Conduit Holdings

•
 

Introduction
 
Who are we?
Conduit Re is a Bermuda-based multi-line reinsurer with global 
reach, supporting insurers and reinsurers with their property, 
casualty and specialty reinsurance needs. 
We have proven experience across our business to make dynamic decisions throughout 
the market cycle. We use differentiated technology to provide insight and bespoke 
solutions to support our clients. 
We have a strong balance sheet that is well capitalised for future growth.
We operate from a single location with a disciplined and collaborative culture. 
Social responsibility and inclusiveness are at the core of how we operate.

In this report...
Internships and Scholarships
Find out more on page 23.
Employees in the Community
Find out more on page 29.
02
S T R A T E G I C  R E P O R T
03
Business Model
04
At a Glance
06
Key Performance Indicators
07
Executive Chairman's Statement
09
CEO's Report
12
CUO's Report
18
CFO's Report
19
Business Review – Finance
23
Case Study
24
Enterprise Risk Management Report
29
Case Study
30
ESG Summary
36
Section 172 Statement
39
G O V E R N A N C E
40
At a Glance
41
Board of Directors
45
Introduction to Corporate Governance
48
Corporate Governance and Compliance 
with the UK Corporate Governance Code
53
Nomination Committee Report
57
Audit Committee Report
63
Remuneration at a Glance
64
Directors' Remuneration Report
66
Directors' Remuneration Policy and 
Policy Table
72
Notes to the Directors' Remuneration Policy
76
Annual Report on Remuneration
94
Directors' Report
99
Directors' Responsibilities Statement
100
F I N A N C I A L  S T A T E M E N T S
101
Independent Auditor's Report
107
Consolidated Statement of 
Comprehensive Income
108
Consolidated Balance Sheet
109
Consolidated Statement of Changes 
in Shareholders' Equity
110
Statement of Consolidated Cash Flows
111
Notes to the Consolidated 
Financial Statements
163
Additional Performance Measures 
166
Glossary
170
Advisers and Contact Information
01
Contents
 

Strategic 
Report
 
In this section:
03
Business Model
04
At a Glance
06
Key Performance Indicators
07
Executive Chairman's Statement
09
CEO's Report
12
CUO's Report
18
CFO's Report
19
Business Review – Finance
23
Case Study
24
Enterprise Risk Management Report
29
Case Study
30
ESG Summary
36
Section 172 Statement
02
 
Reasonable returns during 
an active loss period
RoE of 12.7% demonstrates Conduit's 
ability to generate returns for 
shareholders while absorbing losses.
Strategic vision fuels 
robust growth
Reached $1,162.4m of gross premiums 
written in 2024, with 24.8% growth 
across our multi-line portfolio. 

A model 
designed 
for 
sustainable 
growth
Our business model is designed 
around our strategy, and is 
fundamental to delivering 
long-term value to our stakeholders.
Our vision
Our vision is for Conduit Re 
to be a reinsurance business with 
a global reach to deliver sustainable 
long-term returns through the 
market cycle.
What we do
Conduit Re offers a broad range of 
traditional and tailored proportional 
and excess of loss reinsurance 
solutions to our clients on a 
worldwide or region-specific basis 
within our Property, Casualty 
and Specialty portfolios.
Property
Casualty
Specialty
03
Business Model
 
Inception to 31 December 2024 
gross premiums written
$3.1bn
We are…
We use…
We embrace…
•
a multi-line reinsurer 
in a single location 
in Bermuda.
•
a business with no 
conflicts of interest 
with our cedants.
•
client, geography 
and product neutral.
We enable fast, flexible 
and informed decision-
making.
•
an open culture where 
knowledge transfer 
is facilitated and 
collaborative challenge 
is encouraged.
•
modern, modular 
technology to 
provide enhanced 
portfolio insight.
We create a diverse, 
inclusive and engaging 
working environment.
•
a broad view to 
exploring solutions 
in ever-changing market 
conditions, unhindered 
by legacy systems 
and issues.
•
an integrated approach 
to ESG, building this 
into our operations, 
underwriting and 
investment activities.
We aim to deliver long-
term sustainable benefits 
for our stakeholders.
Our key resources
People and talent
Our people, with their 
skills and expertise, are 
critical to the success 
of the business.
Technology
We have invested in 
the latest technology to 
continuously improve the 
business.
Financial capital
We are a well-capitalised 
business to help support 
our market-driven strategy.
Underpinned by our culture
01.
Transparent
02.
Collaborative
03.
Responsible
04.
Enabled
05.
Forward-thinking

04
At a Glance
 
Property
Proportional and 
non-proportional 
Casualty
Proportional and 
non-proportional 
Specialty
Proportional and 
non-proportional 
Including catastrophe and non-
catastrophe property business across US 
and international risks for personal and 
commercial lines.
Including directors and officers liability, 
financial institutions liability, general 
liability, medical malpractice, professional 
liability and transactional liability.
Including aviation, energy, engineering 
and construction, environmental, marine, 
renewables, political violence and 
terrorism and whole account.
Gross premiums written ($m)1
Gross premiums written ($m)1
Gross premiums written ($m)1
1.
Gross premiums written now exclude reinstatement premiums to ensure consistency with the IFRS 17 view of revenue. 2021 in the graphs above, disclosed under 
IFRS 4, are also shown excluding reinstatement premiums for consistency.
Bermuda-based reinsurer
BMA regulated – 
Class 4 Licensed
Members of staff
65
AM Best financial strength rating
A-
(Excellent)
Total shareholders' equity
$1.05bn
as at 31 December 2024
2024 Gross premiums written1
$1,162.4m
129.2
236.7
276.7
297.6
2021
2022
2023
2024
66.4
97.7
186.4
258.5
2021
2022
2023
2024
176.9
288.1
468.3
606.3
2021
2022
2023
2024
In numbers...
Underwriting

How we 
create
value
Our key business objectives
•
Building a leading reinsurance business 
focused on underwriting expertise.
•
Delivering profitability and a mid-teens 
return on equity (RoE) across the cycle.
•
Maintaining a strong balance sheet to 
support our business plans.
•
Building a sustainable business for the 
long-term benefit of our stakeholders.
05
At a Glance continued
 
Targeted, data-driven underwriting
Operational excellence
Strong balance sheet
•
Pure reinsurance treaty focus.
•
Balanced and diversified portfolio.
•
Dynamic cycle management across 
classes of business and geographies.
•
Agile decision-making and attention 
to detail to maximise returns.
•
A single location and highly efficient 
corporate structure.
•
An open and collaborative culture.
•
Management team with proven 
industry track record across cycles.
•
Targeted and effective use of data-
driven pricing, analytics and 
exposure management thanks to an 
efficient cloud-based ecosystem.
•
Strong balance sheet that is well 
capitalised for future growth.
•
AM Best (A-) Excellent financial 
strength rating with 'positive' 
outlook and 'very strong' 
balance sheet.
•
High-quality investment portfolio, 
with average credit quality of AA.
Combined ratio (discounted)
86.0%
2023: 72.1%
Headcount
65
2023: 59
Net tangible assets per share growth 
(including dividends)
12.9%
2023: 22.2%
Our investment proposition

Gross premiums written1 ($m)
RoE (%)
In its fourth year of underwriting, Conduit 
has continued its growth across all segments, 
benefiting from new business, high retention 
and underlying growth of renewal business.
With elevated loss activity across smaller 
and mid-sized natural catastrophe and risk 
events in 2024, we achieved an RoE of 12.7%. 
Our investment portfolio also performed well 
and provided a meaningful contribution.
Total net investment return (%)
Total shareholder return (%)
Combined ratio – discounted (%)
Net tangible asset value per share ($)
After interest rate hikes in 2022, Conduit now 
has a generally higher-yielding investment 
portfolio to drive positive performance. 
Net investment income continued to grow 
in 2024, and was the primary driver of the 
investment returns.
Conduit generated a positive total 
shareholder return (TSR) in 2024, supported 
by its interim and final dividends. As a 
comparison, over the same period the FTSE 
100 and FTSE 250 delivered +5.7% and 
+4.7% respectively.
Our discounted combined ratio of 86.0% 
is reflective of a year with more than 
$140 billion of insured natural catastrophe 
and other losses for the industry.
The increase in net tangible asset value per 
share (NTAVS) was due to comprehensive 
income generated for the year, less 
dividends paid by Conduit during the year. 
06
Key Performance Indicators
 
6.70
6.25
5.41
5.08
5.93
12.7
22.0
(4.4)
(9.1)
(4.0)
1,162.4
931.4
622.5
637.5
378.8
86.0
72.1
103.0
107.0
119.4
5.9
16.4
5.5
(12.2)
4.0
5.8
(5.0)
(0.3)
1.
Comparatives for 2022 have been restated on an IFRS 17 basis. Prior to IFRS 17 implementation the numbers were presented on an IFRS 4 basis. Gross premiums written now exclude reinstatement premiums to ensure 
consistency with the IFRS 17 view of revenue.
2024
IFRS 17
2023
IFRS 17
2022
IFRS 17
2022
IFRS 4
2021
IFRS 4
2024
IFRS 17
2023
IFRS 17
2022
IFRS 17
2022
IFRS 4
2021
IFRS 4
2024
2023
2022
2021
2024
2023
2022
2021
2024
IFRS 17
2023
IFRS 17
2022
IFRS 17
2022
IFRS 4
2021
IFRS 4
2024
IFRS 17
2023
IFRS 17
2022
IFRS 17
2022
IFRS 4
2021
IFRS 4
Our key 
performance 
indicators

Another 
year 
of strong 
growth
I N T E R V I E W  W I T H  O U R  
E X E C U T I V E  C H A I R M A N
Reflecting on everything we 
have achieved through the 
end of our fourth full year in 
business, I am particularly 
pleased to present Conduit’s 
2024 results.
On behalf of the Board, I am pleased to 
introduce Conduit's 2024 results. To begin 
with I would like to reflect on what we have 
achieved having completed our fourth full 
year in business.
We set out to establish Conduit as a multi-
line reinsurer with a differentiated business 
model. As we move into 2025, we expect 
to see a continuing flow of global 
opportunities from our single location 
in Bermuda.
We have built an efficient operating and 
regulatory model which delivers results 
and is designed to maintain our operating 
expenses below normal industry cost levels.
In 2024, our team continued to execute on 
our growth strategy with gross premiums 
written of $1.16 billion, and increasing year 
on year by 24.8%. In a year when the 
industry experienced elevated levels and 
frequency of natural catastrophe and 
risk losses across multiple sectors and 
geographies, we delivered comprehensive 
income of $125.6 million and an RoE 
of 12.7%.
This continued trend of increased climate-
related perils has contributed to the fifth 
consecutive year of more than $100 billion 
of insured natural catastrophe losses for the 
industry. The impact of severe convective 
storms, hail, flooding and wildfires has 
been far reaching as weather patterns shift 
and insured values continue to grow in 
exposed regions. Of particular note is the 
wildfire event which struck California in 
January 2025. These events have a 
devastating impact on communities and, 
as a reinsurer, Conduit is quick to respond 
so our cedants can help their policyholders 
begin the rebuilding process. This is 
another example of the vital role that 
reinsurance plays in protecting businesses 
and consumers.
The compounding effect of Conduit’s 
business model has enabled us to increase 
our assets under management, and this in 
turn has delivered increased net investment 
income in 2024, while maintaining our 
conservative approach to risk in the 
investment portfolio. Our balance sheet 
continues to support our growth. Market 
cycles are a feature of our industry and 
the Board regularly discusses capital 
management and the long-term strategy to 
maximise our capital efficiency and returns. 
For 2024, we are maintaining our dividend 
at $0.18 per share making it $0.36 per share 
for the full year (approximately 28 pence).
07
Executive Chairman's statement
 
Neil Eckert, Executive Chairman

We are delighted that AM Best recently 
revised the outlook of Conduit Re's 
Financial Strength Rating to 'positive' 
from 'stable.'
The environment was attractive when we 
commenced underwriting in 2021 and since 
then, the overall rating environment has 
continued to be attractive both at an 
industry level and within our underwriting 
portfolio. We will inevitably see softening 
in some sectors as the cycle progresses 
and, despite the challenges of wildfire, 
I am confident that the team's proactive 
approach will manage this by adjusting 
our exposures in areas that no longer 
match our return criteria, while continuing 
to grow in those areas that do.
We have a diverse Board, from a wide 
range of backgrounds and experiences 
which reflects the diversity that Conduit 
embraces throughout the business. The 
Board continues to provide valuable 
support to Conduit and its management 
team. The Board welcomed Stephen 
Redmond during 2024, who brings a wealth 
of insurance industry experience. Through 
his long career he has been a leading figure 
in the insurance market and underwriting 
community and is a past chairman of The 
Institute of London Underwriters. 
We were deeply saddened by the death of 
Sir Brian Williamson in October, only a few 
months after he had stepped down from 
the Board. Sir Brian was a founder non-
executive director of Conduit and an 
enormous source of both wisdom and good 
cheer throughout his time with us and he 
will be sorely missed.
Conduit is a thriving environment, 
and we pride ourselves on having a flat 
management structure with all staff having 
daily access to members of the senior 
executive team. Conduit’s growth and 
success has been driven by its excellent 
team, led by Trevor, and we continued to 
add to our talent pool in 2024, with notable 
hires across the business. Our corporate 
values and work ethic, in my opinion, make 
Conduit a great place to be across all our 
functional divisions.
We aspire to the values expected by 
our shareholders, especially as they relate 
to sustainability and once again, the 
leadership displayed in the organisation of 
our charitable events has been outstanding. 
I would like to thank the ESG committee 
and the Board for their oversight and 
ensuring that these values are deeply 
embedded across all areas of our business.
In summary, 2024 was another year of 
strong growth and positive progress for 
Conduit. In the face of the elevated industry 
claims activity, we produced solid results 
founded on our robust business model and 
our balanced underwriting strategy.
In closing, I would like to thank Trevor 
and the entire Conduit team for their hard 
work and dedication to making Conduit 
a stronger organisation every day. To 
our brokers and client partners, thank 
you for your continued support. Finally, 
to our shareholders, thank you for your 
engagement and interest in the company. 
In 2024, our team 
continued to execute on 
our growth strategy with 
gross premiums written of 
$1.16 billion, and increasing 
year on year by 24.8%. 
In a year when the industry 
experienced elevated levels 
and frequency of natural 
catastrophe losses across 
multiple sectors and 
geographies, we delivered 
comprehensive income 
of $125.6 million and an 
RoE of 12.7%.
Neil Eckert
Executive Chairman
26 February 2025
08
Executive Chairman's Statement
 

Focused 
on our 
results
I N T E R V I E W
W I T H  O U R  C E O
Conduit continued to 
make meaningful progress 
during 2024. Our capital 
base remains strong, giving 
us continued capacity 
to achieve our goals.
Introduction
Conduit continued to make meaningful 
progress during 2024. Our core 
underwriting strategy remained unchanged 
and enabled us to grow our portfolio 
meaningfully with gross premiums written 
increasing by 24.8% and net reinsurance 
revenue by 29.4%.
This growth was achieved while maintaining 
our commitment to a diversified and 
balanced portfolio. Our capital base remains 
strong, giving us continued capacity to 
achieve our goals.
Overall pricing conditions remained stable 
throughout the year, with some variability 
by class, but in total, at attractive levels 
to generate meaningful returns.
The business continued to scale, reaching 
$1,162.4 million in gross premiums written 
annually and $3.1 billion in total since our 
inception for the 2021 underwriting year, 
with this growth coming from our approach 
to deploy our capacity actively into classes 
with the optimum risk and return profiles.
We all work closely together and this 
creates a highly collaborative, agile and 
informed team that can quickly execute on 
both general management matters but also 
the ever-evolving underwriting and risk 
selection environment. We believe that this 
close alignment of senior management 
allows us to manage the business evolution 
and our underwriting portfolio across the 
cycles as they develop.
Our multi-line approach gives us a broad 
view of the market. We see opportunities 
across classes and quota share and excess 
of loss structures, allowing us to select the 
risks and clients we support carefully
while managing our exposures proactively, 
with diversification across classes and 
non-catastrophe / catastrophe exposures. 
As a rated carrier we continue to be 
a valued partner for our clients.
2024 performance 
Conduit's financial performance in 2024 
was characterised by strong premium 
growth and contributions from the 
investment portfolio. Our gross premiums 
written grew by 24.8% to $1,162.4 million in 
2024. We achieved a discounted combined 
ratio of 86.0% and reinsurance service 
result of $131.6 million. This underwriting 
performance, along with a solid investment 
contribution, resulted in comprehensive 
income of $125.6 million or $0.80 per share 
for 2024 – a reasonable outcome in a year 
of heightened loss activity from both 
natural catastrophes and man-made events.
Our growth since inception has been 
deliberate. We have created a diverse 
business profile by selecting what we 
believe to be the most attractive risks 
available to us across the classes we 
participate in. The portfolio has continued 
to gain scale, but with varying growth 
rates by division as we have focused our 
capacity and resources on areas with 
the highest expected returns.
09
CEO's Report
 
Trevor Carvey, CEO

Growth in premiums was driven by the 
property and specialty divisions during 
2024. We have seen strong pricing and 
increased demand in these divisions, driven 
by persistent inflation and loss activity. 
Our casualty division experienced modest 
growth, as we remain patient for more 
robust pricing conditions. The California 
Wildfire losses are significant for the 
industry and indeed for Conduit. However 
overall I believe that the portfolio has 
maintained a good balance which leaves 
us well-positioned in the market.
We ended 2024 by delivering RoE of 12.7% 
for the year. Conduit’s TNAVS increased 
from $6.25 as at 31 December 2023 to 
$6.70 as at 31 December 2024, after 
providing shareholders with $0.36 per 
share in dividends during the year.
Reinsurance market conditions
2024 was an active year for natural and 
man-made catastrophe events, which 
included US land-falling hurricanes, as 
well as other climate-related perils such as 
severe convective storms, hail, flooding and 
wildfires across the globe. Man-made losses 
were also meaningful during 2024, such 
as the collapse of the Baltimore bridge 
and civil unrest in certain regions of the 
world. Early in the year, the US hurricane 
season was predicted to be above average 
by various forecasters, and it proved to be 
a very active season with meaningful losses 
for the industry, despite Hurricane Milton 
taking a less impactful track than initially 
projected. While insured losses from natural 
catastrophes have trended higher over 
time, each set of events has a different 
impact on local regions and the insurers 
and reinsurers that provide coverage. 
For example, Canada had a particularly 
damaging year in 2024, suffering from their 
largest individual catastrophe event and 
largest aggregate insured catastrophe 
losses on record.
These events have served as a reminder 
to the industry to remain disciplined in 
pricing to ensure an adequate return 
for shareholders, and generally we have 
continued to observe rational behaviour 
in the market after multiple years of 
compounding rate increases.
During 2024, prices in our markets 
remained elevated with tight terms and 
conditions across most classes. Overall, 
we achieved 1% risk-adjusted rate increases 
for the year, with some classes showing 
more strength than others. Our property 
and specialty divisions have continued to 
experience the strongest pricing conditions, 
with risk-adjusted rate increases of 3% and 
1%, respectively during 2024. The events 
of 2024, and the impact of the California 
Wildfires in 2025, along with continued 
strong demand from the market for 
capacity, suggests that prices should 
remain at attractive levels for 2025 
presenting favourable risk/return dynamics 
for our portfolio. Another factor supporting 
the rating environment in 2024 was the 
lack of significant capacity entering the 
market, aside from retained earnings 
generated by the industry over the last 
couple of years. Alternative capital and 
insurance linked securities ("ILS") have 
generated good returns for their investors 
and grown as well in 2024, although at 
a more modest pace than traditional 
balance sheets. That said, as a ground-up, 
predominantly quota share underwriter, 
it is difficult for many alternative capital 
sources to enter our space.
Growth of our specialty division has been 
a key focus for our team. It has been our 
fastest growing division over the last two 
years, more than doubling in scale. The 
diverse set of underlying specialty sub-
classes add non-correlated risk to our 
portfolio (that is less exposed to natural 
catastrophes). Specialty is a broad market 
where pricing varies by class. With elevated 
loss activity in certain classes during 2024, 
such as marine liability, we expect pricing 
to respond favourably. Conduit has a 
clearly defined appetite within specialty, 
and we saw a healthy flow of new business 
opportunities as we continued to expand 
our book.
Moving on to casualty, pricing has been 
slow to respond to persistent economic 
and social inflation in our view. Legacy 
reserve issues continue to be in focus 
as the industry has struggled to capture 
fully the changes in the casualty risk 
environment. Risk selection is paramount 
in casualty, and we believe we have 
supported strong cross-cycle managers 
that are exhibiting prudence in a 
challenging environment. Certain casualty 
classes demonstrated re-acceleration of 
rate increases for primary insurers as 2024 
progressed, and we are paying close 
attention to how our cedant partners adjust 
rates, terms and attachments. We expect 
the reinsurance market to show discipline 
as well and potentially push for additional 
rate in 2025.
Capital management
Conduit benefits from a strong balance 
sheet with no debt leverage, a relatively 
conservative investment portfolio and no 
exposure to pre-2021 underwriting years, 
providing significant capital flexibility 
as we trade forward. We have continued 
to deploy our capacity into strong 
market conditions in a deliberate manner, 
creating a portfolio that benefits from 
diversification of exposures. We view the 
current environment as attractive and will 
continue to deploy capacity but also 
recognise that we have several tools 
at our disposal to manage capital for 
the benefit of shareholders.
Over the last two years, we have nearly 
doubled our premium base.  We have also 
paid an attractive dividend to shareholders. 
Conduit's shareholders' equity was $1.05 
billion as at 31 December 2024, and AM 
Best recently affirmed its (A-) Excellent 
financial strength rating and revised the 
ratings outlook to "positive" from "stable" 
with a "very strong" balance sheet. At 
31 December 2024 Conduit Re's estimated 
Bermuda Solvency Capital Requirement 
10
CEO's Report continued
 

