AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Conduit Reinsurance Limited (Conduit Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Conduit Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile, and appropriate enterprise risk management.

Conduit Re’s balance sheet strength is underpinned by risk-adjusted capitalisation, which is projected to remain at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The balance sheet strength assessment is further supported by high quality capital without any financial leverage, a conservative investment strategy focused on fixed maturity securities and a reinsurance programme of excellent credit quality.

The adequate operating performance assessment reflects Conduit Re’s robust underwriting profitability, supported by a discounted combined ratio (net-net) of 88.4% in 2025 (2024: 84.9%). The higher combined ratio in 2025 reflected the company’s outsized net exposure to California wildfires. Subsequently the company broadened its retrocession cover to provide greater protection against potential future volatility, including by reducing its net exposure to secondary perils. Conduit Holdings Limited, the ultimate parent of Conduit Re, reported a profit of USD 80.3 million for the first six months of 2026, compared to a loss of USD 13.5 million in the first six months of 2025.

Conduit Re, a pure play reinsurer, has been well received by the market, quickly establishing itself with key distributors since it began writing business in 2021. The company has a well-diversified book by line of business and geography, and AM Best expects it to write reinsurance revenue of approximately USD 920 million in 2026. Although there have been a number of changes within senior management since March 2025, the newly appointed executives bring appropriate experience and expertise.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261111421515/en/

Stanislav Stoev, ACCA, CFA
Senior Financial Analyst
+44 20 7397 0306
stanislav.stoev@ambest.com

Tim Prince
Director, Analytics
+44 20 7397 0320
timothy.prince@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

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