Conduit Holdings has reported a modest fall in premiums for the first nine months of 2026, as the London-listed reinsurer reshaped its property book towards higher-margin business in a softening market. In a trading update published on Wednesday, 11 November 2026, the group said gross premiums written were $999.9 million for the nine months ended 30 September, down 3.8% from $1,039.1 million a year earlier, while reinsurance revenue rose 1.6% to $673.2 million.

Conduit is the Bermuda-based parent of Conduit Re, a multi-line reinsurance business listed on the London Stock Exchange. The update covers the third quarter, the most active part of the Atlantic hurricane season and therefore one of the most closely watched periods for reinsurers. Management hosted a virtual meeting for analysts and investors at noon UK time on Wednesday to discuss the figures.

Property down, casualty up

The fall in total premiums was driven by the property division, where gross premiums written dropped 10.1% to $532.9 million from $592.5 million. Conduit said it had deliberately rebalanced the property portfolio towards higher-margin excess-of-loss business as prices softened, writing less business rather than chasing volume at weaker rates.

Casualty premiums moved in the opposite direction, rising 8.9% to $309.1 million from $283.9 million, as the group grew business with preferred clients. Specialty premiums slipped 3.0% to $157.9 million from $162.7 million. Taken together, the three segments produced the $999.9 million total, $39.2 million below the same period last year.

Pricing softens but stays adequate

Market conditions have softened as expected, Conduit said, but pricing remains broadly adequate on the business it is targeting. The group's overall risk-adjusted rate change for the nine months was minus 6%, net of claims inflation, reflecting stable conditions in casualty balanced against softening prices in property and specialty lines.

Despite the lower premium total, reinsurance revenue grew, rising 1.6% to $673.2 million from $662.4 million in the first nine months of 2025. The gap between falling premiums and rising revenue reflects the timing of when written business is earned, as well as the shift in the mix of business towards lines the group sees as more profitable.

Middle East loss estimates unchanged

Conduit also confirmed that its initial loss estimates linked to the Middle East conflict, which were recognised in earlier quarters, were unchanged in the third quarter. The statement gives investors a clear position on an exposure that has been a source of uncertainty for insurers and reinsurers writing business connected to the region.

Conduit Reinsurance Limited is licensed by the Bermuda Monetary Authority as a Class 4 insurer, and its parent company is a constituent of the FTSE 350 index in London. The third-quarter update is the group's main trading statement before its full-year results, and it sets the tone for how the reinsurer has traded through the hurricane season and a softening pricing cycle.

Sources: ADVFN, carrying the Conduit Holdings trading update for Q3 2026 and Reuters via TradingView, 11 November 2026.