(BSCR) coverage ratio was 269% compared 
with 381% as at 31 December 2023. This is 
well within our expectations as we continue 
to grow and deploy our capital, and we 
plan to maintain our target BSCR solvency 
range of 200% to 300% over our planning 
horizon.
Investments
Our investment strategy remained 
consistent throughout 2024, with a focus 
on capital preservation and liquidity to 
support our underwriting operations. 
We expect to continue to invest our cash 
flow in a broadly similar manner to maintain 
our high average credit ratings in the 
investment portfolio (AA as at 31 December 
2024 and 2023). The investment 
portfolio’s duration is similarly positioned 
conservatively (2.5 years as at 31 December 
2024) and within a reasonable range of 
our liabilities.
The investment portfolio made a significant 
contribution to our results in 2024 with 
a total investment return of $66.1 million. 
We benefited from growing investment 
leverage and a higher book yield on the 
portfolio of 4.1% (31 December 2023: 
3.7%). Our cash and investments as at 
31 December 2024 were $1.8 billion versus 
$1.4 billion as at 31 December 2023, or an 
increase of 26.0%.
Total investment return in 2024 was 
4.0%, reflecting a generally higher-yielding 
portfolio. While total return was down 
from 5.8% in 2023, the higher portfolio 
book yield and investment leverage 
produced net investment income of $65.0 
million in 2024, a 57.4% increase over 2023. 
This positions us well for strong recurring 
earnings contributions from investments 
over the medium-term.
People & ESG
Conduit was founded on a commitment 
to being a responsible business and that 
commitment is embedded in our culture. 
It determines how we engage with our 
employees and the community, as we seek 
to attract and retain the very best talent 
and to be an employer of choice. We 
also engage proactively with other key 
stakeholders, including our shareholders, 
to understand their ESG priorities and 
receive feedback on our own approach.
The Conduit team continued to grow 
during 2024, as we added support roles 
and made senior hires in various functional 
groups. At 31 December 2024 we had 
65 employees, up from 59 employees at 
31 December 2023. Our focus has been on 
building a team with a diverse background 
of technical skills and knowledge, as well 
as strong character and values. Working 
together, the Conduit team has achieved 
meaningful progress for the organisation 
over the last year.
We are committed to attracting and 
retaining talented employees and this 
is a key focus of the leadership team. 
We aim to create an environment that 
offers employees a rewarding experience 
to be challenged, share ideas and develop 
skills that will provide opportunities for 
career development. We regularly engage 
with employees through surveys and 
'town hall' meetings and we encourage 
staff to share feedback on ways to improve 
Conduit for the future.
Outlook
We remain encouraged by the outlook for 
Conduit. Our multi-line platform is well 
suited for this market, allowing us to be 
nimble around changes in the environment 
on a class-by-class basis. As we enter the 
next phase of the market cycle, we expect 
pricing to be more idiosyncratic – the tide 
is not lifting all boats. Our coordinated 
functional groups, separated by only a few 
metres rather than offices or even time 
zones, are highly collaborative and can 
execute quickly or make adjustments to 
the inwards and outwards portfolio. 
Overall, we view the market as being in 
a very healthy place for 2025 and we are 
excited by the opportunities while having 
plenty of headroom to deploy our capacity. 
While pricing has generally stabilised, this 
comes after several years of compounding 
rate increases and we expect to continue 
to find profitable growth opportunities. 
The industry appears broadly to be acting 
in a disciplined manner, as the loss events 
of 2024 serve as a reminder that fortunes 
can change quickly.
In closing, I would like to say to my 
colleagues, together we have built an 
enduring culture that welcomes sharing 
of ideas and information to meet our goals. 
I wish to thank you for your continued 
commitment to Conduit.
To our client partners and brokers, with 
whom we engage daily, thank you for your 
continued support. We look forward to 
expanding and deepening our relationships 
for our mutual benefit as we head into 2025.
And finally, to our shareholders, we thank 
you for your engagement, feedback and 
support as we continue to focus on the 
growth and continuing development of 
Conduit. While we are always learning from 
the past, we are squarely focused on the 
future and generating returns for our 
shareholders. I am pleased with how the 
business is performing and I believe we are 
well positioned to deliver on our objectives.
Trevor Carvey 
Chief Executive Officer
26 February 2025
11
CEO's Report continued
 

Our underwriting team 
continues to work closely 
with actuarial and risk 
colleagues to identify and 
select the best risks for our 
portfolio across each of 
our divisions.
Underwriting approach 
Our underwriting principles have been 
consistent since Conduit’s inception. We 
apply an analytical, data-driven approach 
to understanding risk and the partners 
we support. The client data shared with 
us is key to how we build our view of the 
market and the underwriting decisions 
that we make to construct and balance 
our portfolio. Our forensic approach is 
designed to spot early trends and markers 
in underwriting and pricing cycles as 
they emerge.
The diversification and balance within 
our portfolio are functions of our broad 
appetite and the opportunities we see 
in the market, where our underwriting 
decisions are driven by the expected 
contract-by-contract risk-adjusted returns 
rather than pre-set targets around any one 
particular product or geography. As our 
view of classes and structures change, 
we will adjust the shape of our portfolio 
to deploy our capital effectively. Our 
ability to do this is enhanced by our entire 
underwriting team sitting in one location. 
Speed of response is essential to our 
success, and we aim to be sustainable 
partners with our chosen clients 
and brokers.
We continue to see a good flow of new 
business opportunities, while our renewal 
portfolio also continues to grow. Clients 
prefer to work with reinsurers who 
can offer solutions across the product 
spectrum, and we have seen an expansion 
in cross-class relationships as we look 
to continue to deepen and broaden 
our relationships.
Underwriting performance
We reported strong growth in our 
property and specialty divisions where we 
identified profitable margin opportunities. 
Our casualty division grew at a slower pace 
in 2024 as the team continued careful 
selection of both renewal transactions and 
new business opportunities. In casualty, 
selecting the right partners over the cycle 
is extremely important. We continued 
to support cedants who, in our view, 
demonstrated leadership and control of 
their underwriting and business generally.
12
CUO's Report
 
Gregory Roberts, CUO
l Property: 606.3m
l Casualty: 297.6
l Specialty: 258.5
Gross premiums written
$1,162.4m
(2023: $931.4m)
Gross premiums written ($m)

The momentum in our risk-adjusted rate 
change metrics slowed during 2024. 
Our data shows that the rates we achieved 
were broadly stable net of inflation, 
which is a key benchmark for us.
During the year the industry experienced 
a higher frequency of catastrophe loss 
events, with insured natural catastrophe 
losses estimated to have exceeded 
$140 billion. The events included US land-
falling hurricanes as well as many other 
climate-related events globally. Attachment 
points for excess of loss reinsurance have 
increased over the last few years, meaning 
that a significant proportion of these loss 
events were retained by primary insurers. 
As a result, as a predominantly ground-up 
quota share reinsurer, our exposure was 
similar to a primary insurer. In addition 
to these losses, we experienced an 
accumulated exposure to several smaller 
and mid-sized natural catastrophe and 
risk losses during 2024.
The second half of 2024 included 
Hurricanes Helene and Milton, where we 
recorded an undiscounted net loss, after 
reinsurance and reinstatement premiums, 
of $68.0 million. 
As our business has grown, we adjusted 
the levels of outwards protection while 
continuing to partner with a broad panel 
of reinsurers who demonstrate a solid 
understanding of how we build and 
manage risk in the portfolio. During the 
year we also continued to benefit from the 
Stabilitas Re retrocession cover (obtained 
as part of Conduit Re’s sponsorship of 
Stabilitas Re’s catastrophe bond issuance) 
which complemented our core natural 
catastrophe protections placed primarily 
at 1 January.
13
CUO's Report continued
 
55
76
193
125
94
122
153
151
118
145
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Data: Aon Catastrophe Insight.
Global insured losses from natural disasters ($bn)

Property
In Property, gross premiums written 
for the year ended 31 December 2024 
were $606.3 million (31 December 2023: 
$468.3 million), an increase of 29.5% 
over the prior year. Our risk-adjusted rate 
change in 2024 in our property division, 
net of claims inflation, was 3% (2023: 30%). 
During 2024, we observed more 
competition in property markets than 
in 2023, but we were still able to generate 
strong growth in our portfolio. Since the 
inception of Conduit we have recognised 
the relative attractiveness of supporting 
the US non-admitted market on a quota 
share basis and we have established a 
strong footprint in this market segment 
which has continued to be an excellent 
source of our profitable growth. The 
US non-admitted market has shown 
generally good pricing behaviour and 
continues to gain market share over the 
admitted carriers who have been seeking 
to introduce improvements to their 
business.
Renewal pricing in our property division 
was relatively stable during 2024 with 
rates remaining at attractive levels. While 
the proportional business did experience 
a modest increase in ceding commissions 
during the year, our focus remained on 
the expected combined ratio year on 
year, on a contract by contract basis.
Despite predictions of an active hurricane 
season, there was noticeable increased 
capacity for reinsurers to take on US 
hurricane risk in 2024 with nationwide 
excess of loss business being priced 
more competitively than pure regional 
contracts. In Europe given relative pricing 
we have been deliberately underweight 
in our exposure through 2024, but given 
another active year for loss activity 
there we remain alert to any well-priced 
European opportunities as we look ahead 
to 2025.
14
CUO's Report continued
 
l US 52%
l Worldwide 33%
l Europe 8%
l Other 7%
176.9
288.1
468.3
606.3
2021
2022
2023
2024
100%
107%
139%
143%
2021
2022
2023
2024
In numbers...
Gross premiums written ($m)*
Geographic breakdown
Risk-adjusted rate change
* Gross premiums written now exclude reinstatement premiums to ensure consistency with 
the IFRS 17 view of revenue. 2021 in the graphs above, disclosed under IFRS 4, are also shown 
excluding reinstatement premiums for consistency.

129.2
236.7
276.7
297.6
2021
2022
2023
2024
Casualty
In Casualty, gross premiums written 
for the year ended 31 December 2024 
were $297.6 million (31 December 2023: 
$276.7 million), an increase of 7.6% over 
the prior year. Our risk-adjusted rate 
change in 2024 in our casualty division, 
net of claims inflation, was (1)% (2023: 
0%). Pricing conditions in casualty 
remained very differentiated by class 
during 2024 and we would note that our 
main class general liability consistently 
experienced rate improvement in excess 
of inflation. We noted that rates in a 
number of other classes of casualty, such 
as commercial and financial institutions 
directors & officers liability, were under 
pressure for much of the year.
Under these conditions, we underwrote 
our way carefully through the casualty 
market and premiums came in below 
our initial expectation for the year as 
we non-renewed or optimised shares 
on certain treaties. The team saw several 
new business opportunities and were 
prepared to support those at acceptable 
terms and prices.
Our focus in casualty remains very much 
to analyse the ground-up underwriting 
actions of our partners and validate 
their behaviours. This includes carefully 
reviewing cedant approach around limits 
and attachment points through ongoing 
review of policy bordereaux and other 
data. In this way our focus is to always 
support and develop our position 
with casualty partners who clearly 
demonstrate an ability to navigate 
various phases of the cycle.
15
CUO's Report continued
 
In numbers...
Gross premiums written ($m)*
Class of business breakdown
Risk-adjusted rate change
* Gross premiums written now exclude reinstatement premiums to ensure consistency with 
the IFRS 17 view of revenue. 2021 in the graphs above, disclosed under IFRS 4, are also shown 
excluding reinstatement premiums for consistency.
l General third-
party liability 65%
l Professional 
liability / financial 
institutions 28%
l Auto liability 1%
l Other 6%
100%
101%
101%
100%
2021
2022
2023
2024

Specialty
In Specialty, gross premiums written 
for the year ended 31 December 2024 
were $258.5 million (31 December 2023: 
$186.4 million), an increase of 38.7% over 
the prior year. Our risk-adjusted rate 
change in 2024 in our specialty division, 
net of claims inflation, was 1% (2023: 9%).
We experienced strong growth in 
our specialty business in 2024 while 
remaining focused on target classes 
and in regions where we believe the 
underlying insurance dynamics are 
positive and in a stable environment.
Our specialty portfolio features 
complementary exposures to our 
property and casualty divisions, with 
limited natural catastrophe exposure.
The specialty insurance market is very 
broad in nature and covers a wide range 
of classes and in this respect we remain 
very focused on those specialty classes 
that we believe present the clearer 
opportunities for longer term profitability 
and transparent risk management. In 
some classes our decline rate remains 
relatively high. Contract wordings and 
structuring remain a key part in our 
overall specialty underwriting approach.
Across the industry in 2024, specialty 
classes continued to attract new 
participants as the market looked to 
grow in non-correlating lines of business. 
This has put pressure on some niche lines, 
but overall, the market remains healthy. 
Whole account business, where we 
reinsure a broad range of pre-agreed 
classes, saw an increase in 2024. This 
continues to bring good diversification 
within the portfolio while enabling us to 
effectively manage any additional natural 
catastrophe exposure.
The collapse of the Baltimore bridge 
in 2024 will potentially cause the marine 
liability class one of the largest claims 
on record and the market may well see 
a positive risk-adjusted rate response 
in that class in 2025. 
16
CUO's Report continued
 
66.4
97.7
186.4
258.5
2021
2022
2023
2024
l Multi-line 25%
l Energy and 
Power 25% 
l Marine 21% 
l Construction and 
Engineering 15%
l Aviation 3%
l Cyber 3%
l Other 8%
100%
102%
111%
112%
2021
2022
2023
2024
In numbers...
Gross premiums written ($m)*
Class of business breakdown
Risk-adjusted rate change
* Gross premiums written now exclude reinstatement premiums to ensure consistency with 
the IFRS 17 view of revenue. 2021 in the graphs above, disclosed under IFRS 4, are also shown 
excluding reinstatement premiums for consistency.

Looking ahead
As we look forward to 2025, Conduit is 
well positioned, and the technical strengths 
of our team see us ready to adapt to the 
changing market environment. We have 
built a strong business where underwriting 
discipline and cycle management are core 
to our philosophy, and our data-driven 
analytical approach supports the 
construction and development of our 
multi-line portfolio.
We are entering a period where pricing 
trends are likely to be less uniform across 
classes but we recognise that demand for 
reinsurance is supported by both elevated 
loss activity and continued growth in 
insured exposures. We believe our capacity 
is valued in the market and we look forward 
to the opportunities that 2025 will bring.
Gregory Roberts
Chief Underwriting Officer
26 February 2025
17
CUO's Report continued
 

Despite the activity in 2024, 
as we are now in our 
fourth year of underwriting, 
we have a much greater 
ability to absorb loss events, 
whether those are driven 
by frequency or severity.
Throughout 2024 we continued to deploy 
our capital and to grow our premium base. 
Our gross premiums written broke through 
the billion dollar barrier to $1,162.4 million 
compared with $931.4 million for 2023. 
Gross premiums written since Conduit 
started writing business in 2021 now exceed 
$3.1 billion. Pricing remains favourable 
across most of the classes of business we 
underwrite, and we expect the elevated 
loss activity in the year to underpin 
continued pricing strength.
As has been noted in other statements, 
2024 was another active year in terms 
of industry losses, with insured natural 
catastrophe losses in excess of $140 billion 
currently being estimated, in addition to a 
number of risk losses adding to the overall 
tally for the year. Despite the activity in 
2024, as we are now in our fourth year 
of underwriting, we have a much greater 
ability to absorb loss events, whether those 
are driven by frequency or severity. The 
losses resulted from a broad mix of events 
– several smaller and mid-sized natural 
catastrophe and risk loss events as well 
as more significant ones, such as Hurricane 
Milton making landfall in Florida in October. 
As a predominantly quota share underwriter, 
Conduit picked up its fair share of those 
losses. Across Hurricanes Helene and 
Milton, we recorded an undiscounted net 
loss, after reinsurance and reinstatement 
premiums, of $68.0 million. That had a 9.4% 
impact on our undiscounted combined 
ratio. On an undiscounted basis, our loss 
ratio for 2024 was 84.4% and our combined 
ratio was 97.1%. That compares with the 
prior year's undiscounted loss and 
combined ratios of 68.0% and 81.9%, 
respectively, which reflected a more 
favourable loss pattern despite 2023 also 
being an active year for industry losses. Our 
reinsurance service result was $131.6 million, 
compared with $183.6 million in 2023, and 
our RoE was 12.7% compared with 22.0% 
in 2023. Our cross-cycle target remains to 
produce a mid-teens RoE, acknowledging 
that we will have some years with higher 
returns than that mid-point, and some 
years with lower returns.
On the investment side, we produced an 
investment return of 4.0% compared with 
5.8% in the prior year. While we have a 
total return view of performance, 2024’s 
investment return reflects a higher-yielding 
portfolio with higher net investment income 
in addition to growing the assets under 
management and our investment leverage. 
Book and market yield at year-end were 
4.1% and 4.8%, respectively, versus 3.7% 
and 5.1% for the prior year-end. There 
was a significant reduction in yields and 
narrowing of credit spreads during the 
latter part of 2023 which drove higher 
mark to market unrealised gains than in 
2024, which conversely saw an increase 
in yields towards the end of the year. 
In terms of strategy, we have maintained 
a short-duration, highly liquid, high-
quality investment portfolio, with our 
primary investment aim being capital 
preservation and liquidity to support 
our underwriting activities.
Our reinsurance finance expense was 
$30.8 million compared with $32.8 million 
for the prior year. Net interest accretion 
increased to $37.6 million versus $26.0 
million in the prior year as our reserve 
balances continued to grow and therefore 
produce more discount to unwind. 
Revaluing reserves to current rates at 
the end of the year produced an income 
of $6.8 million in 2024 to offset the net 
interest accretion versus an expense 
of the same amount for 2023, reflecting 
movements in yields.
Operating expenses have increased in 
dollar terms as we continue to recruit talent 
to the business, but the ratio is reducing 
in line with expectations as our earnings 
base matures.
Lastly, as we continue to grow our book 
with balance in mind, we have more than 
enough capital to execute our plans and we 
have once again declared a final dividend 
of $0.18 per share, which will be paid in 
April 2025.
Elaine Whelan 
Chief Financial Officer 
26 February 2025
18
CFO's Report
•
 
 
Elaine Whelan, CFO

Premiums
Gross premiums written
For the year ended 31 December:
Segment
2024
$m
2023
$m
Change
$m
Change
%
Property
606.3
468.3
138.0
 29.5% 
Casualty
297.6
276.7
20.9
 7.6% 
Specialty
258.5
186.4
72.1
 38.7% 
Total
1,162.4
931.4
231.0
 24.8% 
During 2024, our three segments delivered growth in gross premiums written and Conduit 
Re experienced an increasing number of opportunities to deploy its capital into the segments 
and products that it targets. The non-catastrophe elements of both Property and Specialty 
in particular provided good opportunities for selective growth throughout the year.
Pricing
Pricing levels and terms and conditions continued to be very attractive in 2024 with a 
moderate increase of 1% in overall risk-adjusted rate change, net of claims inflation, against 
a backdrop of historically high rates.
Risk-adjusted rate change by segment: 
Property
Casualty
Specialty
3%
(1)%
1%
Net reinsurance revenue
Year ended 31 December 2024
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance revenue
 
437.8  
201.8  
174.1  
813.7 
Ceded reinsurance expenses
 
(81.7)  
(1.4)  
(10.6)  
(93.7) 
Net reinsurance revenue
 
356.1  
200.4  
163.5  
720.0 
Year ended 31 December 2023
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance revenue
 
345.2  
171.8  
116.0  
633.0 
Ceded reinsurance expenses
 
(66.9)  
(1.3)  
(8.5)  
(76.7) 
Net reinsurance revenue
 
278.3  
170.5  
107.5  
556.3 
Reinsurance revenue for the year ended 31 December 2024 was $813.7 million compared 
to $633.0 million for 2023. The increase in reinsurance revenue relative to the prior year 
was due to continued growth in the business plus the earn-out of premiums from prior 
underwriting years.
Ceded reinsurance expenses for the year ended 31 December 2024 were $93.7 million 
compared to $76.7 million for 2023. The increase in cost relative to the prior year reflected 
additional limits purchased due to the growth of the inwards portfolio exposures plus price 
increases on renewals.
 
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•
 

Net reinsurance service expenses
Year ended 31 December 2024
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance losses and loss-
related amounts
 
(256.3)  
(146.2)  
(128.4)  
(530.9) 
Reinsurance operating expenses
 
(38.1)  
(13.1)  
(9.3)  
(60.5) 
Ceded reinsurance recoveries
 
(0.4)  
–  
3.4  
3.0 
Net reinsurance service expenses
 
(294.8)  
(159.3)  
(134.3)  
(588.4) 
Year ended 31 December 2023
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance losses and loss-
related amounts
 
(136.5)  
(120.7)  
(70.8)  
(328.0) 
Reinsurance operating expenses
 
(30.4)  
(11.9)  
(6.7)  
(49.0) 
Ceded reinsurance recoveries
 
4.6  
0.2  
(0.5)  
4.3 
Net reinsurance service expenses
 
(162.3)  
(132.4)  
(78.0)  
(372.7) 
Net reinsurance losses and loss related amounts
2024 was another above average year of loss activity for the industry. Hurricanes Helene 
and Milton made landfall in the United States, and there was also elevated activity across 
smaller and mid-size natural catastrophe and large risk events such as the Baltimore Bridge.
We recorded an undiscounted net loss, after reinsurance and reinstatement premiums, of 
$68.0 million related to Hurricanes Helene and Milton. These two events contributed 9.4% 
to our undiscounted loss ratio for 2024. 
Our loss and reserve estimates have been derived from a combination of reports and 
statements from brokers and cedants, modelled loss projections, pricing loss ratio 
expectations and reporting patterns, all supplemented with market data and assumptions. 
We will continue to review these estimates as more information becomes available.
Our discounted net loss ratio for the year ended 31 December 2024 was 73.3% compared 
with 58.2% for the 2023 year, while our undiscounted net loss ratio was 84.4% and 
68.0% respectively. The increase for the year ended 31 December 2024 was primarily 
related to an increase in net losses related to natural catastrophes and large risk events. 
Although 2023 was an active year for natural catastrophes, no major loss event, individually 
or in aggregate, had an outsized or material impact on Conduit.
Our undiscounted ultimate loss estimates, net of ceded reinsurance and reinstatement 
premiums, for previously reported loss events remained stable. The inherent uncertainty 
in estimating the net liability for incurred claims gives rise to favourable or adverse 
development. During the year ended 31 December 2024 the favourable development in 
the discounted net liability for incurred claims for prior accident years was $4.3 million 
(31 December 2023: $3.9 million).
Reinsurance operating expenses and other operating expenses
Year ended 31 December
2024
$m
2023
$m
Change
$m
Change
%
Reinsurance operating expenses
60.5
49.0
11.5
 23.5% 
Other operating expenses
30.8
28.3
2.5
 8.8% 
Total expenses
91.3
77.3
14.0
 18.1% 
Year ended 31 December
2024
%
2023
%
Change
(pps)
Reinsurance operating expense ratio
8.4
8.8  
(0.4) 
Other operating expense ratio
4.3
5.1  
(0.8) 
Total reinsurance and other operating 
expense ratio
12.7
13.9  
(1.2) 
Reinsurance operating expenses includes brokerage and operating expenses deemed 
attributable to reinsurance contracts.
Total reinsurance and other operating expenses were $91.3 million for the year ended 31 
December 2024 compared with $77.3 million for the prior year. The increase is due to 
the continued growth of the business and increased headcount. The decrease in the 
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Business Review – Finance
•
 

reinsurance operating expense ratio and other operating expense ratio was due to the 
growth in net reinsurance revenue during the year.
Net reinsurance finance income (expense)
Year ended 31 December
2024
$m
2023
$m
Change
$m
Net interest accretion
 
(37.6)  
(26.0)  
(11.6) 
Net change in discount rates
 
6.8  
(6.8)  
13.6 
Net reinsurance finance income (expense)
 
