Conduit Re

What Conduit Re does

Conduit Re is a Bermuda-based, pure-play multi-line reinsurer founded in December 2020 and listed on the London Stock Exchange (LSE: CRE) following an approximately $1 billion IPO that was the largest startup listing in LSE history at the time. The company provides proportional and excess of loss reinsurance across three core product lines — Property (catastrophe, per risk, pro rata/quota share, aggregate), Casualty (general liability, professional indemnity, D&O, healthcare/medical malpractice, environmental, financial institutions, transactional), and Specialty (aviation, marine, energy, engineering & construction, environmental, political violence/terrorism, renewables, specie & fine art, war) — to a global client base that includes Lloyd's Syndicates, monoline specialists, and regional and multinational insurance companies, distributed both directly and via brokers.

The company's technical platform centers on certified catastrophe modeling using Verisk AIR (CEEM) and Moody's RMS (CCRA), supported by an in-house actuarial and exposure-management team that handles short-tail pricing and portfolio analytics. All staff are co-located at the company's Pembroke, Bermuda headquarters (Ideation House, 94 Pitts Bay Road), enabling cross-functional collaboration across underwriting, risk, claims, and actuarial functions. The technology stack is conservative and vendor-leveraged rather than proprietary-AI-led, and the firm carries no disclosed patents or AI/ML products.

Conduit Re generates revenue through reinsurance premiums (written as excess of loss or proportional/risks-attaching contracts and recognized over the contract term) plus net investment income from a conservative AA-credit-quality fixed maturity and cash portfolio (2.8-year duration, 4.2% book yield). In FY2025, the company wrote $1,243.0 million of gross premiums (+6.9% YoY), generated $897.1 million of reinsurance revenue (+10.2% YoY), delivered 11.1% return on equity, maintained a 252% BSCR ratio on $1.10 billion of total capital, and holds an A- (Excellent) Financial Strength Rating from A.M. Best.

Name

Conduit Re

Legal name

Conduit Holdings Limited

Website

https://conduitreinsurance.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Conduit Re is a Bermuda-based, LSE-listed (CRE) pure-play multi-line reinsurer providing proportional and excess of loss Property, Casualty, and Specialty reinsurance solutions globally to Lloyd's Syndicates, monoline specialists, and insurance companies, with $1.24bn GPW in FY2025.

Ownership category

akta.pro rank

Product category

Reinsurance

NAICS

Reinsurance Carriers (524130), Insurance Carriers (5241)

SIC

Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Reinsurance Pool / Facility Treaty Participation (FSAOAEAL)

akta.pro secondary industries

Casualty Facultative Reinsurance (FSAOAFAB), Facultative Professional Liability Reinsurance (FSAOAFAG)

Keywords

• Multi-line reinsurance
• Property reinsurance
• Casualty reinsurance
• Specialty reinsurance
• Excess of loss coverage

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Reinsurance Premiums: Conduit Re generates revenue primarily through reinsurance premiums written across Property, Casualty, and Specialty segments. Premiums are written as excess of loss and proportional (quota share) contracts. For excess of loss contracts, premiums are recorded based on minimum and deposit premium. For proportional contracts on risks attaching basis, premiums are written over the term of the contract in line with underlying exposures.
2. Net Investment Income: Investment returns from a conservative fixed maturity and cash portfolio generate additional revenue. The investment portfolio maintains AA credit quality with 2.8 year duration and 4.2% book yield.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Conduit Re is a Bermuda-based pure-play multi-line reinsurer providing proportional and excess of loss reinsurance solutions across Property, Casualty and Specialty lines. The company serves Lloyd's Syndicates, monoline specialists, and regional and multinational insurance companies on a worldwide or region-specific basis, offering stand-alone to multi-class protections with a willingness to embrace complex risks.

