olivLaw · European equity research
Conduit Holdings Limited CRE.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Conduit Holdings Limited is a Bermuda-based reinsurance group writing business across the Property, Casualty and Specialty segments. In 2025 reinsurance revenue grew, but pricing softened and the California wildfires weighed on the loss ratio, so the company now operates in a more competitive market with reinsurance revenue of 897.1 million USD and an undiscounted net loss ratio of 89.9%.
At the close of 05 Nov 2026, Conduit Holdings Limited (CRE.L) stock was 4.61 GBP (+0.88% on the day), with beta 0.37, 52-week range 3.23–4.81 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.2
- strong (55–70)
- Bollinger (20, 2)
- 4.32 – 4.65
- in the upper half of the band · %B 0.89 · band width 7.3%
- SMA 50 / 200
- 4.53 / 4.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −0.6% | +2.3 pp | — |
| 3 months | +3.1% | −4.2% | +7.3 pp | — |
| 6 months | +2.8% | +4.3% | −1.5 pp | — |
| Year to date | +17.5% | +7.5% | +9.9 pp | — |
| 1 year | +37.2% | +9.9% | +27.3 pp | +6.7% |
| 3 years | +6.2% | +49.8% | −43.6 pp | +24.8% |
| 5 years | +2.3% | +42.8% | −40.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 190.8 m | 125.6 m | 116.8 m |
| Net income YoY | unavailable | −34.2% | −7.0% |
| Diluted EPS | 1.19 | 0.79 | 0.74 |
| Diluted EPS YoY | unavailable | −33.6% | −6.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 308.7 m | 406.6 m | 361.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 339.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.1 bn USD
- Total assets
- 2.3 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.8%
- ROA
- 5.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 192.0 m | 126.8 m | 118.0 m | esef· 10 Mar 2026verified |
| Interest expense | 1.2 m | 1.2 m | 1.2 m | esef· 10 Mar 2026verified |
| Net income | 190.8 m | 125.6 m | 116.8 m | esef· 10 Mar 2026verified |
| Diluted EPS | 1.19 | 0.79 | 0.74 | esef· 10 Mar 2026verified |
| Dividend per share | 0.37 | 0.38 | 0.38 | esef· 10 Mar 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 199.8 m | 313.2 m | 339.2 m | esef· 10 Mar 2026verified |
| Total assets | 1.5 bn | 1.9 bn | 2.3 bn | esef· 10 Mar 2026verified |
| Total liabilities | 508.8 m | 855.0 m | 1.2 bn | esef· 10 Mar 2026verified |
| Equity | 987.4 m | 1.1 bn | 1.1 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 160.3 m | 157.0 m | 155.7 m | esef· 10 Mar 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 309.4 m | 407.3 m | 361.6 m | esef· 10 Mar 2026verified |
| Capex | 700.0 k | 700.0 k | 0 | esef· 10 Mar 2026verified |
| Free cash flow | 308.7 m ≈ | 406.6 m ≈ | 361.6 m ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -148.7 m | -219.7 m | -269.2 m | esef· 10 Mar 2026verified |
| Financing cash flow | -73.8 m | -69.7 m | -75.7 m | esef· 10 Mar 2026verified |
| Dividends paid | 59.3 m | 59.5 m | 59.4 m | esef· 10 Mar 2026verified |
| Share repurchases | 13.7 m | 9.4 m | 15.5 m | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.01 – 15.87 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E8.77 – 15.87 (Mid 11.35)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)5.01 – 6.74 (Mid 5.75)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 309.6% | 100 (on a fixed band) | 38% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 98.3x | 100 (on a fixed band) | 38% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 16.4% | 100 (on a fixed band) | 25% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CONDUIT HOLDINGS LIMITED (CRE.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.8%.
The estimated value range is 6.89–11.30 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 309.6%
- Interest coverage: 98.3x
- Payout ratio (FCF): 16.4%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CRE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Conduit Holdings Limited is a Bermuda-based reinsurance group writing business across the Property, Casualty and Specialty segments. In 2025 reinsurance revenue grew, but pricing softened and the California wildfires weighed on the loss ratio, so the company now operates in a more competitive market with reinsurance revenue of 897.1 million USD and an undiscounted net loss ratio of 89.9%.1
SWOT
Strengths
- A legacy-free balance sheet with strong capital and a comfortable margin above the internal solvency threshold. The company holds a stable A- rating from AM Best, supporting its underwriting capacity.
- A conservative investment portfolio with short duration and a high average rating, limiting credit and liquidity risk.
- Diversification across three divisions and use of retrocessional protections, which helps manage volatility and catastrophe exposure.
Weaknesses
- The overall risk-adjusted rate change was negative in 2025, indicating pricing pressure in most segments.
