Conduit Holdings Limited (CRE) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and welcome to Conduit's 2026 Interim Results Conference Call. Thank you for joining us. On the call are Neil Eckert, Chief Executive Officer, Elaine Whelan, Chief Financial Officer, and Stephen Possilway, Chief Underwriting Officer. Please note our disclaimer language on slide two. I will now turn the call over to our CEO, Neil Eckert. Thanks Brett and welcome everyone. Today's presentation will cover our business performance for the first half of 2026 as well as an update on market conditions and the outlook. Steve will cover performance in each of our segments and Elaine will provide some additional detail on our financial and investment highlights for the period before closing remarks and time for questions. I'm pleased to report a solid first half performance for 2026. We generated comprehensive income of $80.3 million and a return on equity of $7.8 while growing tangible net assets per share by 8.4% during the first half and 23.2% over the past year. These are strong levels of shareholder value creation and a meaningful improvement compared to our performance in the prior year. As market conditions have become more competitive, we have remained disciplined in our deployment of capital. We continue to grow in areas where we believe pricing remains attractive, particularly casualty, whilst reducing exposures in parts of property and specialty where rates no longer meet our return hurdles. This included a reduction in certain quota share treaties as we continue to rebalance our portfolio. Gross premiums written were $789 million, down 1.8% from the prior year, reflecting this deliberate portfolio management. Underwriting performance benefited from a much more benign catastrophe environment compared with the first half of 2025. Our undiscounted ...