Product overview

Conduit Re is a Bermuda-based multi-line reinsurer offering three core reinsurance product lines: Property, Casualty, and Specialty. The company provides proportional and excess of loss reinsurance solutions to clients globally, including Lloyd's Syndicates, monoline specialists, and regional and multinational insurance companies. Their Property segment covers catastrophe, per risk, pro rata/quota share, and aggregate protections. Their Casualty segment focuses on liability lines including general third-party liability, professional liability, D&O, and healthcare/medical malpractice. Their Specialty segment encompasses aviation, marine, energy, engineering, environmental, political violence, renewables, and war risks.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Reinsurance Property reinsurance offering covering Property Catastrophe, Property Per Risk, Property Pro Rata (Quota Share), and Property Aggregate coverages for global insurance clients.
• Casualty Reinsurance Casualty reinsurance covering General Third-Party Liability, Environmental and Energy Liability, Healthcare/Medical Malpractice Liability, Professional Liability, Directors and Officers Liability, Financial Institutions Liability, and Transactional Liability.
• Specialty Reinsurance Specialty reinsurance covering Aviation, Contingency, Energy, Engineering & Construction, Environmental, Marine, Political Violence/Terrorism, Renewables, Specie & Fine Art, War, and Event capped QS of above XL lines.

Quantifiable outcome

• 6.9% growth in gross premiums written to $1,243.0 million in 2025
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• Haggie PartnerscoreGTM or Marketing PartnerPR Advisors to Conduit Re providing media relations, press release distribution, and communications support.
• Bermuda Monetary AuthoritycoreOthersRegulatory authority that licenses and supervises Conduit Reinsurance Limited as a Class 4 insurer.
• United Nations Environment Programme Finance Initiative (UNEP FI)supportingStrategic or Co-development PartnerConduit Reinsurance Limited is a member of UNEP FI, demonstrating commitment to environmental principles and sustainable finance.
• A.M. BestcoreOthersCredit rating agency that assigned Conduit Reinsurance Limited a Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of a- (Excellent).

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hamilton Insurance Group: Bermuda-based specialty insurer and reinsurer with Property, Casualty and Specialty lines. Comparable Bermuda domicile, scale, and multi-line treaty offering.
• RenaissanceRe: Bermuda-headquartered specialty reinsurer with leading Property Catastrophe and Specialty franchises. Directly comparable in business mix (Property, Casualty, Specialty) and Bermuda domicile.
• Lancashire Holdings: Bermuda-domiciled specialty insurer and reinsurer focused on Property, Marine, Energy and Aviation lines. LSE-listed (LSE: LRE) and a close functional peer given shared Bermuda roots, similar specialty focus, and comparable leadership pedigrees (Conduit's CFO came from Lancashire).
• AXIS Capital Holdings: Bermuda-based specialty insurer and reinsurer offering Property, Casualty, Professional Lines, and Specialty lines. Highly comparable multi-line Bermuda platform with overlapping product and customer set.
• PartnerRe: Global multi-line reinsurer offering Property, Casualty, Specialty and Life & Health reinsurance. Comparable diversified treaty and facultative offering across similar cedent base.
• Aspen Insurance Holdings: Specialty insurer and reinsurer with Property, Casualty, Marine, Energy and Aviation lines. Several Conduit executives previously worked at Aspen, making it an unusually close functional and human-capital peer.
• Validus Holdings: Bermuda-based multi-line reinsurer offering Property Catastrophe, Property Specialty, Casualty and Marine/Energy. Closely comparable multi-line Bermuda platform; several Conduit employees previously worked at Validus Re.

Broad incumbents

• Everest Group: Global multi-line reinsurer and insurer with significant Bermuda operations and a broad Property, Casualty and Specialty portfolio. Closest large-cap direct comp to Conduit Re's diversified treaty reinsurance model.
• Arch Capital Group: Bermuda-based multi-line insurer and reinsurer with Property, Casualty, Mortgage and Specialty lines. Comparable diversified platform and Bermuda domicile.

Regional players

• Hiscox: LSE-listed specialty insurer and reinsurer with significant Bermuda operations. Comparable specialty lines (Marine, Energy, Professional Liability) and LSE listing create an overlap in investor base and product set.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sharer.php?u=https://www.conduitreinsurance.com
• LinkedInlinkedin.com/company/conduit-re
• Xx.com/Conduit_Re

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Conduit Re