- The loss ratio deteriorated, and a single event, the California wildfires, contributed significantly to that deterioration.
- Financing costs on reserves rose with the growing liability balance, and lower yields added further pressure on results.
Opportunities
- Casualty benefits from the market correction and growth with preferred partners, which could support expansion in that segment.
- Returning capital to shareholders through dividends and the buyback programme could support tangible net asset value per share.
- If rates stabilise, selective underwriting could lead to more profitable growth in priority lines.
Threats
- Intense competition and softening prices in Property and Specialty could limit premium growth and margins.
- Frequent or severe catastrophe events could produce losses above those estimated.
- Leadership changes and the need to strengthen governance could affect the rating and strategic flexibility.
Risks
- Capital adequacymedium
If capital pressures rise, solvency could fall below internal tolerances or rating agency requirements.
- Underwriting and pricinghigh
Pricing that does not accurately reflect exposures could lead to underestimated losses or insufficient premiums.
- Catastrophe eventshigh
A major event could affect results, as the California wildfires did in 2025.
- Investment risklow
Changes in yields can affect portfolio value, although the portfolio remains oriented to short duration and high credit quality.
- Governance and internal controlmedium
Preparation for attestation under the UK Code requires confirmation of material controls; shortfalls could affect investor confidence.
Investment thesis
What would need to be true (bull case)
- A strong, legacy-free balance sheet and a stable A- rating could allow the company to take advantage of markets where competitors pull back.
- The Casualty correction and growth with preferred partners could support revenue in the segment with the strongest pricing outlook.
- The dividend policy and buyback programme could support tangible net asset value per share over the medium term.
What would break the thesis
- Softening prices in Property and Specialty could reduce premium growth and margins in those segments.
- High catastrophe activity has worsened the loss ratio, and another difficult year could consume capital.
- Lower yields and rising reserve financing costs could compress net results if not offset by volume growth.
What to watch
- Evolution of risk-adjusted rate change by segment and pricing levels in Property and SpecialtyQ1 2027
- Undiscounted net loss ratio and any new catastrophe losses2027
- Execution of the buyback programme and dividend policy2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Conduit Holdings Limited, through its subsidiary Conduit Re, provides reinsurance across several lines of business, organised into three divisions: Property, Casualty and Specialty. Reinsurance revenue was 897.1 million USD in 2025, up from 813.7 million USD in 2024, with growth coming from continued portfolio development and the earn-out of premiums from prior underwriting years.1 The company maintains a legacy-free balance sheet and a short-duration, highly rated investment portfolio.1
Segments
Property
Gross premiums written growth in Property slowed through 2025 as prices softened and competition increased. The risk-adjusted rate change in this segment was (5)%.1
Casualty
Casualty was the only segment where rates rose slightly in 2025, with growth coming mainly from general third-party liability business with preferred partners. The risk-adjusted rate change in this segment was 1%.1
Specialty
Specialty recorded a slight decline in gross premiums written as the company reduced growth in lines facing more pressure on pricing and terms. The risk-adjusted rate change in this segment was (5)%.1
Market context
The reinsurance market moved from several years of compounding rate increases to softer pricing and terms in most classes of business, while some Casualty lines continue to benefit from the market correction driven by reserve deterioration in years before 2020. The year 2025 was highly active for natural catastrophe events, with the January California wildfires the most significant.1
Trends
- Softening pricingheadwind
After several years of compounding increases, pricing and terms softened in most classes. If competitive pressure persists, premium growth could be tempered in Property and Specialty.
- Casualty correctiontailwind
Some Casualty lines benefit from the market correction caused by reserve deterioration and losses from years before the company began business, supporting rates in this segment.
- Catastrophe activityheadwind
High natural catastrophe activity in 2025 increased net losses, and exposure to secondary perils was reassessed; continued frequent events could weigh on results.
- Investment yieldsmixed
Investment income grew with the portfolio, and returns were also lifted by unrealised gains as yields fell. Lower yields could reduce future investment income.
Competitive position
Conduit describes its competitive environment as increasingly intense after several years of high pricing and strong industry profitability. The document does not explicitly name competitors, so the list below reflects general reference points in the reinsurance market and is not confirmed by the source.
- Other Lloyd's and Bermuda reinsurers
Companies writing the same Property, Casualty and Specialty lines and competing directly on price and terms; the source does not name them.
- Large global reinsurance groups
International groups with large capacity that can offer similar products at greater scale; the source does not name them.
- Alternative capital markets
Funds and capital structures competing for catastrophe risk; the source mentions only general competitive pressure.
- Local specialty underwriters
Specialist insurers and reinsurers in the markets where the company operates; the source does not identify them individually.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202510 Mar 2026
- Annual report 202404 Mar 2025
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Conduit Holdings Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.