Conduit Re property premiums fall 10.1% as renewal rates soften

Conduit Re wrote $532.9 million of property premiums in the first nine months of 2026, 10.1% less than a year earlier, as the Bermuda reinsurer cut back on the business in a softening market. Gross written premium fell 3.8% to nearly $1 billion, parent Conduit Holdings said.

Renewal rates fell 6% across the portfolio after adjusting for claims inflation, changes in exposure and policy terms. Property rates fell 10%, specialty 7% and casualty 1%. Casualty premiums rose 8.9% to $309.1 million as the company expanded business with preferred clients, while specialty fell 3% to $157.9 million. Reinsurance revenue rose 1.6% to $673.2 million.

Conduit expects rates to soften further, particularly in property and specialty, which sets the pricing reference for allocators committing capacity into the upcoming renewal season. The company is shifting its property book toward higher-margin excess-of-loss contracts, which cover claims above an agreed threshold, and is buying reinsurance for its own portfolio to limit exposure to large losses — making it a buyer of protection as well as a seller.

Conduit attributed the pressure on pricing to strong industry returns and record levels of global reinsurance capital. Neil Eckert, chief executive, said: “2026 has been marked by relatively benign insured losses from natural catastrophes, elevated frequency of specialty losses and volatile investment markets.” He said the company was growing with core clients where pricing and margins remained adequate, and expects to carry that strategy into the upcoming renewal season.

Conduit said no single event had a material impact on the company and left its estimates for losses tied to the Middle East conflict unchanged in the third quarter. Net investment return was negative 0.4%, against a positive 5.4% a year earlier, as rising US Treasury yields drove unrealised losses that outweighed net investment income. Managed investments and cash rose about 14% to $2.3 billion. The company bought back $38.9 million of its shares during the nine months and paid a $28 million interim dividend.