Conduit Holdings Ltd. · LSE:CRE
Conduit — Q3 2025 Earnings Presentation
16 slides from Conduit's earnings presentation, Nov 5, 2025
Slide 1: Conduit Holdings Limited Q3 2025 Trading Update
Conduit Holdings Limited Q3 2025 Trading Update 5 November 2025 ©
Slide 2: Important notices
Important notices Important information (disclaimers) This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plan
Slide 3: 2025 Q3 trading update
2025 Q3 trading update Today’s speakers Neil Eckert Elaine Whelan Chief Executive Officer Chief Financial Officer Agenda 01 02 03 04 Q3 2025 Performance by Financial & Outlook & closing summary segment investment remarks highlights © 3
Slide 4: Q3 2025 trading update: key highlights
Q3 2025 trading update: key highlights • Continued growth in each underwriting division, led by Casualty and Property, Gross premiums written of $1,039 million for the nine months tempered by portfolio adjustments ended 30 September 2025, an +8.5% increase over the same • Growth is focused in target
Slide 5: 9% increase in gross premiums written
9% increase in gross premiums written Market capacity continues to increase, driving softening prices Planning for portfolio refinements ahead of January renewals ̶ Strong returns and retained earnings for the industry driving growth ̶ Growth rates are expected to continue to moderate as pricing in
Slide 6: 6% increase in gross premiums written in Property
6% increase in gross premiums written in Property Price softening as expected but margins remain adequate Greater portfolio balance and resilience remains our focus ̶ Increased capacity from traditional and alternative capital is driving ̶ Support of existing partners will help provide access to add
Slide 7: 20% increase in gross premiums written in Casualty
20% increase in gross premiums written in Casualty Market remaining disciplined with stable pricing Renewal quota share portfolio driving solid growth results ̶ Original rates keeping pace with claims inflation, resulting in risk- ̶ Remain focused on diversification and avoiding over concentration a
Slide 8: 2% increase in gross premiums written in Specialty
2% increase in gross premiums written in Specialty Strong demand for specialty risks continues Planning to add select new business to existing portfolio ̶ Rate softening has continued, but pricing remains dynamic in select ̶ Continue to focus on underwriting quality and net performance classes based
Slide 9: Financial highlights
Financial highlights Gross premiums written for the nine months ended 30 September: Gross premiums written of $1,039.1 million, an +8.5% increase 2025 2024 Change Change over the same period in 2024 $m $m $m % Property 568.3 536.0 32.3 6.0% Reinsurance revenue of $662.4 million, a +12.6% increase ov
Slide 10: High quality investment portfolio
High quality investment portfolio Asset allocation as at 30 September 2025 Capital preservation and liquidity to support our underwriting 10.1% teams remain of paramount importance and determines our Corporate Bonds 1.2% relatively conservative strategic portfolio allocation U.S. Treasuries and U.S.
Slide 11: Closing remarks
Closing remarks Growth tempering in line with market conditions, which remain adequate ̶ 8.5% increase in gross premiums written through nine months of 2025; growth in targeted Casualty and Property classes with preferred partners who are demonstrating strong cycle and claims management ̶ Growth rat
Slide 12: Appendices
Appendices
Slide 13: Conduit at a glance
Conduit at a glance 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 value creation for our stakeholders 12 months ended 30/09/2025 gross premiums written Key statistics Property Casualty Specialt
Slide 14: 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 and therefore currently outside the scope of Bermuda CIT. If the Group were
Slide 15: 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 16: Enquiries please contact
Enquiries please contact: David Haggie Brett Shirreffs Peter Rigby Investor Relations Caroline Klein +1 (441) 520 4058 Haggie Partners brett.shirreffs@conduitre.bm +44 (0) 207 562 4444 conduitre@haggiepartners.com About Conduit Re Conduit Re is a multi-line Bermuda-based reinsurer, with a global rea