Conduit Holdings Limited (CRE) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone. Welcome to Conduit's Trading Update call for Q3 2025. We appreciate your time today. Joining me on the call are Neil Eckert, Chief Executive Officer, and Elaine Whelan, Chief Financial Officer. Please note our disclaimer language on slide two. I will now turn the call over to our CEO, Neil Eckert. Thanks, Brett. Welcome to our presentation. I'm joined today by Elaine Whelan, our CFO. As usual with our trading updates, today's presentation will focus on our top line underwriting experience across each of our segments through the first nine months of the year. I will also provide our views on recent market conditions and some thoughts on the up and coming renewal seasons. Elaine will provide some additional detail on our financial investment highlights through the third quarter before closing remarks and time for questions. For the first nine months of 2025, we delivered growth in gross premiums written across all three of our segments. Our casualty segment has experienced the strongest growth during 2025, while property and specialty have increased at a more modest single digit rate. The relative growth rates across our segments reflect the opportunities we have seen throughout the year. Certain classes have presented more compelling opportunities to deploy our capital, and we have consciously grown in those areas, while we have also deliberately pulled back in other classes. Market conditions have become more competitive during 2025, following several years of price increases and strong returns to the industry. Overall, our risk-adjusted rate change net of claims inflation was down 3% for the nine months ended 30th September. In casualty, original rate change in certain classes is meeting or exceeding expected claims inflation, while conditions in...