda corporate income tax Bermuda Corporate Income Tax Act 2023 (Bermuda CIT) passed into law in December 2023 and applied from January 2025 to multi-national entities that qualify Conduit is not a multi-national entity If the Group were to meet the Bermuda CIT criteria in the future, it is likel
Slide 26: Discounting on losses
Discounting on losses Reminder of our discounting calculation methodology Calculation methodology Variability Discount on − New incurred claims discounted using opening − Opening discount rates are fixed for the period but discount on material events are new incurred discount rate or date of loss ra
Slide 27: The discount on our balance sheet will be unwound over future years
The discount on our balance sheet will be unwound over future years Discount roll-forward for the year ended 31 December 2024 ($m) 79.8 6.8 118.3 (0.3) (37.6) 69.6 Opening discount Incurred Net interest accretion Net change in discount rate Fx revaluation Closing discount © 27
Slide 28: Net reinsurance finance income (expense) reduces volatility from investment return
Net reinsurance finance income (expense) reduces volatility from investment return Net investment result and net reinsurance finance income (expense), full year results ($m) Net investment result Net reinsurance finance income (expense) 70.6 66.1 20.8 (32.8) (30.8) (52.8) 2022 2023 2024 © 28
Slide 29: Investor relations calendar
Investor relations calendar Planned events are provisional and subject to change Conduit scheduled disclosures Conduit planned attendance at conferences 14 May 2025: 4 March 2025: – Q1 2025 Trading Update – Association of Insurance and Financial Analysts (Naples) – Annual General Meeting 5 March 202
Slide 30: Enquiries please contact
Enquiries please contact: Vikki Kosmalska / Genevieve Ryan Brett Shirreffs H/Advisors Maitland Investor Relations +44 (0) 207 379 5151 +1 (441) 520 4058 conduitre@h-advisors.global brett.shirreffs@conduitre.bm About Conduit Re Conduit Re is a multi-line Bermuda-based reinsurer, with a global reach.