(30.8)  
(32.8)  
2.0 
The net reinsurance finance expense was $30.8 million for the year ended 31 December 
2024 compared with $32.8 million for the prior year. The unwind of discount made up 
most of the expense in both years, although there was some income related to the 
increase in discount rates in the latter part of 2024 as we re-measured at those higher 
rates. The opposite was true for 2023 where discount rates decreased late in the year 
resulting in an additional expense.
Investments
We continue to maintain a conservative approach to managing our invested assets, 
with a strong emphasis on preserving capital and liquidity.
Our strategy remains maintaining a short-duration, highly-rated portfolio, with due 
consideration of the duration of our liabilities. Our portfolio mix shows our conservative 
philosophy (more information on the portfolio mix is set out in the charts on page 22 
and in the risk disclosures on page 120). Our asset allocation is dictated by our approved 
investment guidelines. There are currently no risk assets held in the portfolio. Risk assets 
will generally only be considered to diversify and protect the portfolio, and where the 
risk-return profiles are appropriate.
We currently have two portfolio categories – short-tail and long-tail – to match our 
underwriting categories and the differing obligations associated with different classes 
of business across our property, casualty and specialty divisions. Liquidity preferences 
are monitored for each.
Conduit’s cash inflows are primarily derived from receipts for fulfilling coverage of 
reinsurance contracts, ceded reinsurance recovered from reinsurers and net investment 
income, plus the sale and redemption of investments. Cash outflows are primarily the 
settlement of losses and loss-related amounts, payments for ceded reinsurance contracts 
held, payment of other operating expenses, the purchase of investments and the 
distribution of dividends or other forms of capital returns. Excess funds are invested 
in the investment portfolio.
As part of our investment strategy, we seek to maintain a level of liquidity that we believe 
to be adequate to meet our foreseeable payment obligations. We believe that our liquid 
investments and cash flow will provide us with sufficient liquidity to meet our obligations 
to settle losses. However, the timing and amounts of actual claims payments vary based 
on many factors, including large individual losses, changes in the legal environment and 
general market conditions.
Investment performance
The investment return for the year ended 31 December 2024 was 4.0% driven by net 
investment income given a generally higher yielding portfolio. For 2023 the portfolio 
returned 5.8% driven by net investment income and net unrealised gains on investments 
due to a significant reduction in treasury yields and narrowing of credit spreads during the 
latter part of 2023.
Net investment income, excluding realised and unrealised gains and losses, was $65.0 
million for the year ended 31 December 2024 (31 December 2023: $41.3 million), or an 
increase of 57.4%, driven by a higher yielding portfolio and growth in cash and investment 
balances year on year. Total investment return, including net investment income, net 
realised gains and losses, and net change in unrealised gains and losses, was a gain of 
$66.1 million (31 December 2023: $70.6 million).
The breakdown of the managed investment portfolio as at 31 December is as follows:
2024
2023
Fixed maturity securities
 85.8% 
 87.7% 
Cash and cash equivalents
 14.2% 
 12.3% 
Total
 100.0% 
 100.0% 
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•
 

Key investment portfolio statistics for our fixed maturities and managed cash as at 31 
December were:
2024
2023
Duration
2.5 years
2.4 years
Credit quality
AA
AA
Book yield
 4.1% 
 3.7% 
Market yield
 4.8% 
 5.1% 
Cash and investments credit ratings for 
Cash and investments credit ratings for
managed portfolio 2024 
managed portfolio 2023
ESG considerations are incorporated into our individual portfolio investment guidelines. 
We believe that, all other things being equal, it is less risky to own securities with strong 
ESG ratings. More information about the ESG approach to our investments is contained 
in the ESG summary on page 30.
Capital and dividends
Conduit remains well capitalised to achieve its objectives with a legacy-free balance sheet. 
Total capital and tangible capital available to Conduit was $1.05 billion as at 31 December 
2024 (31 December 2023: $0.99 billion). Further information on capital management is set 
out in the risk disclosures on page 137 and in the financing arrangements on page 157.
Tangible net assets per share as at 31 December 2024 was $6.70 or £5.35 (31 December 
2023: $6.25 or £4.91). Including dividends, tangible net assets per share increased 12.9% 
during 2024.
Shares purchased by Conduit's Employee Benefit Trust (EBT) during 2024 amounted to 
$9.4 million (2023: $13.7 million) and will be held in trust to meet future obligations under 
Conduit's variable incentive schemes.
Further details of the share repurchase scheme are set out in the Directors’ Report on 
page 95 and in note 17 to the consolidated financial statements on page 158.
On 18 February 2025 Conduit’s Board of Directors declared a final dividend of $0.18 
(approximately 14 pence) per Common Share, resulting in an aggregate payment of 
$29.7 million. The dividend will be paid in pounds sterling on 17 April 2025 to shareholders 
of record on 21 March 2025 (the Record Date) using the pound sterling/US dollar spot 
exchange rate at 12 noon BST on the Record Date.
Conduit previously declared and paid an interim dividend during 2024 of $0.18 
(approximately 14 pence) per Common Share. Consequently, the full 2024 dividend is 
$0.36 (approximately 28 pence) per Common Share in line with our stated dividend policy. 
Conduit’s dividend policy and information on the final dividend declared in respect of 2024 
can be found on page 45.
There is no debt and there are no off-balance sheet forms of capital.
22
Business Review – Finance
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Empowering Future Leaders: 
Internships and Scholarships 
During the summer of 2024 we were 
delighted to have hosted nine interns in 
our office. Conduit’s intern programme 
is designed to give high-performing 
undergraduate students a working 
understanding of our business and to ignite 
their passion for the reinsurance industry. 
Our interns have gained meaningful, 
real-world experience while developing 
professional and functional skills across 
our business functions.
In partnership with the Association of 
Bermuda International Companies (ABIC), 
the Conduit Foundation selected the 
second recipient of its education award for 
2024. The award provides three years of 
university funding for a student embarking 
on their higher education journey. In 2024 
the Conduit Foundation was pleased to 
announce Chasity Armstrong as the award 
recipient. Chasity is a Bermudian student 
who completed an associate degree in 
Business Administration at the Bermuda 
College and is pursuing a Bachelor’s in 
Computer Science (Cyber security) at the 
University of Kent. As part of the award, 
I have been assigned as a mentor to 
Chasity, to help guide her through her 
studies and provide advice on attaining her 
future career goals. In selecting its award 
recipient, the Conduit Foundation sought 
a candidate who not only met the 
Foundation's educational criteria but who 
was also engaged with the local community 
and understood the importance of ESG. In 
addition to offering the Conduit Foundation 
education award, Chasity will be given the 
opportunity to join Conduit as an intern in 
the summer of 2025. 
Stuart Quinlan
Chief Operating Officer and 
Deputy Chief Executive Officer
Conduit’s intern programme is designed 
to give high-performing undergraduate students 
a working understanding of our business and to 
ignite their passion for the reinsurance industry.
23
Case Study
  
•
 

In 2024 we have moved 
into our target capitalisation 
range, reflecting our 
increasing maturity. 
The challenge and opportunity of 
an increasingly volatile environment 
Last year, I highlighted geopolitical risks 
and the increasing prominence of artificial 
intelligence as key factors in the risk 
landscape, and I see that very much 
continuing in the period ahead. 
Devastating natural catastrophes have 
also been front of mind, with the delta 
between the tragic human cost of events 
and the associated industry-insured loss 
demonstrating the protection gap only 
too vividly. More positively, events have 
also demonstrated that improved building 
standards and legal reforms are having 
a positive impact. 
We live in a more volatile world, both 
natural and economic, than recent 
generations providing both a challenge and 
opportunity for the risk-sharing industry. 
At Conduit, we seek to increase our own 
relevance within the reinsurance markets 
through continued growth in areas where 
our cedants provide transparent data 
that helps us assess the risks as if we 
were primary insurers, while remaining 
focused on further increasing our level of 
diversification through careful management 
of aggregations and accumulations.
Careful management of accumulations
Our approach remains one of seeking 
to limit aggregations within and across 
each line of business. While we do not 
consider ourselves a heavily natural 
catastrophe focused reinsurer, our largest 
accumulations, at the published return 
periods, remain those associated with such 
events, notably Florida windstorms and 
California earthquakes.
Our net tolerances for 2025 are increasing 
to $110 million from $95 million on a 1 in 100 
basis and to $160 million from $133 million 
on a 1 in 250 basis. As in previous years, 
these tolerances are calibrated to a 1 July 
viewpoint, for a first occurrence, and 
may change. 
Having increased our net modelled natural 
catastrophe exposure year on year since 
launch, as we grew into our balance sheet, 
our general expectation is that further 
increases will be aligned to balance sheet 
growth. That said, changes in market 
opportunity may vary this position.
Important role of outwards reinsurance
Outwards reinsurance is the mechanism 
by which we protect the balance sheet 
from outsized insurance loss events, 
notably earthquakes and named storms. 
It also helps us be increasingly significant 
business partners to our cedants, 
leveraging reinsurance to link risk and 
capital in ways that allow us to support 
our cedants on a broader basis than we 
otherwise would.
In 2023 we sponsored our first catastrophe 
bond, Stabilitas Re, with the resulting 
retrocession cover providing protection 
over a three-year period, and we continue 
to explore opportunities for complementary 
transactions to match risk to capital, 
whether with traditional reinsurers or 
through third-party capital vehicles.
Regardless of the form or purpose of 
reinsurance, we seek to limit our credit 
risk through careful consideration of 
the counterparty, with all reinsurance 
counterparties approved by the 
Counterparty Security Committee.
Our core reinsurance protection is intended 
to protect our balance sheet from large 
catastrophe events. Beyond these perils, 
we also buy reinsurance to protect against 
casualty clash and specialty accumulations.
Capital
While modelled catastrophe exposure, and 
the associated reinsurance, is a factor in our 
capital requirements1, it has a relatively low 
impact in comparison to premium risk and 
reserve risk. Our estimated BSCR coverage 
ratio at 31 December 2024 is 269%, down 
from 381% at 31 December 2023 as we have 
continued to deploy our balance sheet 
toward our stated target range of a BSCR 
24
Enterprise Risk Management Report
 
Andrew Smith, CRO
1.
All references to capital requirements, both regulatory and rating agency, refer to Conduit Reinsurance Limited (CRL) only as Conduit Holdings Limited (CHL) 
is a pure holding company.

coverage ratio of between 200% and 
300%, which we are now within. 
The decrease in coverage ratio is mainly 
driven by increased premium and 
reserve risks which are offset in part 
by retained earnings.
There are multiple measures of capital 
requirements with many variables and 
alternate views. The BSCR is the public 
metric we comment on, while rating agency 
and internal views are also considered in 
our internal assessment.
The current business plan anticipates that 
retained earnings will start to outpace 
increasing BSCR capital requirements 
within our three- to five-year business 
planning horizon. During that horizon 
we also expect the BSCR to replace the 
minimum solvency margin (MSM) as our 
regulatory capital requirement. Currently 
our MSM coverage ratio is 211% down from 
269% at 31 December 2023. The MSM is less 
of a focus for us as it is a simple measure 
which can immediately be controlled by 
reducing the amount of business written or 
by buying more reinsurance, whereas the 
BSCR is a more complex risk-based model 
with many variables and therefore more 
aligned with our view of risk. 
To give an indication of capital strength, 
the current excess of available capital over 
BSCR capital remains more than twice our 
modelled target 1 in 250 net probable 
maximum loss (PML) across the planning 
horizon. Our BSCR coverage ratio, as 
intended, positions us very much in the 
pack in comparison with other Class 4 
Bermuda (re)insurers.
Risk profile
Conduit's risk profile, despite the volatility 
in the outside world, remains relatively 
stable with the increasing scale of the 
business counterbalancing some of the 
volatility. 
Underwriting risk remains the risk that we 
seek and is our primary risk. Our toolset in 
this regard remains strong, with selective 
recruitment to strengthen further our team 
and capitalise on the market opportunity. 
Freedom from legacy constraints and 
Conduit Re's relative organisational 
simplicity remain key differentiators.
Our investment risk philosophy remains 
unchanged and delivers lower volatility 
than we see reported by some peers, 
against the backdrop of inflationary factors 
that reduced during 2024.
Operationally, we continue to invest and 
benefit from a technology strategy that 
allows us to make quick and decisive 
action when needed. In preparation for 
the January 2024 renewals we replaced 
our policy administration system having 
discovered that an alternate system better 
fits our ambitions to leverage technology 
more effectively.
Regulatory change, having been quite 
limited in recent years, has increased to 
a more moderate pace as Bermuda seeks 
to remain in line with global standards. 
The direct impact on Conduit Re is limited. 
Similarly, Bermuda has implemented 
legislation to bring in a Corporate Income 
Tax from January 2025. However Conduit 
does not meet the criteria to be in scope 
for this tax and does not expect to be in 
scope over our current planning horizon.
Beyond my role as Chief Risk Officer 
(CRO), I also have responsibility for 
sustainability and very much see the 
roles as interconnected. Acting responsibly 
is core to how Conduit Re operates and 
helps us manage our risk. The sustainability 
choices we make are part of our view of 
risk and support our business objectives. 
This was validated through questions 
included in our 2024 staff survey regarding 
culture and risk.
Risk governance
The Board is required under The UK 
Corporate Governance Code ('The UK 
Code') to establish procedures to manage 
risk, oversee the internal control framework, 
and determine the nature and extent of 
the principal risks that Conduit is willing to 
accept in the context of achieving its long-
term strategic objectives. To this end, 
the Board is supported by the CHL Audit 
Committee and the CRL Board and 
committees, most notably the CRL Risk, 
Capital and Compliance Committee.
The Board prescribes risk preferences that 
guide the CRL Board and committees as 
they establish risk appetite and tolerance 
statements. The Board also monitors the 
effectiveness of the overall enterprise 
risk management framework, leveraging 
the work undertaken by the CRL Board 
and committees.
CHL Directors are invited to attend CRL 
Board and committee meetings and are 
provided with the associated materials and 
minutes. In addition, four CHL Independent 
Non-Executive Directors also serve as 
Directors on the CRL Board.
Conduit operates under a ‘three lines of 
defence’ risk management model, with the 
CRO reporting directly to the CRL Board’s 
Risk, Capital and Compliance Committee. 
This reporting includes regular reporting of 
compliance with risk appetite and tolerance 
25
Enterprise Risk Management Report continued
 

statements, emerging risks, risk event 
reports, key risk indicators and the solvency 
self-assessment. Membership of this 
committee includes Directors who also 
serve on the boards of both CHL and CRL.
The risk function provides independent 
challenge and oversight of the 
identification, measurement, management 
and monitoring of risk by the first line of 
defence, supporting the CRL Risk, Capital 
and Compliance Committee and the 
CHL Board.
Day-to-day oversight of the management 
of risk by the first line of defence and the 
independent challenge provided by the 
second line is supported by the CEO and 
the Executive Committee.
Outputs from other second line of defence 
functions (compliance and actuarial) and 
from the third line (internal audit, external 
audit and the independent Loss Reserve 
Specialist) are fed back into the overall 
risk assessment. Regular meetings take 
place between the second-line functions 
and Internal Audit. Outputs from all such 
functions may be used, where appropriate, 
to support independent validation, alongside 
the risk function’s own reports and those 
of other independent third parties.
Conclusion
From a risk perspective, our increasing 
market significance continues to build 
our level of diversification, while a strong 
renewing book provides the operational 
capacity to evaluate new opportunities 
to build corporate value.
Andrew Smith
Chief Risk Officer
26 February 2025
26
Enterprise Risk Management Report continued
 

Overall –
capital adequacy
Low
We maintain capital to support a minimum rating of A- 
by AM Best and to provide a surplus over the regulatory 
enhanced capital requirement of twice that prescribed as 
an early warning buffer by the Bermuda Monetary Authority 
(BMA).
After a period of initial capital deployment, we are now operating within our 
target capital range, all be it at the upper end of the range. This increases the 
importance of capital management to support continued growth. Our target 
level of capital is intended to support our rating ambitions with AM Best and our 
increasing maturity has been acknowledged by our rating, moving to a positive 
outlook. 
Underwriting – 
premium
High
This is the risk we seek in order to generate return. The risk is 
managed by seeking a target portfolio based on our view of 
rate adequacy and target diversification, supported by event 
and/or aggregate retrocessional protections.
Our well-established portfolio means that execution risk continues to decrease 
in Property and Casualty, but with rate momentum supported particularly in our 
chosen areas of Property. Our Specialty business presents strong growth 
opportunities notably on more complex transactions that have a higher 
execution risk.
Underwriting – 
exposure and 
aggregations
Medium
We underwrite catastrophe-exposed reinsurance through 
our property and specialty classes, and business exposed to 
other aggregations, notably across casualty lines. We seek 
to understand and manage our exposures generally to a 
lower level than our Bermuda peer group.
In Property our portfolio approach means we continue to have capacity to increase 
our peak zone accumulations as market conditions support, while in Casualty and 
Specialty our increasing scale continues to provide diversification. 
Underwriting – 
reserve
Medium
We underwrite a mix of classes including those where 
reserves take time to develop. We seek to minimise reserve 
risk through rigorous data analytics using market data, and 
benefit from an external loss reserve specialist review.
Portfolio growth reduces reserve risk and an expected normalisation of 
inflationary factors supports this, albeit with some remaining macroeconomic 
uncertainty. 
Investment – market
and liquidity
Low
Our primary aim is to protect capital and, consequently, we 
have a low appetite to expose our capital base to investment 
losses and a low appetite for volatility.
Our relatively low risk portfolio continues to remain highly liquid while current 
investment yields provide lower downside asset risk.
Risk category
Relative appetite/preference
Trend
Commentary
27
Enterprise Risk Management Report continued
  
 

Risk category
Relative appetite/preference
Trend
Commentary
Credit
Low
We use reinsurance to provide protection and therefore 
select reinsurers who provide limited credit risk.
All retrocessionaires continue to be high quality and approved by the 
Counterparty Security Committee. Our collateralised reinsurers continue to be 
required to provide high-quality collateral, held in trust.
Operational and 
systems
Low
We seek to minimise our operational risk within the context 
of operating as a reinsurer. We seek to attract and retain 
high-quality staff and gain competitive advantage by use of 
high-quality and integrated systems.
We benefit from a single operating location which reduces operational 
complexity. Our focus on leveraging leading technology solutions can require 
enhanced levels of investment of time and optimisation of activity allocation as 
working practices evolve.
Strategic
Low
We seek to manage risk by keeping a clear and focused 
strategy as a single balance sheet reinsurer based in one 
location.
We have executed on strategy to date and favourable market conditions further 
reduce strategic risk. The implementation of Bermuda Corporate Income Tax, 
previously identified as a risk, does not apply to Conduit Re.
Reputational
Low
A focus on maintaining and enhancing brand and franchise 
value with support from the ESG Committee, established by 
the CHL Board.
Public coverage is favourable to date and the quality and maturity of our 
external disclosures continue to improve. Conversely, as recognition of Conduit 
increases, this provides greater visibility.
Legal, regulatory 
and litigation
Very low
We seek to minimise our legal, litigation and regulatory risk 
by investing in our systems and people. We have no appetite 
for censure by regulators and tax authorities.
The level of regulatory change in Bermuda is increasing from low to moderate, 
though the topics addressed to date are not material to Conduit Re. Political 
changes in the US are generally expected to be more pro-business but could 
increase uncertainty. 
28
Enterprise Risk Management Report continued
  
 

Conduit continues to demonstrate 
its commitment to corporate social 
responsibility through its employee 
charitable engagement. The supported 
initiatives encourage our employees 
to participate in community service, 
volunteer work, and fundraising events. 
Key components include paid volunteer 
days, employee donation matching, 
and team-led community projects. 
In 2024, employees gave back to 
Waterstart, one of the Conduit Foundation-
supported charities, by participating 
in a clean-up at Waterstart's living 
classroom on Burt Island. Waterstart 
is dedicated to promoting environmental 
awareness and personal growth through 
experiential education. 
Waterstart has developed, and continues 
to expand, a collection of highly successful 
outdoor education programmes. These 
programmes typically involve training 
in snorkelling, scuba diving, and boating, 
aimed at environmental conservation 
and marine science, allowing students to 
embrace new experiences and gain skills 
through hands-on learning. In addition 
to the core programmes offered, students 
may also participate in projects such as 
woodland restoration, pilot aquaculture 
studies, seagrass monitoring, and fish 
identification surveys.
Looking ahead to 2025, Conduit remains 
committed to supporting Bermuda-based 
charitable initiatives. Continued employee 
involvement in community service projects 
makes a positive impact on the environment 
as well as in the local community. 
It also underscores Conduit’s belief 
in the importance of corporate social 
responsibility and its role in fostering 
a better future for all.
Heather Mello
Head of Human Resources
29
Case Study
 
Conduit believes that engaging with the 
local community through the support of 
local charities is critical to supporting the 
long-term sustainability of our business 
and our island community.
Making a Difference: Employee Contributions 
to Community Charitable Initiatives

Strong community 
engagement continued 
throughout 2024 and 
reflects Conduit's ongoing 
commitment to being a 
responsible company.
As I reflect on the work of the ESG 
Committee over the past year, the 
exceptional commitment of the Conduit 
team to positively impact its stakeholders 
is clearly evident. A standout highlight was 
the Gala of Giving, which was organised by 
Conduit and supported by many other 
companies across the Bermuda community, 
raising over $430,000. This built on the 
success of the 2023 event and means that, 
in aggregate, more than $775,000 of 
support has been provided to the selected 
local charities over the two years. 
The 13 charities supported by the Gala 
of Giving this year are all charities also 
supported by the Conduit Foundation, 
of which I am proud to serve as Chair 
of the Protector Committee. Overall, the 
Foundation has provided financial support 
to 20 Bermuda charities during 2024, while 
the Conduit Re team have also supported 
numerous causes by donating their time, 
including corporately coordinated input to 
Meals on Wheels, Relay for Life, Waterstart, 
Keep Bermuda Beautiful and the Bermuda 
Youth Climate Summit. 
Engagement with the community goes 
beyond charitable giving, however, and 
arguably the greatest contribution to 
Conduit’s local community is through its 
employees and future talent. 2024 was 
again a record for Conduit in terms of the 
number of interns hosted and students 
supported through scholarships. An 
important achievement too was the 
progress of a two-time intern into 
employment: Micah Cook interned with 
the risk team in 2023, returned as an intern 
with the underwriting team in 2024 and 
has subsequently accepted a position 
as an underwriting assistant. More broadly, 
Conduit continued to support its employees 
through an inflation-focused cost-of-living 
allowance for 2024 and a green loan policy 
that supports investment in solar power 
or electric vehicles. 
As my exposure to the reinsurance 
community has increased, I have gained 
a heightened awareness of the vital 
role of reinsurance in addressing the 
environmental and social risks associated 
with climate change. While much of 
the discussion at the ESG Committee 
is focused on transparency and good 
governance, I’m always impressed by the 
knowledge and passion shown in discussions 
around emerging practices, projects and 
financial service solutions to far-reaching 
issues. I can see that, starting from Neil 
and Trevor, and permeating right through 
Conduit, there is a true desire to be a 
responsible and forward-looking company 
on all of these issues. 
Transparency on ESG topics is very 
much part of demonstrating commitment 
and good governance to a wide range 
of stakeholders. I’m delighted that Conduit 
continues to enhance its public reporting 
on ESG topics. Beyond the specific 
requirements of the Taskforce on Climate-
Related Financial Disclosures (TCFD), 
Conduit has embraced the evolution of 
the ClimateWise reporting framework, 
which is now designed to address the 
best emerging practices in the field. 
These efforts have been recognised by 
ClimateWise with Conduit moving now into 
the top-ten in their ranking of (re)insurance 
sector companies, alongside some much 
larger global peers, in terms of quality 
of disclosure. 
I commend Conduit’s continued 
commitment to being a sustainable and 
responsible company and wish the team 
continued success into 2025. 
Lord Soames
ESG Committee Chair
26 February 2025
30
ESG Summary
 
The Rt Hon. Lord Soames of 
Fletching, Chair, ESG Committee
2024 sustainability highlights
Our key ESG achievements are 
highlighted on page 31.
TCFD Reporting
We leverage our ClimateWise 
Report to meet our TCFD reporting 
requirements. Find out more on 
page 33.

