Conduit (CRE) investor relations material

Executive summary

• 9M gross premiums written fell 3.8% to $999.9m, while reinsurance revenue rose 1.6% to $673.2m; Casualty growth partly offset Property and Specialty declines.

• Underwriting priorities included margin protection, disciplined risk selection and shifting Property toward excess-of-loss business; the cross-cycle mid-teens ROE remains an aspiration, not a near-term forecast.

Financial highlights

• 9M net investment return was (0.4)%, versus 5.4% in 9M 2025, as unrealized losses from higher Treasury yields offset growing investment income.

• Managed investments and cash totaled $2.3bn at 30 September, up $280m or 14% YoY; book yield was 4.3%.

• Market yield was 5.2%, average credit quality AA and portfolio duration 2.9 years at 30 September 2026.

Outlook and guidance

• Property excess-of-loss premiums are expected to increase by ~$50m in 2026, reaching ~40% of Property premiums; further portfolio rebalancing is planned for 2027.

• Soft pricing is expected to persist, particularly in Property and Specialty; disciplined underwriting will prioritize preferred clients and classes with more stable conditions.

• Higher market yields and reinvestment rates are expected to support future investment income as cash flows are reinvested.