Conduit Re reported a 5.2% rise in revenue to $455.9M for H1 2026, with the combined ratio improving to 92.6% from 122.1%. Pricing softened 6% as market competition increased.
Alpha Score of 49 reflects weak overall profile with moderate momentum, weak value, weak quality, moderate sentiment.
Conduit Re reported a 5.2% increase in reinsurance revenue to $455.9 million for the six months ended June 30, 2026. The company's combined ratio improved to 92.6% from 122.1% a year earlier, helped by a more benign natural catastrophe environment. Gross premiums written slipped 1.8% to $789 million.
The discounted net loss ratio fell to 68.5% from 95.8% in the prior-year period, the company said. Losses tied to Middle East conflict events were not material, either individually or in aggregate.
Property contributed $241.4 million of revenue. Casualty added $143 million, and Specialty brought in $71.5 million. Property premiums declined 9.3% because of the non-renewal of certain quota share treaties and a more conservative view on premium estimates, the company said. Casualty premiums rose 21.2% as Conduit Re deepened alignment with preferred partners. Specialty premiums fell 4.7% as competition increased and the company took a disciplined approach to new and renewal business.
Investment income climbed 20.4% but was largely offset by unrealized losses from rising Treasury yields. The total investment return was $25.3 million, or 0.9%. Comprehensive income reached $80.3 million, representing a 7.8% return on equity.
Chief Executive Officer Neil Eckert said the company continued to rebalance its property portfolio toward excess-of-loss business and added an enhanced retrocession program to reduce underwriting volatility.
The company's overall risk-adjusted rate change for the first half was down 6%. Pricing softened across property and specialty lines, reflecting strong industry returns and record global reinsurance capital levels. Casualty pricing remained more stable, though competition increased moderately.
Conduit Re also added a chief operating officer and senior hires to its property team, Eckert said, with the new staff joining later this year.
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