Conduit Re seeks to be a responsible 
company; we support the transition to a 
sustainable economy and focus on the 
long-term benefit of all our stakeholders. 
Our approach to ESG is focused on 
maximising the positive impact we can 
have, while minimising the negative 
impacts. We do this recognising that we are 
a relatively small, treaty-focused reinsurer; 
and therefore a step back from the 
underlying business. We believe that 
Conduit and its employees benefit from 
the engagement and perspective provided 
by deliberate community engagement on 
environmental and social issues. Details 
on our ambitions and commitments, our 
impact, and updates on our key ESG 
metrics can be found in our standalone 
2024 ESG Report, which is available on 
our website. Our ESG Report also sets out 
what we seek to achieve, how and why, 
and includes details on governance in 
place over climate and nature risks. 
In this Annual Report and Accounts, 
we draw attention to specific matters of 
note and signpost our reporting in line 
with TCFD. 
Our ESG ambitions remain:
•
positively impacting our stakeholders;
•
supporting the transition to 
a sustainable world; and
•
minimising our negative impact 
on the environment.
As a relatively small company, we enjoy 
the benefits of being legacy-free in all its 
forms. This means we can take deliberate, 
purposeful and impactful steps as we seek 
to deliver on those ambitions.
2024 highlights 
Our key ESG achievements for 2024 include:
1.
the rollout of insurance sustainability 
training for all employees to help 
ensure that all staff have the 
opportunity to understand our own 
priorities in the context of wider 
ESG considerations and practices;
2.
continuing to provide staff with 
Conduit-organised volunteering 
opportunities including coastal clean-
ups and enhancing the facilities at a 
local environmental charity, in addition 
to staff’s one day's volunteering 
allowance a year;
3.
expanding our internships to a record 
number of university students, one 
of whom was subsequently hired into 
a full-time position at Conduit; and 
4.
hosted the Gala of Giving, which, 
together with the local Bermuda 
business community, raised over 
$430,000 for 13 Bermuda-based 
charities, taking the total raised over 
the two years, since we first founded 
the event, to over $775,000. 
Emissions
In this Annual Report and Accounts, 
we include disclosures associated with 
the carbon emissions for which we are 
responsible. For the fourth consecutive 
year, since we embarked on underwriting in 
2021, we have maintained our commitment 
to offset our Scope 1 and 2, as well as select 
Scope 3 emissions1. We strategically choose 
our offsets, to ensure they meet high 
quality standards, such as projects that 
have received third-party verification on 
the completeness and accuracy of their 
project's asserted GHG emissions reduction, 
certified by Verra and/or VCS, or have an 
element of social impact. 
KPMG, our external auditors, provide 
limited assurance over certain greenhouse 
gas (GHG) emissions that we disclose. We 
are also capturing data on the emissions 
avoided because of our green loans policy. 
Our longer-term ambition is that our 
financed solar and electric vehicle initiatives 
provide emissions avoidance greater than 
our Scope 2 emissions. 
TCFD reporting
A summary of our TCFD reporting follows 
on the next page. We use the ClimateWise 
framework to support our TCFD reporting 
and publish a standalone ClimateWise 
report. Following the release of new 
international regulatory requirements, 
in 2024, ClimateWise revised its guidance 
and launched a new set of principles 
for members to report on. ClimateWise 
score the quality of reporting against 
their framework and earlier this year 
we submitted a private disclosure to 
ClimateWise using their new principles 
for feedback. We are pleased to report 
that we received a significant increase in 
our results, testament to our commitment 
to transparency for all stakeholders and the 
sound governance we have in place over 
climate- and nature-related issues. Our 
latest report is available for review on our 
website and will be marked by ClimateWise 
later in 2025. 
One aspect of TCFD is reporting on risks 
and opportunities associated with climate 
change. Further details are included in 
our ClimateWise and ESG Reports. These 
include both physical and transitional 
exposures, which are summarised on the 
following page. 
31
ESG Summary continued
 
1.
Consistent with our approach first stated in 2022, this is in relation to business travel, hotel nights and staff commuting. We also report, but do not offset, our share of our suppliers’ emissions.

Physical risks to which our underwriting 
is exposed stem from changing weather 
patterns, rising water levels and increased 
frequency and severity of extreme weather 
events, all of which can increase the value 
of insured losses in the long term. That 
said, the time horizon for such coverage 
is typically annual, thus the impact is 
more easily measured and factored into 
pricing and terms and conditions by our 
underwriters in contracts negotiations. 
Moreover, these events, as well as the 
growing populations and property values in 
vulnerable areas, are increasing the demand 
for property insurance, especially in the 
United States (US), expanding market 
opportunities for (re)insurance companies. 
Transitional risks seen in underwriting 
are typically driven by liability for damage 
or harm stemming from our customers’ 
business activities. As more economies 
strive to be more sustainable, there is an 
influx of new and increased ESG regulation, 
litigation, frameworks, investor demands 
and innovation pressures. Alongside these, 
an associated array of insurable transition 
risks has developed, creating a new 
casualty class with associated pricing risks, 
as there is for any new market. Currently, 
relevant casualty lines are offering a 
reasonable return for the risks we assume, 
but care is needed to ensure losses 
from risks that are yet to fully emerge 
are contained.
Our investment portfolio is lower risk 
and highly liquid in nature and, over the 
planning horizon, aims to have relatively 
limited performance exposure to climate-
related change and nature loss. From an 
operational perspective, hurricanes can 
occur relatively frequently in Bermuda, 
the strength and frequency of which are 
forecast to increase as a result of climate 
change. Bermuda currently has robust 
infrastructure, providing resilience to, 
and protection from, hurricanes, and 
therefore we do not expect any significant 
damage to our office nor interruptions 
to our operations.
Reinsurance has a role to play in providing 
protection to those in transitioning 
industries. A careful balance between each 
of the environmental and social concerns 
must be found, all within the context of 
delivering returns for shareholders and 
reducing the protection gap.
The Board has overall responsibility for 
ensuring that Conduit is appropriately 
considering the risks and opportunities 
presented by climate change and in 
doing so is supported by the work of 
management and the ESG Committee. 
32
ESG Summary continued
 

Below is a summary of our TCFD disclosures, which are intended to provide context alongside a reference to where each topic is explored in more depth. ClimateWise provides an 
industry-specific framework for TCFD reporting and is most meaningfully read as a standalone document, so it has not been reproduced in full in the Annual Report and Accounts. 
Our ESG Report is a free-form disclosure in which we add additional context and commentary, notably in relation to our ESG metrics and the relevance of climate to each member 
of executive management. Both our 2024 ESG and ClimateWise reports are available to download on our website.
Governance
Disclose the organisation's governance around 
climate-related risks and opportunities.
A
Describe the Board’s oversight of climate-related risks 
and opportunities.
See Principle 1 of our ClimateWise Report. 
The Board has held strategy sessions that have considered climate-related 
risks and opportunities and have established parameters within which 
management can operate. It receives regular reports and is also supported 
by the ESG Committee.
B
Describe management’s role in assessing and 
managing climate-related risks and opportunities.
See Principle 1 of our ClimateWise Report and the governance section of 
our ESG Report. 
Climate-related risk is integrated into various management policies. Each 
Executive Committee member has specific climate responsibilities as set out 
in our ESG Report which is available on our website. 
Strategy
Disclose the actual and potential impacts of 
climate-related risks and opportunities on the 
organisation’s businesses, strategy and financial 
planning where such information is material.
A
Describe the climate-related risks and opportunities 
the organisation has identified over the short, medium 
and long term.
See Principles 1 and 3 of our ClimateWise Report.
Climate-related risks and opportunities exist across our underwriting, 
investments and operations.
B
Describe the impact of climate-related risks and 
opportunities on the organisation’s businesses, 
strategy and financial planning.
See Principles 1 and 3 of our ClimateWise Report. 
Climate-related risks and opportunities exist across our underwriting, 
investments and operations that are relevant for our business, strategy and 
financial planning. 
C
Describe the resilience of the organisation’s strategy, 
taking into consideration different climate-related 
scenarios, including a 2°C or lower scenario.
See Principle 1 of our ClimateWise Report.
Our planning time horizon and the short-tail nature of our insurance 
liabilities and asset portfolio limit the impact of a 2°C scenario on our 
business plan and short-term capital management. 
TCFD pillars 
TCFD recommended disclosures 
Disclosure status and reference to where disclosures have been made
33
ESG Summary continued
 

Risk management
Disclose how the organisation identifies, assesses 
and manages climate-related risks.
A
Describe the organisation’s processes for identifying 
and assessing climate-related risks.
See Principle 1 of our ClimateWise Report.
Our processes are integrated with our wider risk management framework 
described in the enterprise risk management report, as well as in in our 
Financial Condition Report which is available on our website.
B
Describe the organisation’s processes for managing 
climate-related risks.
See Principles 1 and 3 of our ClimateWise Report.
Our processes are integrated with our wider risk management framework 
described in the Enterprise Risk Management Report, as well as in our 
Financial Condition Report which is available on our website.
C
Describe how processes for identifying, assessing and 
managing climate-related risks are integrated into the 
organisation’s overall risk management.
See Principles 1 and 3 of our ClimateWise Report.
Our processes are integrated with our wider risk management framework 
described in the Enterprise Risk Management Report, as well as in our 
Financial Condition Report which is available on our website.
Metrics and targets
Disclose the metrics and targets used to assess 
and manage relevant climate-related risks and 
opportunities where such information is material.
A
Disclose the metrics used by the organisation to 
assess climate-related risks and opportunities in line 
with its strategy and risk management process.
See Principle 4 of our ClimateWise Report. 
Our metrics relate primarily to carbon neutrality and to our business 
partners’ commitments to climate matters.
B
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 
GHG emissions and the related risks.
Disclosed in this section of the Annual Report and Accounts.
Further detail can also be found in our ESG Report which is available on 
our website.
C
Describe the targets used by the organisation to 
manage climate-related risks and opportunities and 
performance against targets.
See the 'Environment' section of our ESG Report and Principle 4 of our 
ClimateWise Report.
Our metrics relate primarily to offsetting Scope 1, 2 and select Scope 3 
emissions (business travel including flights and hotels; employee 
commuting).
TCFD pillars 
TCFD recommended disclosures 
Disclosure status and reference to where disclosures have been made
34
ESG Summary continued
 

Carbon emissions
We have included in the table below our Scope 1 to 3 emissions for 2024 and 2023. We look to grow as sustainably as possible, with a focus on the average emissions per employee. For 
details on our methodology, our carbon offsets and our environmental commitments and priorities, please refer to Principle 4 of our ClimateWise Report which is available on our website. 
2024
2023
Emission type
Activity
Basis of measurement
Quantity
tCO2e
Quantity
tCO2e
Scope 1
Direct
None
 
– 
-△ 
– 
-△
Scope 2
Indirect energy
Electricity
kWh
 
205,240.1 
 
175,186.9 
– location based
152.4△
129.2△
– market based
135.2△
122.9△
Scope 3
Indirect other
Business travel1
Kilometres
 
2,084,991 
403.9△ 
1,951,215 
227.5△
Hotels
Nights
 
515 
27.7△ 
329 
27.9△
Staff commuting
Kilometres
 
191,907.9 
21.6△ 
187,749.9 
17.7△
Total gross emissions from our operations2
Gross emissions (location based)
605.6△
402.3△
Gross emissions (market based)
588.4△
396.0△
Carbon offset applied
 
(588.4) 
 
(396.0) 
Net carbon impact from operations
 
– 
 
– 
Gross emissions per average employee
Average number of employees
 
63.5 
 
57.6 
Location based
9.5△
7.0△
Market based
9.3△
6.9△
Gross emissions including our share of suppliers' emissions
Total gross emissions as per above market-based approach
588.4△
396.0△
Share of suppliers' emissions3
 
220.6 
 
559.1 
Grand total
 
809.0 
 
955.0 
35
ESG Summary continued
•
 
1.
Emissions for air travel were calculated using the International Civil Aviation Authority (ICAO) Emission Calculator, consistent with 2023 data. Emission factors have changed, and flight classes are now divided into first, business, 
premium, and economy, leading to higher emission factors for long-haul business flights. Our 2023 emissions calculated using these updated factors are (tCO2e): Business travel emissions: 423.5; Total Emissions (market based): 
591.9; Gross emissions per employee: 10.3. 
2.
We do not differentiate Scope 3 emissions by location. Our Scope 2 emissions in the UK relate to less than 1% of the total emissions. 
3.
Previously, many of our suppliers disclosed their total emissions, and did not breakdown their Scope 1, 2 and 3 emissions. Now their reports are more advanced, suppliers are providing this breakdown. We have therefore updated 
our methodology for 2024, and restated the comparative for 2023, to include only emissions related to Scope 1 and 2 from suppliers, in line with PCAF’s guidance. Where this is not provided, we continue to use total emissions.
△     KPMG performed limited assurance procedures over these GHG disclosures. Their report is included in our 2024 ESG Report, available on our website. 

Provision 5 of The UK Code notes that the 
Board should understand the views of the 
Company's key stakeholders and describe 
in the Annual Report and Accounts how 
their interests and the matters set out 
in Section 172 of the UK Companies Act 
2006 have been considered in Board 
discussions and decision-making. Conduit 
is a Bermuda-incorporated issuer and the 
Board is obliged to follow director duties 
under Bermuda company law. Although 
Conduit is not required by law to prepare 
a Section 172 Statement it has chosen 
to do so as a matter of best corporate 
governance. 
The Board confirms that during the year 
ended 31 December 2024 they have 
discharged their duties to act in a way 
that they believe promotes the long-term 
success of Conduit for the benefit of its 
members as a whole, while having regard 
to the matters set out in Section 172 of 
the UK Companies Act 2006. Further 
information on how these duties have been 
discharged is provided in this statement. 
Section 172 requires a director to have 
regard, among other practical matters, 
to the:
•
likely consequences of any decision 
in the long-term;
•
interests of the company’s employees;
•
need to foster the company’s business 
relationships with suppliers, customers 
and others;
•
impact of the company’s operations on 
the community and environment;
•
desirability of the company maintaining 
a reputation for high standards of 
business conduct; and
•
need to act fairly between members 
of the company.
Stakeholder engagement
In 2024, Conduit continued to focus on key 
stakeholder engagement, to understand 
their perspectives and the potential long-
term consequences of decisions and 
matters of strategic importance to Conduit. 
As key stakeholders, the Board discussed 
broker and client relationships, shareholder 
and employee engagement, government 
and regulator engagement, rating agency 
interaction, environmental matters and 
Conduit’s impact on, and relationship with, 
the local community, and considered these 
matters in its decision-making.
Brokers and clients
•
Relationships with the reinsurance 
broking community and cedants are 
key to Conduit’s success. In considering 
Conduit Re’s strategy and business 
planning, the Board received reports on, 
and noted the extent of, the broker and 
cedant support received by Conduit Re.
Shareholders
•
In 2024, representatives of Conduit 
held over 200 meetings one on one 
with investors and via group calls. 
The Executive Chairman, the CEO, the 
CFO and Conduit's Head of Investor 
Relations regularly met with shareholders 
throughout the year, both quarterly 
to review trading results and on an 
ad-hoc basis to discuss various matters. 
Feedback from these meetings was 
presented to the Board on a regular 
basis and informed Board debate and 
decision-making on strategy and 
business planning. 
•
Our Directors and management 
recognise the benefits that come from 
dialogue with shareholders and we 
have embraced an active engagement 
strategy to discuss with our shareholders 
the issues that are important to them, 
hear their expectations of us and share 
our views.
•
The Board strives to be proactive, 
transparent and interactive with 
shareholders, who are always 
welcome to ask questions. For further 
information, and contact details, visit 
the Investor Relations and Regulatory 
News Service section on the Conduit Re 
website (conduitreinsurance.com).
•
Following consultation with Conduit's 
shareholders which occurred in early 
2024, the Shareholders approved 
an amendment to the Directors' 
Remuneration Policy at the 2024 AGM 
held on 15 May 2024. The details of 
the revised Remuneration Policy, which 
is intended to apply for the years 2024, 
2025 and 2026, are set out on pages 66 
to 71. 
Employees
•
Malcolm Furbert continued as Conduit's 
Non-Executive Director responsible 
for engagement with the workforce.
•
Malcolm met with our COO and our 
Head of Human Resources regularly 
to discuss employee engagement at 
Conduit. The Board received reports of 
Malcolm's and HR's activities, ensuring 
workforce views were obtained and 
considered in Board and management 
decision-making. 
•
During 2024, the Head of Human 
Resources continued to 
conduct detailed reviews of Conduit's 
HR policies and procedures to ensure 
that they remain robust, current and 
competitive within the market. 
•
Having a supportive and inclusive 
culture is important to us and we 
regularly track how employees feel 
about working at Conduit. In 2024, 
we conducted another employee 
engagement survey. The results were 
shared across Conduit as well as 
with Malcolm, who provides his own 
observations on employee engagement 
to the Board from his meetings internally. 
36
Section 172 Statement and Stakeholder Engagement
 

•
The Board was kept apprised of 
Conduit's recruitment activities 
throughout 2024. Headcount grew 
from 59 to 65 as at 31 December 2024.
•
In 2024 all staff participated in 
compliance training which covered key 
compliance topics including sanctions, 
information security and cyber risk, 
anti-money laundering, anti-terrorist 
financing, anti-bribery and corruption, 
conflicts of interest, and compliance 
with tax and regulatory operating 
guidelines. Training was also provided 
which covered Conduit’s code of 
conduct and whistleblowing 
procedures. 
•
We prioritize transparent and open 
communication with our employees. 
For example, throughout the year, we 
organised regular "town hall" meetings 
where employees were provided with 
updates on key company matters and 
performance. These sessions foster a 
culture of inclusivity and help to ensure 
that all employees are aligned with the 
company’s goals and objectives.
Government and regulators
•
The Board recognises the need to 
monitor changes in law and regulation, 
and to work closely and openly with 
all relevant regulatory and supervisory 
bodies. Conduit's main operating 
subsidiary, CRL, is licensed and 
supervised by the BMA. Representatives 
of management met with the BMA 
every quarter through the year. The 
Board received regular reports covering 
governmental, legal, regulatory and 
supervisory matters and was kept 
apprised of communications with 
and from relevant bodies, in particular 
the quarterly meetings with the BMA, 
and this information was factored 
into strategy and business planning.
•
In 2024, we obtained and expanded 
our reciprocal jurisdiction reinsurer 
(RJR) status in various states within 
the US which reduces the need for CRL 
to post collateral to support cedants 
in those states.
•
The Bermuda Corporate Income Tax 
Act 2023 was enacted in late 2023, 
heralding the introduction of a 
corporate income tax in Bermuda for 
in-scope multinational groups. While 
Conduit does not currently meet the 
criteria to fall within the scope of the 
corporate income tax regime and has 
no plans to do so, the legislation has 
significant ramifications for Bermuda 
and consequently, Conduit followed 
developments closely in 2024, and 
participated, via its membership of 
industry associations such as the 
Association of Bermuda Insurers 
and Reinsurers (ABIR), in providing 
feedback to the Bermuda Government 
on related legislation where it was 
felt appropriate to do so. 
•
The Bermuda Personal Information 
Protection Act 2016 (PIPA), which 
became effective on 1 January 2025, 
was a point of focus for Conduit. 
Preparations included assessing data 
practices, implementing robust 
safeguards, training staff, and updating 
privacy policies to ensure compliance 
with the new regulations. 
•
CRL reviewed its adherence inter alia 
to the BMA Code of Conduct. Regular 
training sessions were conducted to 
reinforce ethical behaviour and 
compliance standards. 
•
In preparation for the changes to 
The UK Code effective from 1 January 
2025, Conduit undertook a review of 
measures to ensure compliance (or 
explaining non-compliance). These 
included considering ways to improve 
the internal control framework and 
reporting, updating governance policies, 
and conducting briefings for Board 
members and staff. 
•
Under the new UK Listing Rules, which 
became effective 29 July 2024, Conduit 
was included automatically in the 
new Equity Shares (Transition) ('EST') 
category. Fundamentally there is no 
change in CHL’s regulatory obligations 
because of this automatic inclusion in 
the EST category as the rules of the 
EST category have been designed to 
match the former standard listed 
segment. We are assessing the UK 
Listing Rules, recognising that the EST 
category is intended to be transitional in 
nature and a move to the Equity Shares 
(Commercial Companies) ('ESCC') 
category in due course could be 
beneficial, including potentially offering 
a pathway to index inclusion.
Rating agencies
•
CRL having and maintaining an 
AM Best Financial Strength Rating of 
A– (Excellent), and a Long-Term Issuer 
Credit Rating of 'a-' (Excellent) is critical 
to Conduit’s success. Maintaining this 
rating is factored into Board decisions 
with respect to capital adequacy and 
risk management.
•
Management regularly kept AM Best 
apprised of developments within CRL 
and fed back to the Board the results of 
meetings and interactions with AM Best.
•
In December 2024, AM Best reaffirmed 
CRL's AM Best Financial Strength 
Rating of A– (Excellent) and Long-Term 
Issuer Credit Rating of 'a-' (Excellent) 
and raised the ratings outlook to 
'positive' from 'stable'.
37
Section 172 Statement and stakeholder engagement continued
 

Our community and the environment
•
As set out in the ESG summary on 
pages 30 to 35, environmental matters 
and the community are a key focus 
for Conduit.
•
Board decision-making is influenced 
by a recognition that some economic 
activity has negative outcomes. As 
detailed in the ESG summary, we factor 
applicable criteria into our decisions. 
Resulting examples include Conduit’s 
commitment to achieving and 
maintaining net-zero-carbon emissions1 
and to giving back to the community 
via initiatives such as the Conduit 
Foundation, whose mission includes 
supporting organisations and outreach 
projects focused on the environment, 
diversity and inclusion initiatives, 
education and Bermuda’s vulnerable 
populations.
Principal decisions
The principal decision made by the 
Board in 2024 was to continue with 
the current strategy of building a 
sustainable business for the long-term 
benefit of our stakeholders which delivers 
profitability and a mid-teens RoE across 
the market cycle. 
The Board participated in a two-day 
strategy session before making its decision 
to continue with the current strategy. 
Trevor Carvey
Elaine Whelan
CEO 
CFO
26 February 2025
26 February 2025
38
Section 172 Statement and stakeholder engagement continued
 
1.  
Consistent with our approach first stated in 2022, we are carbon neutral in relation to our Scope 1 and Scope 2 emissions, and in relation to business travel, 
hotel nights and staff commuting. We also report, but do not offset our share of our suppliers' emissions.

Corporate
Governance
In this section:
40
At a Glance
41
Board of Directors
45
Introduction to Corporate Governance
48
Corporate Governance and Compliance 
with the UK Corporate Governance Code
53
Nomination Committee Report
57
Audit Committee Report
63
Remuneration at a Glance
64
Directors' Remuneration Report
66
Directors' Remuneration Policy and 
Policy Table
22
Notes to the Directors' Remuneration Policy
76
Annual Report on Remuneration
94
Directors' Report
99
Directors' Responsibilities Statement
39
 
Governance at a glance
Read more about Conduit's compliance 
with the UK Corporate Governance Code 
on page 48.
Remuneration at a glance
For a summary of Conduit's 
Remuneration go to page 63.

