CONDUIT HOLDINGS LIMITED - Q1 Trading Update

Conduit Holdings Limited delivered a resilient Q1 2026 investor update, reporting 4.9% growth in gross premiums written to $430.3 million despite softer reinsurance market conditions and increased competition. Growth was driven primarily by the casualty segment, where stable risk-adjusted pricing and disciplined underwriting supported a 23% increase in premiums, while property and specialty markets experienced continued rate softening. The company emphasized its focus on underwriting discipline, portfolio diversification, and margin protection as market conditions evolve. Conduit also highlighted strong financial performance, including a stable investment portfolio that generated a 0.3% quarterly return and expanded to $2.3 billion in managed investments, supporting future earnings growth. The insurer maintained a conservative balance sheet with AA average credit quality, short-duration assets, and strong capital flexibility. Management reaffirmed confidence in the company’s strategy through continued shareholder returns, substantially completing a $50 million share buyback programme and authorising a new repurchase initiative alongside an attractive dividend policy. While geopolitical uncertainty and Middle East conflict risks remain under review, management described related exposures as manageable and not material to earnings expectations. Looking ahead, Conduit expects competitive market conditions and rate pressure to persist but remains confident in its growth strategy, underwriting approach, capital management framework, and ability to deliver long-term shareholder value through disciplined execution and selective expansion opportunities.