Conduit (CRE) investor relations material

Executive summary

• Gross premiums written grew 4.9% year-over-year to $430.3 million in Q1 2026, led by a 23% increase in the casualty segment, while property remained stable and specialty declined amid competitive pressures.

• Investment portfolio reached $2.3 billion, up $400 million from Q1 2025, with a 0.3% return despite market volatility and rising treasury yields.

• Board authorized a new $50 million share buyback program after completing a $50 million repurchase, subject to AGM approval.

• Leadership changes included a new Chief Underwriting Officer and Chair, with three new Independent Non-Executive Directors and ongoing board succession.

• No material event loss in Q1 2026; exposure to the Middle East conflict is under close monitoring.

Financial highlights

• Reinsurance revenue rose 12.8% year-over-year to $240.3 million.

• Property segment premiums grew 1.0%, casualty up 23.1%, specialty down 4.0%.

• Overall risk-adjusted rate change for Q1 2026 was -5%, with property at -9%, casualty at -1%, and specialty at -7%.

• Book yield on investments held steady at 4.2%, with portfolio duration at 2.8 years and average credit quality of AA.

• Investment return for Q1 2026 was 0.3%, down from 2.1% in Q1 2025.

Outlook and guidance

• Growth expected to moderate as market competition increases, with softening rate trends in property and specialty segments.

• Focus on disciplined underwriting, portfolio rebalancing, and returning excess capital to shareholders.

• Ongoing geopolitical instability, especially in the Middle East, increases uncertainty around inflation, demand, and potential losses.