40
At a Glance
•
 
Corporate 
Governance
Our 2024 Governance Report sets out the 
composition of our Board and explains how our 
Board governance framework operates, alongside 
the key areas of focus of Conduit's Board and Board 
Committees in 2024.
Board inclusion
Board meeting attendance
In keeping with our 
commitment to diversity and 
inclusion, 44% of our Board 
are female professionals with 
a wide breadth of experience 
and expertise.
97%
2023: 97%
Board independence
67%
2023: 67%
To view how we comply with The UK 
Code, please see page 48.
Read more on page 45
Read more on page 57
Read more on page 53
Read more on page 64
l Female
l Male
Audit 
Committee 
Report
Elizabeth Murphy, 
Committee Chair
Introduction 
to Corporate 
Governance
Neil Eckert, 
Executive Chair
Nomination 
Committee 
Report
Ken Randall, 
Committee Chair
Directors' 
Remuneration 
Report
Rebecca Shelley, 
Committee Chair

Board of 
Directors
Having conducted a planned 
evolutionary refresh over the last 
two years (with the retirement and 
replacement of two non-executive 
directors) the Board continues to 
be well positioned to lead the 
delivery of sustainable long-term 
returns through the market cycle.
Neil Eckert 
Executive Chairman
Neil Eckert
Executive Chairman 
Appointed to the Board: 7 October 2020 
Skills and experience:
Neil Eckert is Executive Chairman and an Executive Director 
of CHL. 
Neil Eckert is an entrepreneur with more than four decades of 
(re)insurance industry experience and has a proven track record 
in the industry having held various roles since 1980, many of which 
involved starting new enterprises. 
Beginning as a reinsurance broker, he rose through the ranks to 
board member at Benfield, Lovick & Rees & Co. Neil then founded 
Brit Insurance in 1995 and remained its CEO until 2005, following 
which he served as a non-executive director of the company until 
2008. He was co-founder and CEO of Climate Exchange Plc, and 
founded Aggregated Micropower. 
External directorships:
Incubex Ltd, Ebix Inc., Boutique Modern Holdings Limited, 
Chalvington Management Limited, NCX Family Office, Chalvington 
Batteries Limited, Chalvington Properties Limited, 10 Avis Way 
Limited, Bellaroma Investments Limited, Bellaroma South West 
Limited, NCX Consultants Limited, Old MIll 
Park Limited, Neil Eckert Investments 
Limited, Education Opportunity 
Limited, GWCT Natural Capital 
Advisory Limited, Arkley (South West) 
Limited) Seago Yachting Limited, 
Ripe Village Stores, NCEX Limited, 
Wingrove House Limited, 
Titan (South West) Limited.
CHL Board Committee 
memberships:
n/a 
Trevor Carvey
Executive Director and Chief Executive Off͏icer
Appointed to the Board: 18 November 2020
Skills and experience:
Trevor Carvey is Chief Executive Officer and an Executive Director 
of CHL.
Trevor has a track record of profitable build-outs in the 
reinsurance industry. Having led the consolidation and subsequent 
profitable turnaround of the GE Frankona Marine & Energy Global 
portfolio in the 1990s, he then became a founding underwriter 
and leader at Arch Re Bermuda in 2002.
In 2007, Trevor joined Harbor Point Re in the UK to lead the build-
out of its reinsurance operations. He became CUO Europe of the 
Alterra Re business after Harbor Point’s merger with Max Re in 
2012. Trevor was then responsible for the successful integration 
of Alterra Re’s Global Re unit into Markel.
In 2015, Trevor joined Hamilton Re to assist in building out a new 
treaty reinsurance strategy in the UK and subsequently served 
as active underwriter for three years from 2016 to 2018.
Trevor has led Conduit since its launch in 2020. 
As well as serving on the Board of Conduit 
Holdings Limited, he is a Director of CRL 
and chairs the Executive Committee.
External directorships:
Triple R Industries Limited, Patsoh Limited, 
Beneficial House (Birmingham) Regeneration 
LLP, Stanley Dock (All Suite) Regeneration LLP, 
CHL Board Committee 
memberships:
n/a
41
Board of Directors
 

Elaine Whelan
Executive Director and Chief Financial Off͏icer
Appointed to the Board: 14 January 2021
Skills and experience:
Elaine Whelan is the Chief Financial Officer and an Executive 
Director of CHL. 
Elaine is an accomplished and experienced public company CFO 
who has worked in the (re)insurance industry for over 25 years. 
She is a member of the Institute of Chartered Accountants of 
Scotland, a member of the Chartered Professional Accountants 
of Bermuda and a member of the Institute of Directors. After 
qualifying as a chartered accountant, Elaine joined Coopers 
& Lybrand in Bermuda in 1997. From 2001 to 2006, she held 
a number of positions at Zurich Insurance Company, Bermuda 
Branch, ultimately as chief accounting officer. In 2006, she joined 
the Lancashire Group as financial controller.
She subsequently performed various financial and management 
roles for the Lancashire Group, including as CEO, Lancashire 
Insurance Company Limited. From January 2011 to February 2020, 
Elaine was Group CFO, Lancashire Holdings Limited, and she was 
also a main board director from January 2013 to February 2020.
Elaine is responsible for all aspects of 
Conduit Re’s financial management and 
reporting, is also a Director of CRL and 
is a member of the Executive Committee.
External directorships:
Cameron Holdings Inc., Salthouse 
Property Inc., Lomond Property 
Holdings Limited.
CHL Board Committee 
memberships:
n/a
Rebecca Shelley
Senior Independent Non-Executive Director
Appointed to the Board: 24 July 2023
Skills and experience: 
Rebecca Shelley brings extensive commercial and financial 
services experience to the Board, as well as her background of 
market-facing roles at listed companies. Having been investor 
relations and corporate communications director at Norwich Union 
Plc from 1998 to 2000, Rebecca moved to Prudential Plc in 2000, 
starting as investor relations director, and then became group 
communications director with a seat on their group executive 
committee. From 2012 to 2016, Rebecca was the group 
communications director of Tesco Plc and a member of their 
executive committee. During this time she held positions on the 
board of the British Retail Consortium and was a trustee of the 
Institute of Grocery Distribution. In her final executive role Rebecca 
spent three years at broker TP ICAP Plc as group corporate affairs 
director, and was a member of the global executive committee. 
Rebecca served as Chair of the Remuneration Committee of Sabre 
Insurance Group plc. from 2017 to 2023.
External directorships: 
Sabre Insurance, Liontrust Asset Management, Hilton Food Group. 
CHL Board Committee memberships:
Remuneration Committee (Chair) 
and Nomination Committee.
Malcolm Furbert
Independent Non-Executive Director
Appointed to the Board: 18 November 2020
Skills and experience:
Malcolm Furbert is a corporate and regulatory lawyer with over 
30 years’ experience, including as a corporate lawyer with one of 
Bermuda’s leading law firms, and over 15 years’ diverse in-house 
legal counsel and management experience with Bermuda-based 
insurance and reinsurance companies (including American 
International Company Limited, Catlin Insurance Company Limited 
and XL Catlin), most recently as general counsel and head of 
compliance & regulatory affairs for the Bermuda operations of XL 
Catlin, a Bermuda-based global (re)insurance company (following 
the acquisition of the Catlin Group by XL Capital).
In these roles, he provided general and transactional legal and 
regulatory advice and support to all business areas and had 
oversight over the Bermuda compliance function. He also acted 
as company secretary to both regulated and non-regulated group 
companies.
He is a member of the Bar of England and Wales and the 
Bermuda Bar.
External directorships:
Somers Corporate Services Limited, 
Arden Reinsurance Company Ltd.
CHL Board Committee memberships:
Remuneration Committee and 
Nomination Committee.
42
Board of Directors continued
 

Elizabeth Murphy
Independent Non-Executive Director
Appointed to the Board: 18 November 2020
Skills and experience:
Elizabeth Murphy has worked in the insurance and (re)insurance 
industry for more than 30 years. Elizabeth qualified as a chartered 
accountant with Coopers & Lybrand in London and moved to work 
for them in Bermuda. She continued her career with ACE Tempest 
Reinsurance Ltd. as chief financial officer from 1993 to 2000 and 
as Treasurer of ACE Limited for the next two years.
From 2002 to 2006, Elizabeth worked for Scottish Re Group 
Limited, as chief financial officer and executive vice president. 
From 2006 to 2008 she was an executive director of Kiln Limited, 
chair of the compensation committee and non-executive member 
of the audit committee and she also served on the board of SCPIE 
Holdings Inc. where she was a member of the audit committee 
and stock option committee. From 2009 to 2015 Elizabeth was 
an executive director and chief financial officer of Amlin Bermuda 
Ltd., Amlin AG and a member of the risk committee. From 2018 to 
2024 she was a non-executive director of Bernina Re Holdings Ltd. 
and Bernina Re Ltd. and served on a number of committees. 
External directorships:
n/a
CHL Board Committee 
memberships:
Audit Committee (Chair) 
and Nomination Committee.
Ken Randall
Independent Non-Executive Director 
Appointed to the Board: 18 November 2020
Skills and experience:
Ken Randall is a certified accountant and has worked in the 
insurance industry for more than 50 years. During the early 1980s, 
Ken was head of regulation at Lloyd’s. From 1985 until 1991 Ken 
served as chief executive of the Merrett Group, which managed 
a number of prominent syndicates at Lloyd’s.
In 1991, Ken left Merrett and, with Alan Quilter, set up the Randall 
& Quilter Group, whose principal subsidiary, the Eastgate Group, 
grew into one of the UK’s largest third-party provider of insurance 
services with 1,300 employees. Eastgate was sold to Capita Plc in 
November 2000.
Following the sale of Eastgate, Ken and Alan refocused Randall & 
Quilter on to the acquisition of non-life legacy run-off portfolios 
and again developed an insurance-servicing business in London 
and the US. Initially, the Randall & Quilter Group’s service offering 
focused on legacy portfolios and later developed a fast-growing 
programme management business in Europe and the US. Ken 
retired from Randall & Quilter in 2021.
External directorships:
Roosevelt Road Re Ltd, Renaissance
Capital Partners Limited, Financial 
Guaranty Insurance Company (UK) Ltd, 
Leamington Insurance Advisors 
Ltd (Bermuda), W.T. Butler & 
Co Ltd.
CHL Board Committee 
memberships:
Audit Committee, Nomination 
Committee (Chair) and 
Remuneration Committee.
Michelle Seymour Smith
Independent Non-Executive Director
Appointed to the Board: 15 September 2021
Skills and experience:
Michelle Seymour Smith has over 20 years of experience in the 
insurance and reinsurance industry. During her career, Michelle 
has built a reputation of making strategic initiatives a reality and 
building effective teams and operations to support sustained 
growth in global organisations.
Michelle began her career with Arthur Andersen in 1995. In 2004, 
she joined Arch Reinsurance Ltd as vice president, controller. She 
performed several roles at Arch Re, including chief financial officer 
and chief operating officer, building and overseeing the financial 
operations of the insurance, reinsurance and mortgage divisions 
and their international subsidiary reinsurance division. She served 
as the chief transformation officer of Arch Capital Group Ltd until 
2019, leading a global programme to grow business and improve 
operational efficiency. Michelle has been named as one of 
100 Influential Women in Insurance and Reinsurance by 
Intelligent Insurer. She is a member of the Chartered Professional 
Accountants of Bermuda and the Institute of Directors.
External directorships:
Transport Intermediaries Mutual 
Association Ltd., Bermuda Public 
Accountability Board, Muuvment, 
Association of Bermuda International 
Companies, Centennial Foundation, 
Prismic Life Reinsurance, Ltd, Prismic 
Life Holdings GP LLC, Prismic Life 
Holding LP.
CHL Board Committee 
memberships:
Audit Committee and 
Nomination Committee.
43
Board of Directors continued
 

Stephen Redmond 
Independent Non-Executive Director
Appointed to the Board: 14 May 2024
Skills and experience:
Stephen Redmond has worked in the insurance industry for in 
excess of 45 years and brings extensive insurance and reinsurance 
experience to the Board. Stephen commenced his career at 
General Accident before joining Eagle Star. During this time, 
he became one of the leading marine underwriters in the 
London Company market.
Stephen joined Württembergische Versicherung AG in 1999. From 
2002–2019 he served as managing director of Württembergische. 
In 2008 Württembergische formed Antares Syndicate 1274, where 
Stephen was active underwriter. Antares Managing Agency was 
subsequently formed in 2010 and Stephen served as managing 
director until the business was successfully sold in 2014. Stephen 
assumed the role of chief transformation officer for 2019–2020.
Stephen is FCII qualified and has held the roles of chairman of The 
Institute of London Underwriters, and of the Joint Hull Committee. 
During his career Stephen has also been a member of numerous 
London Market Committees.
External directorships:
Asta Managing Agency Ltd.
CHL Board Committee 
memberships:
Remuneration Committee and 
Nomination Committee
Greg Lunn
General Counsel and Company Secretary
Appointed: 3 November 2020
Skills and experience:
Greg Lunn is General Counsel and Company Secretary and leads 
the compliance function. 
Greg is an experienced lawyer who has held a number of senior 
in-house legal positions in the global insurance industry over 
the last 25 years. His most recent role in the industry was group 
general counsel for Lancashire Holdings Limited. Prior to this role, 
he spent 10 years performing various legal and compliance roles 
at the ACE Group, including legal counsel for ACE in Europe and 
compliance counsel at ACE Holdings Limited.
Greg is responsible for all legal and corporate secretarial aspects 
of the Group’s business including governance structure, regulation, 
and compliance. Greg serves on the board of CRL and is a member 
of the Executive Committee.
44
Board of Directors continued
 

Introduction
With an effective and efficient governance 
framework to facilitate its oversight role, 
to support Conduit's strategic aims, the 
Board has overseen another year of solid 
returns in challenging conditions. Having 
conducted a planned evolutionary refresh 
over the last two years (with the retirement 
and replacement of two non-executive 
directors) the Board continues to be 
well positioned to lead the delivery of 
sustainable long-term returns through 
the market cycle. 
We measure corporate governance and 
compliance against the requirements of The 
UK Code. We also monitor our compliance 
with applicable governance requirements 
under Bermuda law and regulations and, 
to ensure it retains decision-making power 
over material matters at an appropriate 
level, a schedule of matters reserved for 
Board decision is maintained and reviewed 
by the Board on a regular basis. 
In 2024, in addition to face-to-face 
quarterly Board and committee meetings, 
information and education sessions on 
important topics were held, for example 
on changes in the UK Listing Rules, 
a refresher on the UK Market Abuse 
Regulations, and changes to The UK Code 
in 2024. 
Feedback from the internally facilitated 
2024 Board effectiveness evaluation 
reflected that, while there are opportunities 
for continuous improvement, overall the 
atmosphere in the boardroom allows for 
open contribution, constructive debate, 
candid discussion and critical thinking, 
supported by a high quality of written 
reports and presentations.
In May, the Board met over two days to 
review Conduit’s business strategy and 
related topics of relevance to the business. 
Subjects covered included:
•
a reminder of the current strategy and 
Conduit's progress scorecard across 
key areas;
•
an updated broker's view of the 
reinsurance market and Conduit;
•
an external view on the advances in 
artificial intelligence (AI) in reinsurance; 
•
looking ahead to trade in and take 
advantage of a changing market;
•
maximising value; and
•
emerging risks.
Conduit's current strategy, updated in light 
of actual market conditions and updated 
forecasting, covering a three- to five-year 
horizon, was affirmed in 2024 by the Board.
Dividend policy and dividend payments
Conduit may pay dividends at such times 
and in such amounts as the Board 
determines appropriate and subject to the 
Board being satisfied that to do so will not 
prejudice CRL’s ability to maintain at least 
an AM Best A– (Excellent) Financial 
Strength Rating and subject to applicable 
law and regulations.
Conduit expects to generate significant 
returns over time for its shareholders and 
to provide an ongoing and progressive 
dividend, recognising that some earnings 
fluctuations are to be expected. Conduit 
is targeting a dividend of $0.36 which is 
approximately 5% to 6% of equity capital 
raised at the IPO, allocated between 
an interim and final distribution. On 
18 February 2025, Conduit’s Board of 
Directors declared a final dividend for 
2023 of $0.18 (approximately £0.14) per 
Common Share, which will result in an 
aggregate payment of $29.7 million. This 
final dividend followed an interim dividend 
of $0.18 (approximately £0.14) per 
Common Share declared on 30 July 2024. 
45
Introduction to Corporate Governance
 
With an effective and 
efficient governance 
framework to facilitate its 
oversight role, to support 
Conduit's strategic aims, 
the Board has overseen 
the delivery of another 
year of strong growth 
in challenging conditions.
Neil Eckert, Executive Chairman 

Depending on Conduit’s results and 
general market conditions, CHL may also 
from time to time consider the payment 
of special dividends and returns of capital 
to shareholders by way of share buybacks.
Special dividends (if any) are likely to vary 
significantly in amount and timing.
All dividends and returns of capital will be 
subject to the future financial performance 
of Conduit, including results of operations 
and cash flows, Conduit’s financial position 
and capital requirements, rating agency 
considerations, general business conditions, 
legal, tax, regulatory and any contractual 
restrictions on the payment of dividends 
and any other factors the Board deems 
relevant in its discretion, which will be taken 
into account at the time.
Share purchases by Conduit's EBT 
During 2024, Conduit's EBT continued 
with on-market purchases of Conduit's 
shares. Shares purchased are held in the 
EBT to meet future obligations under 
CHL’s variable incentive schemes. Unless 
specifically directed by CHL, the Conduit 
EBT Trustee will abstain from exercising 
its voting rights over the shares held by 
the Conduit EBT at any general meeting 
of CHL. If CHL directs that the Conduit EBT 
Trustee may vote, CHL cannot direct the 
manner in which the Conduit EBT Trustee 
exercises its votes.
Further details of the share purchases are 
set out in the Directors’ Report on page 95 
and in note 17 to the consolidated financial 
statements on page 159.
Opportunities and risks
With pricing conditions remaining stable 
throughout 2024, at an attractive level 
albeit with variability by class, we continued 
to take advantage of the opportunity for 
our portfolio to produce margin. Conduit's 
core underwriting strategy remains 
consistent: growing our portfolio while 
maintaining a careful balance under 
favourable market conditions. We have 
increased our annual premiums written 
by continuing to deploy our capacity 
into classes with the best expected 
return profiles.
2024 was another active year of natural 
and man-made catastrophe events around 
the world, with insured natural catastrophe 
losses exceeding $140 billion. These events 
have served as a reminder to the industry 
that discipline must be maintained in 
order to earn an adequate return. Generally 
we have continued to observe rational 
behaviour in the market after multiple 
years of compounding rate increases.
The uncertainties we have noted in prior 
reports continue to influence the market 
conditions we have experienced including, 
but not limited to:
•
the future impact of climate change; 
•
heightened geopolitical uncertainties; 
and
•
economic and social inflation.
We believe that we continue to be in a 
strong position to incorporate the potential 
impact of these risks into our underwriting 
and reserving.
Although we go to great efforts to manage 
the volatility in our underlying exposures, 
our exposure to loss events in 2024 is a 
reminder that we are in the business of 
protecting our clients against uncertainty. 
Consequently, our underwriting results will 
always be subject to the vagaries of major 
loss events, both natural and man-made.
A set of risk factors is set out in section 3 
of the notes to the consolidated financial 
statements on page 120.
Stakeholder engagement
We place great importance on obtaining 
feedback from stakeholders to factor into 
our governance considerations. 
Malcolm Furbert, charged with employee 
engagement, continued his role with 
diligence and enthusiasm by meeting 
regularly with Heather Mello, our Head of 
Human Resources, and with Stuart Quinlan, 
Deputy CEO and COO.
Executives have continued to hold regular, 
routine quarterly update meetings with 
CRL's regulator, the BMA, to keep the 
regulator apprised of business progress 
and other developments at CRL.
I, together with the Head of Investor 
Relations, and often the CEO and the 
CFO, have held numerous meetings 
with shareholders, in addition to hosting 
quarterly investor and analyst calls.
More information on our stakeholder 
engagement is contained in the 
Section 172 Report on page 36.
46
Introduction to Corporate Governance continued
 

Purpose, values, strategy and culture
Our core values shape everything we do 
and play a key role in helping us to set 
strategy and achieve our objective of 
growing a reinsurance business that will 
stand the test of time. We expect all 
directors and employees of Conduit to 
consider and apply these core values when 
making decisions, when carrying out duties 
and when representing Conduit. 
Our culture can be characterised as follows:
•
An open and transparent approach 
where all ideas are welcome, and 
mistakes are a part of developing 
and learning.
•
Information sharing is a daily 
occurrence.
•
Communications are strong, constant 
and not just top down.
•
Everyone is welcome and can be 
themselves – we embrace individuality 
and recognise that inclusivity will not 
only create a positive environment but 
will enhance our overall achievements.
•
We are a lean group where everyone 
works hard.
•
Formality and hierarchy is kept to a 
minimum and flexibility and responding 
to individual needs is key.
•
A trust-based culture, rather than one 
of rules, where decisions are taken 
quickly.
•
Significant opportunities for developing 
skills and careers. Potential will be 
identified, and colleagues will be 
appointed into new roles wherever 
possible and will be supported in 
realising their potential through training 
and coaching.
•
A vibrant, fun environment where 
working as a team is a given and a 
pleasure. Our people like and want to 
work together.
•
We celebrate success.
•
We embrace technology.
In-camera sessions
In addition to the activities of each of 
the committees described in the respective 
reports below, regular in-camera sessions 
of the independent directors, led by the 
Senior Independent Director, were held at 
each regularly scheduled Board meeting 
without management present. 
Induction
All of the CHL Non-Executive Directors 
went through an induction process, 
covering their duties and responsibilities 
as Directors of a company whose shares 
are admitted to trading on the main market 
of the LSE.
Stephen Redmond, the most recent 
Board appointee, was taken through a 
comprehensive induction process as part 
of his appointment to the Board in 2024.
Feedback from the strategy days held 
in May was that the sessions were highly 
informative and educational, assisting the 
Board in gaining further valuable insights 
into the business of Conduit which will 
help strengthen the Board’s oversight 
of the business. 
The year ahead
In 2025 our governance will be focused on: 
•
continuing to support the execution of 
the strategy; 
•
continuing execution of the Board's 
succession plan;
•
enhancements to Board reports, 
management of meetings and director 
education; and
•
continuing to review and update 
Conduit's control environment as 
necessary as part of Conduit's drive for 
continuous improvement.
Neil Eckert
Executive Chairman 
26 February 2025
47
Introduction to Corporate Governance continued
 

