Conduit Re top line grows 15% in Q1 as Eckert formally takes CEO role

By Ryan Hewlett

May 14 - (The Insurer) - Conduit Holdings, the parent of London-Bermuda carrier Conduit Re, said on Wednesday that its gross written premiums (GWP) grew by 15% in the first quarter, as the London-listed reinsurer formally appointed founder Neil Eckert as CEO.

GWP for the three months ended March 31, 2025 rose to $410.2 million, with growth achieved across all three segments.

Casualty and specialty lines GWP increased by 21.9% and 24.8%, respectively. Property, Conduit Re’s largest line of business, grew 9.6% year on year to $237.9 million.

The carrier, which launched in December 2020, reported an overall portfolio risk-adjusted rate reduction of 4.0% for Q1, net of claims inflation. However, Conduit Re said conditions remain at “attractive levels” following improvements in pricing, terms and conditions during recent years.

Reinsurance revenue increased 17.6% over the first three months of 2025 to $213 million. Specialty lines recorded overall revenue growth of 42.1% during the quarter, while revenue in property and casualty rose 13.1% and 9.7%, respectively.

Bermuda-headquartered Conduit Re noted that the first quarter of 2025 was a “highly active” period for catastrophe events, including the California wildfires and severe convective storm activity.

Its estimated undiscounted net loss estimate for the California wildfires remains unchanged from guidance released in March at between $100 million and $140 million, net of reinsurance.

Conduit Re announced plans in March to purchase additional reinsurance cover to protect the business from further earnings volatility through the remainder of the year. The cost of the additional cover led management to reduce its return on equity guidance for 2025 to between high single digits and low double digits.

In its trading update on Wednesday, Conduit Re confirmed the additional reinsurance has been secured for both U.S. and global secondary perils, alongside increased aggregate cover, complementing its existing peak peril protection.

ECKERT FORMALLY APPOINTED CEO

Conduit Re separately announced in a stock exchange notice that its founder and chairman Eckert had been named CEO of the carrier following the exit of Trevor Carvey in March.

In addition, Rebecca Shelley, currently senior independent director, has been appointed non-executive chair on an interim basis while the board commences a search for a permanent chair. Ken Randall will become senior independent director.

Executive search firm Sainty Hird will assist the board in the recruitment of a permanent chair, the company said.