European Insurance News & Views "Takeaways from Conduit Re 1Q26 IMS" Lu

Research evidence excerpt

European Insurance News & Views "Takeaways from Conduit Re 1Q26 IMS" Lu

Global Research

13 May 2026ab

European Insurance News & Views Equities

Europe including UKTakeaways from Conduit Re 1Q26 IMS

Financial

Qian Lu

Headline: Takeaways from Conduit Re 1Q26 IMS Analyst

qian-za.lu@ubs.com

Conduit Re (not covered) released its 3M26 trading update today. We provide key +44-20-7567 4657

takeaways from the release below. Will Hardcastle, CFA

Analyst

will.hardcastle@ubs.com

UBS Summary:

+44-20-7567 9763

Nasib Ahmed, FIA

Conduit: 1. Growth: GWP grew 5% YoY in 3M26 driven by Casualty with volume Analyst

stable in Property and Specialty (+23% Casualty, +1% Property, -4% Specialty); The nasib-za.ahmed@ubs.com

growth in Casualty was mainly driven by new business in US General 3rd party liability; +44-20-7568 8231

2. Pricing: risk adjusted rates declined -5% across Conduit's portfolio over Q1 (-1%

Chloe Ryan

Casualty, -9% Property, -7% Specialty). In Property, deductibles and retentions remain Associate Analyst

elevated at primaries but ceding commissions have increased. Conduit expects: (i) chloe.ryan@ubs.com

Property to remain competitive through mid-year renewals; (ii) Casualty loss trends to +44-20-7567 3505

encourage market discipline noting moderate increases in competition; (iii) Specialty

softening to slow due to recent loss activities; 3. Claims: Conduit has some exposure to

the Middle East conflict and has recorded an initial loss estimate though noting no event

losses over Q1 had a material impact, in line with what Hiscox and Lancashire have

reported.

Hiscox: We increase our 2026E EPS by 3% driven by assumed Q2 MTM gains and better

investment performance in Q1 reported. We make modest changes to our 2027/28E

EPS noting we are ahead of cons. expectations.