The UK Code
On 29 July 2024 the Financial Conduct 
Authority's new UK Listing Rules came into 
force. Conduit's shares were automatically 
included in the EST category of listing. 
The EST category was created to enable 
existing standard segment companies, such 
as Conduit, to continue 'as they are' for the 
time being, and its rules are based on the 
current standard segment rules.
As a Bermuda company, whose shares are 
included in the transition listing category 
and admitted to trading on the LSE, 
Conduit is not required to comply, 
or otherwise explain non-compliance, with 
the requirements of The UK Code published 
by the FRC in July 2018 (and which applies 
in respect of the reporting period covered 
by this report). However, Conduit 
has chosen to comply (or explain non-
compliance) with The UK Code, because 
the Board is committed to the highest 
standards of corporate governance. 
Compliance statement
The Board considers that for the financial 
year ended 31 December 2024, Conduit has 
complied with the provisions of The UK 
Code, save that:
•
Conduit did not comply with Provision 
10 of The UK Code as Neil Eckert is 
Executive Chairman and was not 
independent at appointment as he was 
a founder of Conduit. However, 67% of 
the Board (excluding the Chair) are 
Non-Executive Directors whom the 
Board considers to be independent, 
and the roles of Chair and CEO are 
not exercised by the same individual. 
Further, the Board believes that 
effective business leadership is provided 
by Neil Eckert as Executive Chairman 
and Trevor Carvey as CEO, while at 
the same time appropriate checks and 
balances and scrutiny will be maintained 
through the balance of the Board as 
a whole, the strong and relevant 
experience of the independent Non-
Executive Directors and the clear 
separation of duties between the Senior 
Independent Director, the Executive 
Chairman and the CEO, as set out in 
the Schedule of Responsibilities which 
is available on Conduit's website.
•
In one respect, Conduit does not comply 
with Provision 37 of The UK Code which 
provides that remuneration schemes 
and policies should enable the use 
of discretion to override formulaic 
outcomes. At the time of Conduit's 
establishment, it was determined that an 
absolute calibration to the Management 
Incentive Plan (MIP) programme with 
no discretionary assessment was 
appropriate in the circumstances. The 
MIP was put in place prior to the IPO, 
and no further MIP awards will be made. 
Malus and clawback provisions apply 
to the MIP programme. Further details 
can be found in the IPO Prospectus 
and p. 37 of the 2020 Annual Report 
and Accounts
Governance framework
Conduit maintains a relatively simple 
corporate structure and governance 
framework. The Board maintains 
overall responsibility for Conduit and 
has established an Audit Committee, a 
Nomination Committee and a Remuneration 
Committee – whose terms of reference 
are available on Conduit's website and 
which are updated as necessary. It has 
also established a non-board advisory 
committee focused on Conduit’s approach 
to ESG, which is chaired by Lord Nicholas 
Soames, a senior and independent industry 
figure who is not otherwise involved with 
Conduit as a Director or Officer.
The Audit Committee oversees the 
effectiveness of management’s processes 
for monitoring and reviewing the 
effectiveness of risk management 
and internal control systems in relation to 
Conduit's financial reporting processes, 
further details of which are set out on 
pages 57 to 62. 
In relation to the day-to-day operations 
in Conduit’s reinsurance business, the CHL 
Board relies on a strong Board at the CRL 
operating company level, which includes 
four Independent Non-Executive Board 
Members (Ken Randall (Chair), Malcolm 
Furbert, Elizabeth Murphy and Michelle 
Seymour Smith) who serve at both the CHL 
Board and CRL operating company Board 
level, each of whom has extensive board 
and operational level experience of 
regulated reinsurance companies in Bermuda.
The CRL Board has, in turn, established 
four sub-committees: Risk, Capital 
and Compliance; Audit; Strategy; and 
Underwriting. It has also established 
an Executive Management Committee 
comprising of the CEO and other 
Senior Executives.
CRL operates a strict 'three lines of 
defence' model with all second-line 
functions (for example reserving, risk and 
compliance) reporting to either the Audit 
Committee, the CRL Risk, Capital and 
Compliance Committee or the Board; and 
the third line (Internal and External Audit, 
Independent Loss Reserve Specialist) 
reporting to the CRL Audit Committee.
While four Independent Non-Executive 
Directors serve on the Board of CRL, all 
Independent Non-Executive Directors 
are encouraged to attend as observers 
at any Board or Board Committee 
meetings across Conduit, particularly 
at CRL. Conduit is committed to open 
and transparent governance.
Conduit has a comprehensive set of 
policies and procedures aimed at bolstering 
governance and compliance. Conduit's 
code of conduct, whistleblowing policy and 
procedures, and other compliance policies 
and procedures, including policies covering 
anti-bribery and corruption, anti-money 
laundering and anti-terrorism financing, 
anti-trust and anti-competitive practices, 
confidentiality of information, conflicts 
48
Corporate Governance and Compliance with the 
UK Corporate Governance Code
 

of interest and gifts and hospitality, 
discrimination, and environment, health 
and safety are made available to staff via 
the Conduit intranet. Regular compliance 
training is provided. Conduit has contracted 
an external independent specialist 
whistleblowing service provider to enable 
staff to report whistleblowing incidents, 
anonymously or otherwise, over the phone 
or in writing via online submission. 
The Board
Conduit has a Board with a strong blend 
of experience and expertise in diverse 
professional backgrounds including 
insurance and other financial services, 
accounting, regulatory, governance and 
other areas. The Board has overseen and 
will continue to oversee Conduit's trading 
and operation as a public company. 
Biographical information for each of the 
current Directors of Conduit, including 
each Director's experience, qualifications, 
attributes and skills is on pages 41 to 44.
Succession planning was discussed at both 
Nomination Committee and Board level in 
2024 and will continue to be a key topic for 
2025. More information is contained in the 
Nomination Committee Report on page 53.
Non-Executive Director independence
The UK Code recommends that at least 
half the Board of Directors of a UK-listed 
company, excluding the Chair, should 
comprise Non-Executive Directors 
determined by the Board to be independent 
in character and judgement and free from 
relationships or circumstances that may 
affect, or could appear to affect, 
this judgement.
The Board has determined that all of the 
Non-Executive Directors (being Rebecca 
Shelley, Malcolm Furbert, Elizabeth Murphy, 
Ken Randall, Stephen Redmond, and 
Michelle Seymour Smith) are free from 
any business or other relationship that 
could materially interfere with the exercise 
of their independent judgement and are 
therefore 'independent Non-Executive 
Directors' within the meaning of The 
UK Code. 
Conduit has three executive directors 
(including the Executive Chairman) and 
six independent non-executive directors.
As part of the Board's planned succession, 
Sir Brian Williamson stood down from the 
Board on 15 May 2024. For the purposes 
of this report Sir Brian was also determined 
to be an Independent Non-Executive 
Director within the meaning of The UK 
Code during the tenure of his appointment. 
Board meetings and attendance
The Board schedules meetings quarterly 
and receives additional updates as required 
on topics of importance arising in the 
months where no formal meetings are 
scheduled. Additional meetings have 
been and will be arranged as necessary, 
including in relation to the business of 
the committees. All Directors receive an 
agenda and meeting packs in advance 
of the meetings. As part of its risk 
management, Conduit follows regulatory 
and tax operating advice and guidelines, 
common for groups established in 
Bermuda, that require the situs of Conduit's 
Board and Committee meetings and 
decision-making to be Bermuda. The 
number of Board and committee meetings 
attended by each Director for the purposes 
of Provision 14 of The UK Code in the year 
ended 31 December 2024, relative to the 
number of meetings held during their time 
in office, was as follows:
49
Corporate Governance and Compliance with the 
UK Corporate Governance Code continued
 

Board
Nomination 
Committee
Remuneration 
Committee
Audit 
Committee
Neil Eckert
4/4
n/a
n/a
n/a
Trevor Carvey
4/4
n/a
n/a
n/a
Elaine Whelan
4/4
n/a
n/a
n/a
Sir Brian Williamson1
2/2
2/2
2/2
n/a
Rebecca Shelley2
4/4
4/4
4/4
n/a
Malcolm Furbert
4/4
4/4
4/4
n/a
Elizabeth Murphy
4/4
4/4
n/a
4/4
Ken Randall
4/4
4/4
4/4
4/4
Stephen Redmond3
2/2
2/2
2/2
n/a
Michelle Seymour Smith
4/4
3/4
n/a
3/4
1.
Sir Brian Williamson stepped down from the Board and related Board Committees on 15 May 2024
2.
Rebecca Shelley was appointed on 21 February 2024 to serve as Senior Independent Director of the 
Board, and she was also appointed to serve as Chair of the Remuneration Committee on 15 May 2024
3.
Stephen Redmond was appointed on 14 May 2024 to serve on the Board, and he was also appointed 
to serve on the Remuneration and Nomination Committees on 14 May 2024
Board responsibilities
The Board is responsible for leading and 
controlling CHL, and has overall authority 
for the management and conduct of its 
business, strategy and development. 
The Board is also responsible for ensuring 
the maintenance of a sound system of 
internal controls and risk management 
(including financial, operational and 
compliance controls) and for reviewing the 
overall effectiveness of systems in place as 
well as for the approval of any changes to 
the capital, corporate and/or management 
structure of Conduit. 
To ensure transparency and accountability 
of the business to the Independent Non-
Executive Directors, the CHL Board was 
invited to attend (and did attend) CRL 
Board-level and Underwriting Committee 
meetings, and is provided with all minutes 
and records of subsidiary Board and 
committee meetings. The Board has 
established procedures for Directors to 
take independent professional advice at 
the expense of Conduit in the furtherance 
of their duties. Each Director also has 
access to the General Counsel & Company 
Secretary to ensure that good governance 
and compliance is implemented 
throughout Conduit. 
The division of responsibilities between 
the Executive Chairman, CEO and Senior 
Independent Director is summarised below 
and is available in full on Conduit's website.
50
Corporate Governance and Compliance with the 
UK Corporate Governance Code continued
 

Executive Chairman
CEO
Senior Independent Director
Ensures the effective running of the Board and supports 
the CEO in an advisory role in the execution of the CEO's 
responsibilities (including with respect to ESG matters), makes 
sure that the views of the Board and shareholders are taken 
into account, and acts as the primary ambassador for Conduit 
in respect of Investor Relations and ESG matters. 
Leads the executive management team in the day-to-day 
management of the Group to pursue Conduit’s commercial 
objectives and execute and deliver Conduit's strategy, 
as approved by the Board.
Ensures that there is a culture of openness and debate, 
in particular by facilitating the effective contribution of 
Non-Executive Directors and ensuring constructive 
relations between Executive and Non-Executive Directors.
Ensures that the Board as a whole plays a full and constructive 
part in the development and determination of Conduit's strategy 
and overall commercial objectives, with due consideration to 
Conduit's responsibilities to its shareholders, its suppliers, 
clients, customers, employees and other stakeholders.
Ensures, with the executive management team, that Board 
decisions are implemented effectively and that significant 
decisions made by the executive management team are 
communicated to the Board in line with granted authority.
Is available to shareholders if they have concerns that 
contact through the normal channels of the Executive 
Chairman or other Executive Directors has failed to 
resolve or for which such contact is inappropriate.
Shapes the culture in the boardroom, encouraging all Directors 
to engage in Board and Committee meetings by drawing 
on their skills, experience and knowledge; and fostering 
relationships based on trust, mutual respect and open 
communication – both in and outside the boardroom – 
between Non-Executive Directors and the executive team.
Provides clear leadership, inspires and supports Conduit's 
employees in all areas of Conduit's business, including the 
development of ideas, products and operations. Ensures 
that there is effective communication by Conduit with its 
workforce, including with respect to governance matters.
Assists in the maintenance of the stability of the Board 
and Company, particularly during periods of stress.
Promotes the highest standards of integrity, probity and 
corporate governance throughout Conduit and particularly 
at Board level.
Manages Conduit’s risk profile, with the CRO and other 
members of the executive, in line with the extent of risk 
identified as acceptable by the Board, and ensures that 
appropriate internal controls are in place.
Acts as a sounding board for the Executive Chairman, 
providing support in the delivery of the Executive 
Chairman’s objectives.
51
Corporate Governance and Compliance with the 
UK Corporate Governance Code continued
 

Board activities
In addition to monitoring closely Conduit’s 
core underwriting business, Board activities 
in 2024 were focused on overseeing the 
continued growth of the business. The 
Board received regular written and oral 
reports from executive management on 
the financial and operational performance 
of the business, including developments 
in: human resources (covering both 
recruitment and career development 
for existing employees), information 
technology, operations, legal, compliance 
and corporate governance. The Board also 
participated in a session held over two 
days to review strategy considering the 
wider market and risk environment. It was 
determined that there would be no changes 
to the strategy, the objective of which is 
to build a sustainable business for the long-
term benefit of our stakeholders and to 
deliver profitability and a mid-teens RoE 
across the cycle. Board meetings were 
held in Bermuda to approve all key actions, 
documentation and agreements.
Workforce engagement mechanism
Malcolm Furbert acts as Conduit's 
Non-Executive Director responsible for 
workforce engagement. See details in the 
Section 172 Statement on page 36.
Board effectiveness
Each year, the effectiveness of the Board, 
its committees and the individual directors 
are evaluated as part of our Board's desire 
for continual improvement. 
In 2023 an externally facilitated evaluation 
was completed, and the findings were 
reported in the 2023 Annual Report and 
Accounts. In 2024 the Board continued to 
act on the recommendations which arose 
from that evaluation and improvements 
were made to the management of meetings 
and materials. In addition, an identified 
opportunity to improve the range and 
balance of skills on the Board was taken 
with the appointment of Stephen Redmond 
as an independent non-executive director.
For the financial year end 2024 an internal 
evaluation was carried out which sought 
the views of the directors, the Company 
Secretary, and other senior executives. 
The evaluation consisted of (i) an online 
questionnaire which covered various topics 
including board dynamics and composition, 
meeting management, strategic oversight, 
the workings of Board committees, 
succession planning and (ii) face-to-
face interviews conducted by the 
Senior Independent Director. During the 
interviews additional insights were obtained 
including on the performance of individuals. 
Participants gave feedback on the working 
of the Board and its committees, on the 
governance of and information flow from 
CHL’s operating subsidiary CRL and CRL’s 
committees, and on other matters that 
participants wished to raise.
The evaluation confirmed that, while 
there were opportunities for further 
improvement, the Board, its committees 
and the governance of CHL, and oversight 
of CRL, were working effectively across 
all areas covered.
Based on the feedback obtained in the 
2024 evaluation, in 2025 the Board will 
continue to focus on the development of 
executive management and their direct 
reports as part of long-term succession 
planning, as well as some further 
enhancements to Board reporting 
and the content of materials. 
Conclusion
The Board believes that it has applied 
the Principles of The UK Code in a manner 
that is consistent with the company’s 
values and objectives. We are committed to 
continuous improvement in our governance 
practices and will continue to review and 
enhance our approach to corporate 
governance.
52
Corporate Governance and Compliance with the 
UK Corporate Governance Code continued
 

During the year, the 
Committee focused 
on Succession Planning 
for both the Board and 
Conduit's executive 
management.
Introduction
I am pleased to present my report on the 
activities of the Nomination Committee 
(the Committee) for the year ended 
31 December 2024, 
2024 saw the continued implementation 
of our Board succession plan. In May, 
Sir Brian Williamson stepped down from 
the Board and we welcomed Stephen 
Redmond to the Board. An independent 
specialist search agency, Heidrick & 
Struggles, with no other connection 
to Conduit, was appointed to identify 
and assess Independent Non-Executive 
Director candidates, including Stephen. 
Rebecca Shelley, having succeeded Sir 
Brian as Senior Independent Director in 
February, took over from Brian as Chair 
of the Remuneration Committee in May.
Brian sadly passed away in October. 
His experience and expertise was hugely 
appreciated through the formation and 
growth of Conduit in its first three years 
of operation. It was privilege to have him 
on the Board and his contributions will 
be missed.
The Nomination Committee also focused 
on the development of executive and 
senior management succession plans. 
In doing so, the Nomination Committee 
has been mindful that Conduit has just 
under 70 employees and a flat 
management 
structure operating from one location in 
Bermuda, which itself is a small specialised 
labour market. This poses some challenges 
for succession in balancing tangible 
incremental development and internal 
promotions on the one hand, and external 
recruitment on the other. Conduit is also 
mindful of the rapid deployment of artificial 
intelligence, which is likely to have a rapid 
and profound impact on many aspects of 
underwriting and managing in the 
insurance business.
Nomination Committee membership
In 2024, the Nomination Committee 
members were Ken Randall (Chair), 
Sir Brian Williamson, Malcolm Furbert, 
Elizabeth Murphy, Stephen Redmond, who 
joined the Committee in May 2024, Michelle 
Seymour Smith and Rebecca Shelley.
53
Nomination Committee Report
 
Name
Appointed to the 
Committee
Maximum 
possible
meetings
Meetings 
attended
Ken Randall
18 November 2020
4
4
Elizabeth Murphy
18 November 2020
4
4
Sir Brian Williamson1
18 November 2020
2
2
Malcolm Furbert
18 November 2020
4
4
Stephen Redmond 2
14 May 2024 
2
2
Michelle Seymour Smith
22 February 2022
4
3
Rebecca Shelley
24 July 2023
4
4
1.
Sir Brian Williamson left the Committee when he stepped down from the Board on 15 May 2024
2.
Stephen Redmond was appointed to the Nomination Committee on 14 May 2024 and was only eligible 
to attend two of the four meetings held in 2024.
Ken Randall, Committee Chair 

Independence and experience
All Nomination Committee members are 
Independent Non-Executive Directors, each 
with many years of relevant experience 
serving as directors and/or working in the 
reinsurance industry. Detailed biographies 
are available on pages 41 to 44.
An annual review of the Nomination 
Committee membership was completed 
and, based in part on the results of the 
recently conducted Board effectiveness 
evaluation pertaining to the work of the 
Nomination Committee, I am satisfied that 
the current members are each independent 
and capable of carrying out the Nomination 
Committee roles and responsibilities.
Role and responsibilities
The Nomination Committee’s duties are 
set out in its terms of reference, which are 
available on Conduit’s website, The duties 
include, but are not limited to:
•
director induction, training and 
development.
•
ensuring succession plans are in place 
for the Board and senior management.
•
setting objectives and policy for Board 
and senior management diversity.
•
identifying and nominating candidates 
to fill Board vacancies.
Details on how the Nomination Committee 
performed these key responsibilities 
in 2024 are set out in the remainder 
of this report.
2024 meetings
The Nomination Committee is required 
to meet at least twice annually, or more 
frequently if required, to discharge its 
duties. In 2024, there were four Nomination 
Committee meetings. In addition to the 
members, other individuals such as the 
Executive Chairman, the CEO and the Head 
of Human Resources attended all or part 
of the meetings.
Effectiveness evaluation
The Committee reviewed the results of 
the Board effectiveness evaluation for 
the period ending 31 December 2024 as 
described on page 52.
The 2024 evaluation raised no concerns 
regarding the Board’s composition or 
diversity, or how effectively members 
worked together to achieve objectives. 
The evaluation did identify individual areas 
for improvement as set out on page 52 
but, overall, no concerns were identified 
in respect of Non-Executive Director 
independence, performance, or external 
time commitments.
Board and Committee composition 
and succession planning 
As noted in my introductory remarks, 
continued implementation of the Board 
succession plan was a priority in 2024. 
In addition, work has continued on 
succession planning for other key 
leadership positions within Conduit.
In the meantime, Conduit maintains a 
robust emergency succession plan for the 
Board and senior management. The plan 
was reviewed by the Committee in 2024. 
Board gender split
Executive Committee direct reports gender split
Director induction and training
An appropriate and comprehensive plan 
is in place for inducting new Directors and 
Conduit’s leadership team. Induction is 
tailored to the needs of each individual 
but includes meetings with the executive 
leadership team, department heads and 
advisers, technical briefings and office 
visits. Stephen Redmond participated in the 
induction programme during the process 
for his appointment to the Board.
The strategy and planning sessions held 
in May 2024 also contained a training 
aspect for Directors. Diverse topics were 
presented and discussed, including a review 
of a broker's view of Conduit Re and 
approach to building the relationship, a 
review of the reinsurance market, Conduit's 
current strategy and market positioning, 
threats and opportunities, cycle, Conduit's 
approach to technology including the 
impact of artificial intelligence, and 
consideration of stock market perception 
of Conduit.
Diversity and inclusion 
Diversity and inclusion has been a priority 
since Conduit’s inception. Management 
and the Board believe that valuing 
diversity and inclusiveness is important 
in enabling us to achieve our vision 
to create unmatched value for our 
customers, colleagues, business partners 
and shareholders.
54
Nomination Committee Report continued
 
l Male 64%
l Female 36%
l Male 56%
l Female 44%

Conduit's Diversity and Inclusion Policy 
reflects our principles for recruitment 
and advancement at all levels of Conduit 
and underlines the fact that Conduit 
is committed to recruiting, retaining 
and developing people with diverse 
backgrounds and experiences at all levels 
of Conduit’s business, in a truly inclusive 
environment. 
As an equal opportunities employer, 
Conduit does not tolerate discrimination 
or harassment of any kind in any aspect 
of employment. Conduit fully supports and 
celebrates differences, which could include 
but are not limited to race, age, gender, 
gender identity, sexual orientation, 
disability, beliefs, background (except 
as may be pertinent to the requirements 
of a role, such as educational qualifications 
or prior employment experience), socio-
economic group, family or marital status, 
or nationality.
As at 31 December 2024, 44% of the Board 
was female.
55
Nomination Committee Report continued
 
The tables below set out data about the sex and ethnicity of the Board and executive management as at 31 December 2024, in the format 
prescribed by the UK Listing Rules.
Gender/sex diversity at 31 December 2024
Number of 
Board 
members
Percentage 
of the Board
Number of 
senior 
positions on 
the Board 
(CEO, CFO, 
SID and 
Chair)
Number in 
executive 
management
Percentage 
of executive 
management
Men
5
 56 %
2
7
 88 %
Women
4
 44 %
2
1
 13 %
Other categories
0
 — %
0
0
 — %
Not specified/prefer not to say
0
 — %
0
0
 — %
Ethnic diversity at 31 December 2024
Number of 
Board 
members
Percentage 
of the Board
Number of 
senior 
positions on 
the Board 
(CEO, CFO, 
SID and 
Chair)
Number in 
executive 
management
Percentage 
of executive 
management
White British or other White (including minority-white groups)
8
 89 %
4
8
 100 %
Mixed/Multiple Ethnic Groups
0
 — %
0
0
 — %
Asian/Asian British
0
 — %
0
0
 — %
Black/African/Caribbean/Black British
1
 11 %
0
0
 — %
Other ethnic group, including Arab
0
 — %
0
0
 — %
Not specified/prefer not to say
0
 — %
0
0
 — %

Priorities for 2025
In 2025 the Committee will continue 
to focus on implementation of Board 
succession and on completing the 
establishment of a long-term succession 
plan for executive management and their 
direct reports, all with a view to satisfying 
Conduit’s medium- to longer-term 
succession needs at Board and senior 
management levels. This will include 
implementation of personal development 
plans.
Ken Randall, Chair
Nomination Committee 
26 February 2025
56
Nomination Committee Report continued
 

In 2024, in addition to its 
normal duties, the Audit 
Committee focused on 
ensuring that IFRS 17 was 
embedded into 'business as 
usual' and also reviewed the 
effectiveness of both external 
and internal audit.
Introduction
As Chair of the Audit Committee, I am 
pleased to present my report for the 
financial year ended 31 December 2024, 
detailing the Audit Committee’s activities 
during the year, how it has discharged 
its responsibilities and the key topics 
it has considered. 
One of the main areas of focus was 
ensuring that IFRS 17 was embedded into 
'business as usual'. The Audit Committee 
also conducted detailed reviews of the 
effectiveness of the external and internal 
audit functions. 
Audit Committee membership
The Audit Committee membership is 
comprised of Independent Non-Executive 
Directors. For the full year 2024, the 
members were Elizabeth Murphy, Ken 
Randall and Michelle Seymour Smith.
The Audit Committee membership is the 
same for CRL, which strengthens governance 
and oversight of Conduit’s main operating 
subsidiary.
2024 meetings
The Audit Committee held four meetings 
during the year. Members of senior 
management and external and internal 
auditors were invited to present at each 
meeting. The Audit Committee also met 
privately with the external and internal 
auditors and in executive session with 
the CFO alone. The Chair of the Audit 
Committee also held regular meetings 
with the CFO and the external and internal 
auditors outside of the formal Audit 
Committee meetings.
There were no points of concern arising 
out of the Board’s performance review 
regarding the Audit Committee’s 
performance during 2024.
57
Audit Committee Report
 
Name
Appointed to the 
Committee
Maximum 
possible 
meetings
Meetings 
attended
Elizabeth Murphy
18 November 2020
 
