Conduit Holdings Ltd

Conduit Holdings Limited returned to profitability in the first half of 2026, reporting comprehensive income of $80.3 million compared with a $13.5 million loss a year earlier. The reinsurer's undiscounted combined ratio improved sharply to 92.6% from 122.1%, while tangible net assets per share rose 8.4% to £5.70. Gross premiums written declined 1.8% to $789 million as the company prioritized underwriting margins over volume amid a 6% decline in risk-adjusted rates, reducing property and specialty exposure while growing casualty premiums 21% to $217 million. Conduit expanded retrocession coverage to lower catastrophe risk, and net investment income rose more than 20% to $46.7 million. The company returned approximately $68 million to shareholders through dividends and share buybacks.