Conduit Holdings Ltd: 1Q26 First Take - Premium growth ahead of expectations

Research evidence excerpt

Conduit Holdings Ltd: 1Q26 First Take - Premium growth ahead of expectations

Equity Research

European Insurance

13 May 2026

Conduit Holdings Ltd

1Q26 First Take - Premium growth

ahead of expectations First Look

Revenue growth accelerated in 1Q26, driven by casualty and CRE.L/CRE LN UNDERWEIGHT

property, while specialty premiums come down. Risk- European Insurance NEUTRAL

adjusted rate change of -5% appears in line with peers, while Price Target GBp 350

Price (12-May-26) GBp 443

growth outperformed expectations. Potential Upside/Downside -21.0%

Source: Bloomberg, Barclays Research

Conduit is hosting a conference call at 12 PM UK time, register here to access.

Conduit’s 1Q26 update shows a stronger than expected gross written premium growth of 4.8% Ivan Bokhmat

(9pp beat vs BARCe), and insurance premium growth of +12.8% (11.4pp beat) – faster than the +44 (0)20 7773 0417

consensus expectations of a 2% revenue growth this year (no 1Q26 consensus), and second only ivan.bokhmat@barclays.com

to Hiscox (+10%) this reporting season. Strongest premium growth of 30%YoY was recorded in Barclays, UK

Casualty which saw -1% price change (flat vs 4Q25), followed by Property growing 4.6% Domenico Turco

despite a 9% rate headwind (accelerated from -5% in 4Q25). Specialty premium growth +44 (0)20 7773 3505

remained negative at -19pp, missing estimates by 14pp – price headwind also accelerated to domenico.turco@barclays.com

-7% from -5%. Management views pricing as generally adequate. Barclays, UK

Conduit did not disclose a precise impact of Middle East claims, but noted the recorded initial

loss estimate - along with other large loss events this quarter - as immaterial.

Investment portfolio has returned 0.3% during the quarter, impacted by rising yields and wider