4  
4 
Ken Randall
18 November 2020
 
4  
4 
Michelle Seymour Smith
15 September 2021
 
4  
3 
Elizabeth Murphy, Committee Chair 

Independence and experience
All Audit Committee members are 
Independent Non-Executive Directors with 
recent and relevant financial experience 
and competence in accounting and/or 
audit, and all have competence relevant 
to the reinsurance sector in which Conduit 
operates. Detailed information on the 
Audit Committee members’ experience 
and qualifications is set out in the Directors’ 
biographies on pages 41 to 44.
Role and responsibilities
The Audit Committee is required to carry 
out duties in the areas listed below for CHL 
and Conduit as a whole, as appropriate:
•
Assessing the integrity of Conduit's 
financial reporting and satisfying itself 
that any significant financial judgements 
and estimates made by management 
are sound.
•
Keeping under review internal controls 
and risk management systems.
•
Reviewing compliance and fraud 
procedures and controls.
•
Monitoring and reviewing the 
effectiveness of the internal audit 
function.
•
Advising on the appointment of the 
external auditor and overseeing the 
relationship with the external auditor, 
including their independence and 
effectiveness.
More details around how these key 
responsibilities were performed are set 
out below. The Audit Committee’s terms 
of reference are available on Conduit’s 
website.
The Audit Committee provided a report 
on its activities to the Board every quarter.
Assessing the integrity of 
financial reporting
The Audit Committee reviewed Conduit's 
quarterly trading updates, interim 
unaudited condensed consolidated 
financial statements and the annual audited 
consolidated financial statements for the 
purposes of recommending their approval 
by the Board. The Committee also reviewed 
and considered written analysis from 
management detailing areas of significant 
judgement and estimation in the preparation 
of the consolidated financial statements. 
Throughout the year the CFO and the Audit 
Committee Chair met regularly by phone 
and in person to discuss matters related 
to the preparation and presentation of 
Conduit's consolidated financial statements, 
including the progress of the external audit.
The Audit Committee received reports from 
the external auditors on the consolidated 
financial statements, including an interim 
review report and a year-end audit results 
report. These reports were discussed with 
the external auditors at the Audit Committee 
meetings, both with management present 
and with the Audit Committee in private 
session. No significant external audit issues 
were identified.
The Audit Committee also received regular 
and ad-hoc reports on the following:
•
Accounting treatment and policies 
in respect of business and investment 
activities. 
•
Loss-reserving developments and the 
reserving process including embedding 
new processes which are in place as 
a result of implementing IFRS 17 in the 
prior year.
•
Recruitment and development within 
the finance, risk and actuarial teams.
•
Accounting and financial reporting 
developments.
•
The effectiveness of Conduit's control 
environment and the integrity of 
external financial reporting. 
•
The oversight of corporate and risk 
culture through the reporting of the 
internal audit and risk management 
functions.
•
Finance reports from CRL including 
with respect to BMA filings (via the 
overlap with the CRL Audit Committee).
•
Significant judgements and estimates 
and going concern assessments.
•
Management’s assessment of fraud risk.
In addition, the Audit Committee 
reviewed and recommended to the Board 
for approval the 2023 ESG 
and ClimateWise reports for publication on 
Conduit's website in 2024.
Keeping under review internal controls 
and risk management systems 
The Board has ultimate responsibility for 
ensuring the maintenance by Conduit of 
a robust framework of internal control 
and risk management systems. To assist 
the Board in discharging its obligations, 
the Audit Committee is charged with 
keeping under review the adequacy and 
effectiveness of Conduit's internal financial 
controls and internal control and risk 
management systems. The system of 
internal controls is designed to manage 
rather than eliminate the risk of failure to 
achieve business objectives, and can only 
provide reasonable, not absolute, assurance 
against material misstatement or loss.
58
Audit Committee Report continued
 

During 2024, the Audit Committee 
received quarterly reports from Conduit's 
CRO covering:
•
risk events, including control failures, 
and commentary on Conduit's 
risk profile;
•
risk appetite and tolerance statement 
compliance;
•
capital adequacy; and
•
an update on any changes to previous 
assessments of risk.
The Committee reviewed management's 
assessment of the effectiveness of the 
risk management and control environment 
and noted areas for further enhancement 
and actions for improvement that were 
identified during the year. The Committee 
also continued to review and approve 
applicable policies and arrangements.
All members of the Audit Committee also 
participated in discussions on emerging 
risks and were briefed on Conduit's 
response. The Audit Committee also 
received updates on the ongoing 
development and enhancement of 
information technology systems.
The Audit Committee reviewed the 
internal audit plan and amendments 
thereto, and received reports on internal 
audits performed during the year and 
management's responses. 
Further detail of the emerging and principal 
risks affecting Conduit, including those 
matters that have informed the Board’s 
assessment of Conduit’s ability to continue 
as a going concern, as well as the risk 
mitigation procedures in place to 
identify and manage them, can be found 
in the risk disclosures on page 120 onwards 
of the Annual Report and Accounts.
Reviewing compliance and fraud 
procedures and controls
The Audit Committee received regular 
compliance reports from the General 
Counsel, covering:
•
regulatory interactions with the BMA, 
regulatory reporting and updates 
on the regulatory environment;
•
corporate governance updates;
•
the status of the compliance plan 
execution;
•
compliance and regulatory training; and
•
review of compliance policies, including 
anti-money laundering, anti-bribery 
and financial crime, conflicts of interest, 
whistleblowing, sanctions and Conduit’s 
code of conduct.
Along with the rest of the Board, the 
members of the Audit Committee 
participated in refresher training covering 
the UK market abuse regulations and 
Conduit's related disclosure processes.
The Audit Committee continued to review 
and discuss amendments to The UK Code 
which will come into force from 1 January 
2025. Management will continue to monitor 
developing control reporting requirements 
and ensure adequate plans are in place 
to implement changes and report on 
compliance as required.
The Audit Committee received reports 
on the number of whistleblowing cases 
reported to Conduit’s whistleblowing 
service. The Audit Committee reviewed 
and approved updates to Conduit's 
whistleblowing policy and procedure 
in 2024.
The Audit Committee also received a report 
from the CRO covering the annual fraud 
risk assessment conducted in 2024 that 
included details of management's assessment 
of fraud risks and the most material 
associated controls.
Monitoring and reviewing the 
effectiveness of the internal audit function
EY Bermuda Limited (EY) is Conduit's 
outsourced internal auditor. EY has 
extensive and current relevant experience 
providing outsourced and co-sourced 
internal audit services to reinsurance 
businesses in Bermuda and internationally 
and they are considered to have the 
necessary skills and resources to deliver 
the internal audit function effectively. 
The internal auditor reports directly to 
the Audit Committee.
During the year, the Audit Committee 
considered and approved updates to the 
Internal Audit Charter made in response 
to revised internal audit standards issued 
by the Institute of Internal Auditors and 
monitored the execution of the internal 
audit plan. The internal audit plan was 
based on an updated risk assessment. 
Internal Audit provided quarterly written 
and oral reports to the Audit Committee. 
The findings of each internal audit were 
reported on orally and in writing at the 
Audit Committee’s quarterly meetings. 
The Committee reviewed actions 
recommended to management for the 
improvement of internal controls and the 
status of implementation of the actions. 
The Committee also met privately with 
the internal auditors. 
The Audit Committee also evaluated the 
independence of the internal auditors, and 
no concerns regarding their independence 
were identified. 
A formal review of the effectiveness of 
the internal audit function and its activities 
was undertaken in 2024. The review was 
performed through completion of a 
questionnaire by the members of the 
Audit Committee, by members of Conduit's 
senior management, and those responsible 
for business areas subject to recent internal 
audit review. It also involved a review 
of working papers by a qualified internal 
auditor independent from EY. The 
Committee discussed the findings of the 
review and concluded that the internal 
audit function was operating effectively 
with some minor recommended 
enhancements. 
59
Audit Committee Report continued
 

Overseeing the relationship with the 
external auditor 
KPMG Audit Limited (KPMG) was originally 
appointed as Conduit's external auditor in 
December 2020. At Conduit's 2024 AGM, 
KPMG was reappointed as external auditors 
of Conduit until the conclusion of the 2025 
AGM. The lead external audit partner is 
James Berry who was appointed at the 
same time as KPMG was appointed. In 
2024 the Audit Committee assessed the 
fee arrangements with KPMG which are 
discussed in note 8 of the consolidated 
financial statements. 
The Audit Committee met with KPMG 
regularly during 2024 (both in private 
session and with management present) and 
reviewed and approved the external audit 
work plan for the year ended 31 December 
2024. The Audit Committee received 
written and oral reports from KPMG, 
which covered the progress of the audit, 
key matters identified and the views 
of KPMG on the significant judgements 
and estimates outlined below. KPMG 
also reported on matters such as their 
observations on Conduit's financial control 
environment, developments in the audit 
profession, key upcoming accounting 
and regulatory changes and certain 
other mandatory communications. The 
Audit Committee continues to monitor 
developments, recommendations and 
legislative proposals related to the quality 
and effectiveness of the external audit.
A review of external audit effectiveness 
was undertaken in 2024 to assist the Audit 
Committee in assessing the quality of 
external auditor services provided to 
Conduit. The review was performed 
through completion of a questionnaire by 
the members of the Audit Committee, by 
members of Conduit's senior management, 
and members of Conduit's finance team. 
The review focused on the effectiveness 
of the external auditor team, its expertise 
and resources and the external auditor's 
interaction with the finance team, the 
executive and the Audit Committee. Overall 
feedback was positive and the review 
concluded that the external auditors were 
operating effectively. There were some 
minor areas to consider for improvement 
which were not a reflection of any wider 
concerns. The Conduit team and KPMG 
have discussed the points raised and KPMG 
has proposed some modifications in their 
approach as a result.
Auditor independence and objectivity 
To assist in maintaining the external 
auditor’s independence and objectivity, 
Conduit has adopted a formal policy 
governing the engagement of the external 
auditor to provide non-audit services, 
taking into account the relevant ethical 
guidance on the matter. The policy 
describes the circumstances in which 
the auditor may be engaged to undertake 
non-audit work for Conduit. The Audit 
Committee oversees compliance with 
the policy and will consider and approve 
requests to use the auditor for non-audit 
work when they arise, if appropriate. 
Except for procedures conducted by 
KPMG with respect to Conduit's unaudited 
condensed interim consolidated financial 
statements for the six months ended 
30 June 2024, and an engagement to 
undertake a carbon emissions disclosure 
review of the 2024 year end reporting and 
provided limited assurance over certain 
disclosed greenhouse gas emissions, KPMG 
did not provide any non-audit services 
during 2024, Details of the fees paid with 
regard to non-audit services provided by 
KPMG are disclosed in note 8 to the 
consolidated financial statements 
on page 144.
The Non-Audit Services Policy is available 
on Conduit's website. The policy is 
reviewed annually by the Audit Committee.
The Audit Committee assesses the external 
auditor’s independence annually and, taking 
into account the limited scope, nature 
and value of the non-audit services noted 
above, has assessed KPMG as independent.
Auditor reappointment 
Conduit is required to appoint auditors 
at every general meeting of Conduit at 
which consolidated financial statements are 
presented to shareholders. KPMG, acting 
as external auditor to Conduit in Conduit's 
fourth year, has advised of its willingness to 
stand for reappointment in 2025.
The Audit Committee and the Board 
consider KPMG to have extensive 
experience auditing publicly traded 
reinsurance businesses. Having assessed 
their performance positively and having 
determined that they continue to be 
independent, the Audit Committee and 
the Board have concluded that KPMG’s 
appointment as auditors for 2025 would 
be in the best interests of Conduit and its 
shareholders. The resolution to reappoint 
KPMG at the 2025 AGM will propose that 
KPMG holds office until the conclusion of 
the next Annual General Meeting (AGM) at 
which accounts are laid before Conduit, at 
a level of remuneration to be determined 
by the Board.
Conduit is committed to maintaining the 
highest standards of independence and 
objectivity in the audit engagements. 
In compliance with applicable 
independence standards, Conduit adheres 
to stringent audit partner rotation policies 
which require a change of audit partner 
at least every seven years. Consequently, 
Conduit's audit partner at KPMG will rotate 
off the Conduit engagement on completion 
of the 2026 financial year audit. 
In addition, Conduit plans to conduct a 
tender process for the provision of its 
external audit ahead of its 2030 financial 
year end.
60
Audit Committee Report continued
 

Significant areas of judgement 
and estimation
Annually, management provides the Audit 
Committee with an analysis of significant 
areas of judgement and estimation in 
the preparation of the consolidated 
financial statements plus an analysis 
of the appropriateness of preparing the 
statements on a going concern basis. 
As discussed in our accounting policies 
on page 111, the most significant estimates 
made by management are in relation to 
the undiscounted valuation of the liability 
for incurred claims and associated ceded 
reinsurance recoveries. Less significant 
estimates are made in determining the 
estimated fair value of certain financial 
instruments and the estimated premium 
cash flows used to determine reinsurance 
revenue recognised.
Valuation of liability for incurred claims 
and associated ceded reinsurance 
recoveries 
The valuation of the liability for incurred 
claims, including incurred but not reported 
(IBNR), involves a significant amount of 
judgement. As stated in our accounting 
policies, it is a complex process and it is 
reasonably possible that uncertainties in the 
reserving process and delays in cedants 
reporting losses to Conduit, together with 
the potential for unforeseen adverse 
developments, could lead to a material 
change in the estimated liability for incurred 
claims and associated ceded reinsurance 
recoveries. Judgement is exercised in 
estimating the future cash flows in relation 
to ultimate claims settlement and selecting 
the methodology to calculate a point 
estimate for the ultimate loss. The risk 
adjustment is estimated using a margin-
based approach, calibrated to a targeted 
confidence interval range. 
The Audit Committee receives a quarterly 
report on the liability for incurred claims, 
prior year development on the liability for 
incurred claims, and inflation considerations 
from Conduit's Chief Actuary. The 
Committee reviews the reasonableness of 
Conduit’s loss reserves and challenges the 
methodology and judgements applied.
The Audit Committee also receives reports 
from the independent loss reserve specialist 
semi-annually. The Audit Committee was 
able to compare their evaluation of the 
liability for incurred claims with Conduit's 
and understand the differences which 
naturally arise between them.
The Audit Committee also received 
semi-annual reports from the external 
auditors on the reasonableness of the 
liability for incurred claims.
The Audit Committee focused in particular on:
•
the reserving for natural-catastrophe 
and large-loss events;
•
the use of selected attritional reserving 
ratios, given the lack of historical data 
for Conduit;
•
the difference in management’s 
estimates versus the independent loss 
reserve specialist, noting that the 
differences are within a reasonable range;
•
the process for estimating cash 
flow patterns and establishing the 
risk adjustment;
•
the process for determination of the 
confidence interval; 
•
the assessment and quantification of 
the impact of inflation on the liability 
for incurred claims; and
•
the adequacy of disclosure on the 
uncertainties of the loss reserve estimates.
The Audit Committee was satisfied that all 
its queries were appropriately addressed 
and noted that there were no material 
differences between the liability for incurred 
claims calculated by Conduit's Chief 
Actuary and the independent loss 
reserve specialist.
The Committee was therefore satisfied that 
the valuation of the liability for incurred 
claims and associated ceded reinsurance 
recoveries was appropriate.
Fair value of certain financial instruments
The asset types in which Conduit is 
invested are not complex with lower 
estimation uncertainty in determining fair 
value. The assets are highly liquid and are 
of high-credit quality. As disclosed in note 
12, all of Conduit’s assets are Level (I) or 
Level (II) securities. There are no equities, 
hedge funds or derivative instruments.
Conduit’s investments are fair valued 
through the income statement (FVTPL). 
Conduit does not therefore have any 
judgement around impairment charges.
Expected premium cash flows used 
to determine reinsurance revenue 
recognised
Conduit's quota share policies in 
particular are subject to estimates. Some 
management judgement is exercised in 
determining the initial ultimate premium 
cash flow estimates from which to establish 
the recognition of reinsurance revenue. 
While Conduit has a relatively short 
operating history, the policies underwritten 
are largely mature and known to the 
underwriting team and therefore 
establishing an appropriate estimate 
is not deemed to be a significant risk. 
Management carries out regular reviews 
on these estimates to validate their 
reasonability.
Going concern assessment and 
longer-term viability statements
The Audit Committee reviewed and advised 
the Board on Conduit’s going concern and 
longer-term viability statements included 
in the Annual Report and Accounts and 
the assessment reports prepared by 
management in support of such statements. 
As part of this review, the Audit Committee 
assessed the methods, assumptions, 
judgements, business planning and stress 
testing underpinning the going concern 
assessment. The Audit Committee was 
61
Audit Committee Report continued
 

satisfied with the level of analysis presented 
during the year, the related approach taken 
and statements made in Conduit’s key 
external reporting. More information on 
the going concern and viability statements 
can be found on page 111.
Annual Report and Accounts
The Audit Committee reviewed early drafts 
of the the Annual Report and Accounts in 
order to ensure that themes and points of 
importance from the Audit Committee's 
perspective were identified and addressed 
in the report. The Audit Committee 
subsequently recommended to the 
Board for approval Conduit’s audited 
results and final Annual Report and 
Accounts together with the external 
auditor’s report. The Audit Committee 
advised the Board that, in its view, the 
2024 Report and Accounts, taken as a 
whole, is fair, balanced and understandable 
and provides the information necessary 
for shareholders to assess Conduit’s 
position and performance, business 
model and strategy. 
Priorities for 2025
•
(Working with the Nomination 
Committee and the Board as a whole) 
succession planning for the Audit 
Committee Chair, whose second 
three year term is due to end in 2026.
•
Continued monitoring of the control 
environment and financial reporting 
processes.
•
Continuing to monitor management’s 
processes for assessing and reviewing 
the effectiveness of risk management 
and internal control systems as 
necessary as part of Conduit's drive 
for continuous improvement.
•
Continuing to monitor and 
implement developments in climate 
and ESG reporting.
•
In preparation for the changes to 
The UK Code effective from 1 January 
2025, consideration of ways to enhance 
the internal control framework and 
reporting.
Elizabeth Murphy, Chair 
Audit Committee 
26 February 2025
62
Audit Committee Report continued
 

Remuneration 
at a glance
The Conduit Remuneration Policy is designed to 
drive a culture of high performance and create 
sustainable long-term value for shareholders. 
A summary of the 2024 remuneration outcomes 
for executive directors is provided opposite.
63
 
Key components
Outcome
Remuneration ($000)
The charts below set out the financial outcomes of the remuneration package of the 
executive directors for 2024 against the 2023 outcomes as noted in the the single figure 
on remuneration on page 77.
l Fixed pay
l Variable pay (including 
performance-related 
pay)
Gross premiums written
RoE
$1,162.4m
2023: $931.4m
12.7%
2023: 22.0%
Net tangible asset value per share
Total net investment return
$6.70
2023: $6.25
4.0%
2023: 5.8%
Combined ratio
Total shareholder return
86.0%
2023: 72.1%
5.9%
2023: 16.4%
577
603
1,284
1,352
930
991
1,620
1,101
2,607
1,668
1,907
1,409
2023
2024
2023
2024
2023
2024
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
CEO
Executive Chairman
CFO

Conduit produced reasonable 
results despite elevated 
industry claims activity. 
Comprehensive income was 
$125.6 million or $0.80 per 
share. RoE for the year 
was 12.7%.
Introduction 
I present the Directors’ Remuneration 
Report for 2024 which consists of three 
sections:
1.
This introduction, which explains 
our approach to remuneration and 
summarises the key decisions made by 
the Committee during the year (pages 
64 to 65).
2.
The Directors’ Remuneration Policy – 
this sets out the Remuneration Policy 
which was approved by a binding 
shareholder vote at the 2024 AGM 
(pages 66 to 75).
3.
The Annual Report on Remuneration – 
this sets out in detail how we have 
applied the Remuneration Policy in 
2024; the remuneration received by 
Directors for the year; and how we 
expect to apply the Policy in 2025. This 
report, along with this Chair Statement, 
will be put to an advisory shareholder 
vote at the 2025 AGM (pages 64 to 93).
Performance for the year under review
2024 was a reasonable year for Conduit. 
The overall result was comprehensive 
income of $125.6 million or $0.80 per share. 
RoE for the year was 12.7%. Annual bonuses 
for 2024 were based 75% on financial 
(RoE) targets and 25% on the personal 
and strategic objectives of each Executive 
Director. As set out on page 77, the 
Committee set the threshold, target 
and stretch levels of RoE required to be 
achieved for the financial part of the 2024 
annual bonus.
It is the opinion of the Remuneration 
Committee and the Board that Conduit's 
management has produced a reasonable 
result in a year when the industry 
experienced elevated levels and frequency 
of natural catastrophe losses across 
multiple sectors and geographies. 
Management has demonstrated the 
scalability and resilience of the business, 
with the Conduit Re brand now well 
recognised in the market for writing 
a diversified yet balanced book 
of business from one location with an 
excellent team, (now at 65 employees) 
utilising a technologically modern operating 
platform. Remuneration for 2024 reflects 
these achievements. The RoE achieved for 
2024 has resulted in an above-target pay-
out of the financial element of the annual 
bonus. The Committee determined that the 
personal element pay-out for the Executive 
Directors was appropriate and in line with 
the performance achieved by each Director. 
Details of the bonuses can be found on 
pages 77 to 81.
The Remuneration Policy requires up 
to half of any bonus to be deferred into 
shares, with malus and clawback provisions 
in place. The Executive Directors 
participate in the MIP, which was agreed 
and put in place ahead of Conduit's IPO 
in December 2020. Success in the MIP 
is measured by reference to growth in 
Conduit's market capitalisation adjusted 
for dividends and any other returns of 
value to shareholders since IPO Admission. 
The first performance condition calculation 
date was on 7 December 2024, the fourth 
anniversary of IPO. The performance 
condition was not met and therefore, 
no exchange of MIP shares into Conduit's 
Common Shares occurred in 2024.
At the May 2024 AGM, shareholders 
approved the current Remuneration Policy, 
which allows for the making of long-term 
incentive awards to the Executive Directors. 
64
Directors' Remuneration Report
 
