London · Delayed Price · Currency is GBP · Price in GBX Conduit Holdings Earnings Call Transcripts
Fiscal Year 2025
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2025 saw strong premium growth and double-digit ROE despite significant wildfire losses and a softening market. The company strengthened its leadership, expanded retrocession, and continued capital returns via dividends and buybacks, positioning for disciplined growth in 2026.
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Gross premiums written grew 8.5% to $1.04 billion, led by strong casualty growth, while property and specialty saw more modest increases. Investment returns remained robust, and the company reaffirmed mid-single digit ROE guidance for 2025, with growth expected to moderate as market conditions soften.
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Gross premiums grew 8.9% in H1 2025, but elevated catastrophe and risk losses led to a $13.5 million comprehensive loss and a combined ratio of 122.1%. Strategic portfolio shifts and increased reinsurance aim to reduce volatility, with near-term ROE guidance revised down.
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Gross premiums written rose 15% to $410M in Q1 2025, with strong growth across all segments and a 2.1% investment return. Enhanced reinsurance strategy and a $50M share buyback aim to stabilize earnings and boost shareholder value. ROE guidance and solvency targets remain unchanged.
Fiscal Year 2024
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Gross premiums written rose nearly 25% to $1.16 billion, with all segments growing and property leading. Despite elevated catastrophe losses, comprehensive income reached $125.6 million (12.7% ROE). Management expects a low to mid-teens ROE in 2025, even after a $100–$140 million net loss from the California wildfires.
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Gross premiums written rose 25.2% year-on-year, led by property and specialty, but Q3 saw elevated loss activity, pushing the combined ratio into the mid-90s. Investment returns remained strong, and the outlook is stable with continued focus on disciplined underwriting.
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Comprehensive income rose to $98.1M and ROE to 9.9% in H1 2024, with 36% premium growth led by property and specialty. Combined ratio increased slightly due to industry losses, but risk and capital remain well managed, supporting continued growth.