Conduit Holdings reported comprehensive income of $80.3 million for the first half of the year as the Bermudian-based company joined other re/insurers in shifting away from property business amid the most rapid decline in prices in decades.

The result compared with a comprehensive loss of $13.5 million in the same period last year, when the company was hit by losses from the California wildfires.

Conduit’s undiscounted combined ratio improved to 92.6 per cent from 122.1 per cent. A ratio below 100 means an underwriting profit.

The reinsurance service result swung to a profit of $86.9 million from a loss of $15.2 million.

Gross premiums written declined 1.8 per cent to $789 million as the company rejected or decided not to renew business that did not meet its return targets.

Property premiums fell 9.3 per cent to $454.8 million, while speciality premiums declined 4.7 per cent to $117.2 million.

That was partly offset by casualty premiums, which rose 21.2 per cent to $217 million.

Pricing across Conduit’s portfolio fell by 6 per cent after allowing for claims inflation.

The decline was biggest in property, where prices fell 10 per cent. Speciality prices declined 7 per cent, while casualty pricing was down 1 per cent.

Neil Eckert, chief executive of Conduit, said the company would continue to prioritise “margin and capital discipline as opposed to growth”.

Conduit is pivoting towards excess-of-loss contracts, which are expected to account for about 40 per cent of its property premiums this year.

Meanwhile, it is reducing lower-margin quota-share business and buying more retrocession protection to lessen exposure to catastrophes like North Atlantic windstorms as the hurricane season progresses.

Reinsurance revenue increased 5.2 per cent to $455.9 million despite less in written premiums.

Conduit recorded a net investment result of $25.3 million. Net investment income rose 20.4 per cent, although much of the increase was offset by unrealised losses caused by rising United States Treasury yields.

The company also recognised $8.3 million in substance-based tax credits under the Bermuda Tax Credit Act 2025. The credits lessened its reported operating expenses during the period.

Total capital increased to $1.12 billion from $1.01 billion a year earlier, while diluted earnings were 52 cents per share, compared with a nine-cent loss.

Conduit repurchased $38.9 million of its shares during the period and declared an interim dividend of 18 cents per share, totalling about $28 million. The dividend is due to be paid on September 10.