The reinsurer reported a sharp turnaround in underwriting results as its combined ratio improved to 92.6% from 122.1% a year earlier.
Conduit posted $80.3 million in comprehensive income for the first half of 2026, reversing a $13.5 million loss in the same period last year. The improvement was driven by a more favorable catastrophe environment and disciplined underwriting, with the undiscounted combined ratio tightening to 92.6% from 122.1%.
Tangible net assets per share rose 8.4% to £5.70, while gross premiums written dipped 1.8% as the company prioritized margins over volume. Investment income climbed over 20% to $46.7 million, and Conduit returned $68 million to shareholders via dividends and buybacks.
The reinsurer reduced property and specialty exposure, shifting toward excess-of-loss coverage and growing casualty premiums by 21%. Retrocession coverage was expanded to mitigate catastrophe risk, though higher ceded reinsurance costs supported earnings stability.