Conduit Holdings Ltd reported growth in premiums and investments in the first quarter of 2026 even as global reinsurance market conditions became more competitive.

The Bermudian-based reinsurer said gross premiums written increased 4.9 per cent to $430.3 million in the three months ended March 31, driven by growth in casualty business. Reinsurance revenue rose 12.8 per cent to $240.3 million.

At the same time, the company reported that prices kept softening across the sector. It reported an overall portfolio risk-adjusted rate change of negative 5 per cent, net of claims inflation.

Neil Eckert, chief executive, said the company is focused on disciplined underwriting and capital management despite the softer conditions.

“We have made a solid start to 2026, continuing to execute on the priorities we set out last year to stabilise the business and strengthen the board, leadership and our underwriting team,” Mr Eckert said.

He added: “Although market conditions are softening, we identified select growth opportunities, successfully enhanced our retrocession programme with more comprehensive peak and secondary peril coverage, and substantially completed our previously announced share buyback programme.”

Conduit said managed investments grew to $2.3 billion, up about $400 million over the past year, as strong cash flow boosted invested assets.

The company also announced that its board had approved a new share buyback programme of up to $50 million, subject to shareholder approval at its annual general meeting.

Conduit said no event losses tied to the conflict in the Middle East had materially affected the business during the quarter, although it had recorded an initial estimate related to potential exposure.