Conduit Holdings Ltd (LSE:CRE) shares climbed 8.5% to 378p as the Bermuda-based reinsurer reported a good start to the year, announced that Neil Eckert has been appointed as chief executive officer and approved a $50 million share buyback.
Eckert had been holding the role of executive chairman and interim CEO since late March after the retirement of Trevor Carvey.
Rebecca Shelley, senior independent director, has been appointed as non-executive chair on an interim basis, while the board looks for a permanent chair.
Gross premiums of $410.2 million were written for the first quarter of 2025, a 15% increase, with growth achieved across all its operating segments. Reinsurance revenue rose by 17.6% to $213.0 million for the period.
The estimated net loss related to the California wildfires remains unchanged at between $100 million and $140 million, net of reinsurance and reinstatement premiums.
The company noted that its overall portfolio experienced a risk-adjusted rate change of (4)%, but pricing remains at attractive levels.