Rebecca Shelley, Committee Chair 

Subsequently, Conduit made a long-term 
incentive plan (LTIP) award to Elaine 
Whelan, Conduit's CFO, of 250% of base 
salary. Details of the award can be found 
on page 82.
Tranches of bonus deferral awards made 
to Executive Directors and staff from prior 
years' annual bonus awards vested during 
2024 and additional tranches of awards will 
vest in March 2025. Details of the Executive 
Directors' deferred share bonus awards can 
be found on page 82.
Remuneration Policy review
As a non-UK incorporated company, Conduit 
is not bound by UK law or regulation in 
respect of Directors' remuneration to the 
same degree as such law or regulation 
applies to UK-incorporated companies. 
However, as part of Conduit's commitment 
to high standards of corporate governance, 
the Committee has put its Remuneration 
Policy to a binding shareholder vote. 
The Remuneration Policy, set out on 
pages 66 to 75 was approved at the 
2024 AGM and will apply for the three-year 
period from 2024 to 2026 inclusive. 
The Remuneration Policy is designed to 
ensure that Executive Directors are 
appropriately rewarded and incentivised 
to deliver Conduit's strategy, for Conduit 
to meet best practice in the market in 
which it primarily competes for talent, 
and for compliance with the provisions 
of The UK Code.
Remuneration for Executive Directors
The Remuneration Report on the following 
pages contains detailed disclosures on 
the 2024 remuneration outcomes for the 
Directors as well as disclosure of details 
of the implementation of the Remuneration 
Policy for the Executive Directors 
during 2025.
Remuneration Committee membership
I was appointed as Chair of the Remuneration 
Committee by the CHL Board in May 2024.
2024 meetings
The Remuneration Committee held four 
meetings during the year. Committee 
attendance at meetings is shown in the 
accompanying table.
Role and responsibilities
The responsibilities of the Remuneration 
Committee include the following:
•
Determining, in accordance with the 
principles and provisions of the Code, 
the policy for directors' remuneration 
and setting remuneration for the 
Executive Directors and the other 
members of the Executive Group.
•
Reviewing the ongoing appropriateness 
and relevance of the Remuneration 
Policy.
•
Reviewing the ongoing appropriateness 
of workforce remuneration and related 
policies.
•
Considering and determining all 
elements of the remuneration of the 
Executive Group.
The Remuneration Committee’s terms 
of reference, which also set out the 
Committee’s reporting obligations and 
authority to carry out its responsibilities, 
are available on Conduit's website. There 
were no points of concern arising out of the 
Board’s performance review regarding the 
Remuneration Committee’s performance 
during 2024.
Key activities in the year
•
Reviewed and made recommendations 
with respect to changes to the 
Remuneration Policy which was 
approved by Conduit's shareholders 
at the May 2024 AGM. This included 
consultation with shareholders prior to 
submitting the revised Remuneration 
Policy to the shareholders at the 2024 
AGM. Details of shareholder voting 
is provided on page 91.
•
Reviewed Conduit's business plan 
and set appropriate RoE targets as 
disclosed on page 77.
•
Reviewed total compensation for 
the Executive Group (which includes 
the executive directors).
•
Reviewed overall bonus and reward 
arrangements for staff.
Summary
The Committee is committed to an open 
dialogue with investors and welcomes 
views on any part of our remuneration 
arrangements.
Rebecca Shelley, Chair
Remuneration Committee 
26 February 2025
65
Directors' remuneration report continued
 
Name
Appointed to the 
Committee 
Maximum 
possible 
meetings
Meetings 
attended
Rebecca Shelley, Chair2
24 July 2023
 
4  
4 
Sir Brian Williamson, former Chair1
17 November 2020
 
2  
2 
Malcolm Furbert
17 November 2020
 
4  
4 
Ken Randall
17 November 2020
 
4  
4 
Stephen Redmond3
14 May 2024
 
2  
2 
1.
Sir Brian Williamson stepped down from the Board and related Board Committees on 15 May 2024
2.
Rebecca Shelley was appointed on 21 February 2024 to serve as Senior Independent Director of the 
Board, and she was also appointed to serve as Chair of the Remuneration Committee on 15 May 2024
3.
Stephen Redmond was appointed on 14 May 2024 to serve on the Board, and he was also appointed 
to serve on the Remuneration and Nomination Committees on 14 May 2024

This section sets out the Directors’ Remuneration Policy, which received a binding 
shareholder vote of approval at the 2024 AGM. 
As a non-UK incorporated company, Conduit is not required to comply with the 
requirements of the provisions of the UK Companies Act 2006 and Schedule 8 of the UK's 
Large and Medium–sized Companies and Groups (Accounts and Reports) (Amendment) 
Regulations 2008; however, it has chosen to do so voluntarily. 
The Remuneration Policy was developed considering market best practice and The 
UK Code, noting that as a listed company whose shares are admitted to trading in the EST 
category under the UK Listing Rules, it complies with The UK Code on a voluntary basis, 
reflecting the Board’s commitment to high standards of corporate governance.
The Remuneration Committee may make minor changes to the Remuneration Policy to 
support its operation or implementation (for example, for regulatory or administrative 
purposes), provided that any such change does not materially advantage any Directors, 
without obtaining shareholder approval for such changes.
Approach to Senior Executive Reward
Conduit’s approach to Senior Executive reward is shaped by the following key principles, 
where it is intended to deliver:
•
Balancing short- and long-term goals – provide a package with an appropriate balance 
between short- and longer-term performance targets linked to the delivery of Conduit's 
business plan and the generation of sustainable long-term returns for shareholders.
•
Shareholder alignment – ensure alignment of the interests of the Executive Directors, 
senior management and employees to the long-term interests of shareholders.
•
Competitive remuneration – maintain a competitive package in order to attract, 
retain and motivate high-calibre talent to help ensure Conduit performs successfully.
•
Fairness – take an active interest in the development of good practices to deliver 
fair remuneration at all levels of the organisation.
•
Performance-focused compensation – encourage and support a sustainable, 
high-performance culture in line with the business plan and within the agreed risk 
profile of the business.
Alignment with The UK Code
In addition, the approach to senior reward is tested against the six factors listed in 
The UK Code:
•
Clarity – the Remuneration Policy is designed to be simple and to support long-term 
sustainable performance so should be well understood by participants 
and shareholders.
•
Simplicity – the Remuneration Committee is mindful of the need to avoid overly 
complex remuneration structures – the executive remuneration policies and practices 
are relevant to the continued development of the business and simple to communicate 
and operate.
•
Risk – the Remuneration Policy is designed to ensure that inappropriate risk taking 
is not encouraged and will not be rewarded. Appropriate limits are set out in the 
Remuneration Policy. A balance of financial and non-financial targets is used, which is 
designed to be stretching but achievable to ensure the arrangements do not encourage 
excessive risk taking. The Committee retains discretion to override formulaic outcomes. 
There is a significant role played by equity in the incentive plans, with up to half of 
any annual bonus deferred into shares, the LTIP, the MIP, and shareholding (including 
post-cessation) requirements. Malus and clawback provisions are in operation.
•
Predictability – the Remuneration Policy contains appropriate caps for the different 
pay elements. The potential reward outcomes are set out in the illustrations provided, 
which clearly show the potential scenarios of performance.
•
Proportionality – there is a clear link between individual awards, delivery of strategy 
and long-term performance. In addition, the significant role played by incentive/
‘at-risk’ pay is designed to ensure that poor performance is not rewarded.
•
Alignment to culture – the Remuneration Policy encourages performance that is aligned 
to the culture of Conduit and in accordance with accepted behaviours and values.
66
Directors' Remuneration Policy
 

Executive Director Remuneration Policy table
Purpose and link 
to strategy
Base salary is a key element to recruiting, retaining and 
incentivising executives of the right calibre to successfully 
execute Conduit’s business strategy.
Operation
Base salaries are reviewed annually, with any changes effective 
from 1 January. Exceptionally, an out-of-cycle review may be 
conducted if the Committee determines it is appropriate.
When setting base salary levels, the Committee will take into 
account several factors including (but not limited to):
•
The Director’s role, skills and experience.
•
The economic environment.
•
Overall business performance.
•
Salary levels and pay conditions across the wider group.
•
Individual performance.
•
Market data for similar roles in comparable companies 
(including reinsurance company peers).
•
Changes to the size and complexity of the business.
Maximum opportunity
There is no maximum base salary level.
The process for salary review is consistent for all employees 
and increases for the Executive Directors are normally 
considered in relation to the wider salary increases 
across Conduit.
Higher increases may be permitted where appropriate, for 
example development in role or a change in position or 
responsibilities.
Performance metrics
There are no formal metrics, although individual and group 
performance is taken into consideration as part of the 
annual review.
Base salary
Purpose and link to strategy Benefits support recruitment and retention and facilitate 
a healthy workforce.
Operation
Pension benefits
Conduit’s pension schemes are based on defined 
contributions or equivalent cash in lieu or salary sacrifice, 
subject to applicable law and local market standards. For 
all staff, including Executive Directors, a cash allowance of 
up to 10% of salary is paid in lieu of the standard employer 
pension contribution, or a combination of pension 
contributions and cash allowance, totalling 10% of salary. 
Any changes in the workforce pension arrangements 
may be reflected in executive director remuneration.
Other benefits
Other benefits reflect normal market practice, are 
determined on a basis consistent with all employees, and 
are set within agreed principles. Benefits include, but are 
not limited to:
•
Bermuda payroll tax and social insurance.
•
Medical, dental and vision insurance.
•
Life assurance.
•
Long-term disability scheme.
•
Gym and club membership.
•
Travel allowance.
•
Housing allowance for Bermuda-based 
Executive Directors. 
Additional benefits may be provided as the Remuneration 
Committee considers appropriate and reasonable based 
on market practice. Executive Directors are included in the 
Directors’ and Officers’ Indemnity Insurance Policy.
Benefits (including pension benefits)
67
Directors' Remuneration Policy continued
 

Maximum opportunity
There is no maximum value of benefits; the value is set 
according to recruitment and retention needs, bearing 
in mind local market standards and requirements.
Pension contributions for Executive Directors will normally 
be in line with the wider workforce, currently 10% of salary.
Performance metrics
None.
Benefits (including pension benefits)
Purpose and link to strategy To reward the achievement of financial results and key 
objectives over the financial year, which are linked to 
Conduit’s strategic priorities.
To facilitate and encourage share ownership to align senior 
employees with CHL shareholders through the use of 
deferral into shares.
Operation
Annual bonus awards for the Executive Directors are 
based on the financial performance of Conduit and the 
performance against personal and/or strategic objectives 
of each Executive Director during the financial year, with 
performance measures and objectives set by the 
Committee at the beginning of the financial year.
At the end of the performance period, the Remuneration 
Committee will determine the actual bonus awards for 
each Executive Director. The Remuneration Committee 
aims to ensure that awards for Executive Directors are 
based on performance viewed holistically rather than on 
a formulaic outcome and has the discretion to adjust the 
formulaic outcome.
Up to 50% of any bonus earned will be deferred into 
shares, which normally vest over three years with one-
third of the award vesting in each of the following three 
years. Participants may also be entitled to receive 
dividend equivalents which have accrued on unvested 
shares during the vesting period, such dividend equivalents 
to be paid at vesting.
Bonus awards are subject to malus and clawback provisions.
Annual bonus
68
Directors' Remuneration Policy continued
 

Maximum opportunity
The maximum bonus achievable for the Executive 
Directors is 300% of base salary.
Performance metrics
The majority of the performance measures will be based 
on financial performance (for example, RoE). The financial 
component will normally comprise at least two-thirds of 
the overall opportunity. For 2024, the Committee has set 
the financial component at 75% of the overall opportunity. 
A financial performance hurdle applies before any bonus 
is payable in relation to the financial component, which is 
reviewed annually. Where performance is deemed to be 
below a pre-determined hurdle, payouts for the financial 
component will be nil. 25% is payable for meeting the 
threshold performance required as set by the Committee 
in the financial metrics targets. 
The Committee has the discretion to make an award under 
the personal performance component if the financial 
performance hurdle has not been met.
Annual bonus
Purpose and link to strategy Aligned to the main strategic objective of delivering 
superior returns to shareholders over the medium to 
long term.
Creates alignment with shareholders and provides focus 
on performance and increasing the Company’s value over 
the medium term.
Operation
Annual grant of performance shares which may be 
structured as conditional awards or nil-cost options. 
Dividend equivalents which accrue during the vesting 
period and, where applicable, during the post-vesting 
holding period, may be paid. The Committee considers 
each year who should participate and at what level to 
ensure that total compensation remains competitive in 
light of peer practice.
Subject to performance conditions measured over three 
years and an additional two-year post-vesting holding 
period. Clawback and malus provisions apply.
The number of shares awarded will normally be 
determined by reference to the five-day average share 
price prior to the date of the grant. The Committee can in 
its discretion in exceptional circumstances scale back the 
vesting outcomes, or impose additional vesting conditions, 
to awards. The Committee will use discretion on vesting 
only in exceptional circumstances.
LTIP
69
Directors' Remuneration Policy continued
 

Maximum opportunity
Executive Directors will have a maximum individual 
opportunity of up to 300% of salary in respect of any 
financial year. 
The Committee may make awards at a level below 
this limit.
Performance metrics
Vesting of awards will be subject to the achievement of 
performance conditions, measured over a three-year 
performance period.
Any performance measures which have been selected will 
reflect the long-term strategy of the Company.
Performance measures may include TSR, Net Asset Value 
(NAV) growth, ROE, financial KPIs or any other 
performance measures that the Committee may deem 
appropriate at the time. The Committee will also determine 
the weightings of performance conditions of each award.
A sliding scale of targets will be applied for financial 
metrics. No more than 25% vesting will be achieved for 
threshold performance.
LTIP
Shareholding requirement
Purpose and link to strategy
To ensure Executive Directors are aligned with 
shareholder interests.
Operation
Each of the Executive Directors is required to build and 
maintain a shareholding in the Company of 300% of salary 
while in post.
At least 50% of any vested shares (net of tax) should be 
retained from the portion of any future bonuses which are 
paid in shares (post-tax and vested), long-term incentive 
awards and other share awards. There is a seven-year 
period from the date of IPO (or if later, the date of 
appointment as an Executive Director) in which to achieve 
compliance.
Post-cessation shareholding requirements apply which 
will require Executive Directors to retain for two years 
following cessation of their employment by Conduit the 
lower in value of:
•
such number of shares on cessation that have a market 
value equal to the shareholding guideline in place at 
that time; and
•
the number of shares they hold at that time.
Shares that are personally acquired by the Executive 
Director will be excluded from this post-cessation 
holding requirement.
Maximum opportunity
None.
Performance metrics
None.
70
Directors' Remuneration Policy continued
 

Non-Executive Director remuneration
Purpose and link to strategy
To provide an appropriate fee level to attract and retain 
Non-Executive Directors who have a broad range of skills 
and experience to oversee Conduit’s strategy.
Operation
Non-Executive Directors receive an annual fee in respect 
of their Board appointments together with additional 
compensation for further duties (for example, Board 
committee membership and chair roles).
The fees paid are determined by reference to market 
data and the skills and experience required by Conduit, 
as well as the time commitment associated with the role. 
Fees are normally reviewed at least every two years, but 
not necessarily increased. Non-Executive Directors are 
not eligible for participation in Conduit’s incentive plans.
Travel and other reasonable expenses incurred by Non-
Executive Directors while performing their duties for 
Conduit are reimbursed (including any tax where these 
are deemed to be taxable benefits). Non-Executive 
Directors are included in the Directors’ and Officers’ 
Indemnity Insurance Policy.
Maximum opportunity
The amount of any remuneration payable to Non-
Executive Directors shall be determined by the Board 
(excluding the Non-Executive Directors).
An aggregate remuneration limit applies under Conduit's 
Bye-laws and shall not exceed $1.3 million per annum 
(unless otherwise approved by the shareholders).
Performance metrics
None.
Fees
71
Directors' Remuneration Policy continued
 

Performance targets
The Committee aims to ensure that 
performance targets for the annual 
bonus and long-term incentive awards 
to executive directors are closely aligned 
to Conduit’s short-term and long-term 
objectives. The Committee has determined 
the most appropriate performance 
measures and targets, considering Conduit's 
key priorities over both the short and 
long-term.
Details are included in Conduit’s Annual 
Report and Accounts each year, subject 
to limitations with regards to commercial 
sensitivity for the annual bonus (where 
general terms will be provided), and the 
full details are then disclosed following the 
end of the financial year in Conduit's next 
Annual Report and Accounts, again, subject 
to limitations with regards to commercial 
sensitivity for the annual bonus 
(if appropriate).
Malus and clawback
The Committee will have the discretion 
to reduce a bonus or long-term incentive 
award (malus) or require repayment of a 
bonus award or require the return of shares 
received under the long-term incentive 
(clawback) where it considers that there are 
exceptional circumstances. Such exceptional 
circumstances are limited to:
•
material misstatement of results, 
financial or otherwise;
•
error in the calculation of the bonus 
payable or the number of shares over 
which an award is granted or vests;
•
corporate failure resulting in the 
appointment of a liquidator or 
administrator to Conduit;
•
Conduit entering into a compromise or 
similar arrangement with its creditors;
•
material failure of risk management and/
or regulatory non-compliance resulting 
in serious reputational damage for 
Conduit; or
•
unreasonable failure to protect the 
interests of employees and/or 
customers.
Clawback will apply for a period of three 
years following vesting/payment of 
an award.
In addition to the above noted 
circumstances for initiating malus and 
clawback provisions, there are two 
additional exceptional circumstances which 
are applicable under the terms of the MIP:
•
Material breach of any post-termination 
employment covenants; or
•
Fraud or a financial criminal act, which 
affects Conduit and carries a custodial 
sentence during the course of 
employment.
Committee discretions
The Committee operates under the 
powers delegated to it by the Board and 
operates the benefit and incentive plans in 
accordance with the relevant plan rules and 
any applicable legislation. The Committee 
retains a number of discretions to ensure 
effective operation of the benefit and 
incentive plans. These discretions are 
standard market practice and include 
(but are not limited to) the following:
•
Selecting the participants in the plans.
•
Determining the timing of payments/
grant of awards.
•
Determining the quantum of awards 
and/or payments (within the limits set 
out in the Remuneration Policy).
•
Determining the choice of (and 
adjustment of) performance measures 
and targets for each incentive plan in 
accordance with the Remuneration 
Policy and rules of each plan.
•
Determining the extent of pay-out based 
on the assessment of performance.
•
Overriding formulaic annual bonus or 
long-term incentive award vesting 
outcomes, taking account of overall 
or underlying company performance.
•
Determining whether and to what 
extent dividend equivalents should 
apply to awards.
•
Determining whether malus and/or 
clawback shall be applied to any award 
in the relevant circumstances and, 
if so, the extent to which they shall 
be applied.
•
Making appropriate adjustments 
required in certain circumstances, for 
instance for changes in capital structure 
(or any similar corporate event).
•
Application of the holding period.
•
Determining good leaver status for 
incentive plan purposes and applying 
the appropriate treatment.
•
Agreeing to early payment of deferred 
bonuses to Executive Directors on 
an exceptional basis.
•
Undertaking the annual review of 
weighting of performance measures and 
setting targets for the annual bonus plan 
from year to year.
The Committee can relax the share 
ownership requirement in exceptional 
circumstances and may alter the operation 
of the guidelines to reflect changing market 
practice, the expectations of institutional 
shareholders and/or such other matters as 
the Committee considers appropriate.
If an event occurs that results in the annual 
bonus plan or LTIP performance conditions 
and/or the targets being deemed no longer 
appropriate (e.g. material acquisition or 
divestment), the Committee will have the 
ability to adjust appropriately the measures 
and/or targets and alter weightings, 
provided that the revised conditions are not 
materially less challenging than the original 
conditions. 
72
Notes to the Directors' Remuneration Policy
 

In addition, the Committee may exercise 
its discretion to make other non-material 
decisions affecting the Executive Directors’ 
awards in order to facilitate the plans.
Any use of the above discretion would, 
where relevant, be explained in Conduit's 
Annual Report on Remuneration 
of Directors.
Legacy arrangements
For the avoidance of doubt, any 
commitments entered into by Conduit prior 
to the approval and implementation of the 
Remuneration Policy outlined in the policy 
table may be honoured, even if they are not 
consistent with the policy prevailing at the 
time the commitment is fulfilled. 
This includes the MIP, which was in place 
prior to the IPO and this Remuneration 
Policy. Details of the MIP can be found 
on pages 36-37 of the 2020 Annual Report 
and Accounts. 
It may also include commitments to future 
Executive Directors where the terms were 
agreed prior to (and not in contemplation 
of) promotion to Executive Director, which 
includes satisfying awards of variable 
remuneration based on the terms agreed 
at the time the award was granted.
Service agreements – Executive Directors
Conduit's policy is for executive directors 
to have service agreements which (i) may 
be terminated by Conduit forthwith 'for 
cause' without any payment by way of 
compensation, damages, payment in lieu of 
notice or otherwise in certain circumstances 
including, inter alia, if the executive commits 
any act of gross misconduct or fraud or 
dishonesty, or commits any repeated 
misconduct or continued poor performance 
after due warning being given, and (ii) may 
be terminated by either party on six months’ 
written notice to the other party.
If such notice is served by either party, the 
Executive Director can continue to receive 
base salary, benefits and pension, per the 
terms of their service agreement, for the 
duration of their notice period during 
which time Conduit may require the 
individual to continue to fulfil their current 
duties or may assign a period of garden 
leave. Service agreements do not contain 
liquidated damages clauses.
Conduit may elect to make a payment in 
lieu of notice equivalent in value to a 
maximum of six months’ base salary and 
benefits, including pension contribution 
but excluding bonus (which would be 
considered separately in the appropriate 
circumstances), payable in monthly 
instalments, which would be subject to 
mitigation if alternative employment is 
taken up during this time. Alternatively, the 
Remuneration Committee retains discretion 
to provide this payment as a lump sum.
In some cases, an Executive Director may 
be determined a good leaver. Good leavers 
may receive an annual bonus payment, 
which will normally be subject to the 
satisfaction of the relevant performance 
criteria tested at the normal date and, 
ordinarily, the outcome will be calculated on 
a time pro-rata basis to date of departure. 
The Committee retains discretion on 
whether the whole bonus payable is paid 
in cash, or whether part of it is deferred 
either in cash or shares.
In the event of termination for cause 
(e.g. gross misconduct) the Executive 
Director will cease to perform their 
services immediately. 
In addition, and consistent with market 
practice, Conduit may pay a contribution 
towards the Executive Director’s legal fees 
for entering into a statutory agreement, 
may pay a contribution towards fees 
for outplacement services as part of 
a negotiated settlement, or may make 
a payment to settle claims the Executive 
Director may have. There is no provision 
for additional compensation on termination 
following a change of control. Payment may 
also be made in respect of accrued benefits, 
including holiday not taken.
In the event of a change of control or similar 
event, equity scheme awards may vest 
early subject to the rules of the applicable 
schemes including satisfaction of 
performance conditions and, normally, 
any bonus entitlement would be subject 
to prorating on a time apportioned basis.
The Committee may at its discretion 
determine that awards shall not be subject 
to time pro-rating or be subject to pro-
rating to a lesser extent if it considers 
it appropriate in the circumstances. 
Alternatively, following an internal 
reorganisation which results in a change 
of control, awards may be rolled over into 
awards in the acquiring company.
Service agreements – 
Non-Executive Directors
Non-Executive Directors are typically 
expected to serve two three-year terms 
but may be invited by the Board to serve 
for an additional period. 
In addition, in accordance with The UK 
Code, all directors are subject to annual re-
election at AGMs. Thus, any Non-Executive 
Director service term renewal is subject 
to Board review and AGM re-election. 
Notwithstanding any mutual expectation, 
there is no right to re-nomination by the 
Board, either annually or after any three-
year period.
Recruitment of Directors – 
approach to remuneration
Consistent with best practice, remuneration 
packages for any new appointments to 
the Board and senior employees (including 
those promoted internally) will be set 
in line with the Remuneration Policy which 
is in place for the period from 2024 to 
2026 inclusive.
73
Notes to the Policy Table continued
 

In setting base salaries for new Executive 
Directors, the Committee will consider the 
individual’s level of skills and experience. 
Where it is appropriate to offer a below-
market salary on initial appointment, the 
Committee will have the discretion to allow 
phased salary increases over a period of time 
for a newly appointed Executive Director up 
to an appropriate salary for the appointment, 
even though this may involve increases 
in excess of those awarded to the 
wider workforce.
Benefits will be offered in line with the Policy. 
For both external and internal appointments, 
the Committee may consider it appropriate 
to pay additional reasonable short-term 
benefits, such as relocation allowances, 
and any other market best practice benefits 
relevant to the industry and marketplace 
norms at the time. This will ordinarily be for 
a reasonable but fixed period of time and will 
be disclosed on appointment. Pension will 
normally be in line with the wider workforce.
Annual bonus will be determined in line 
with the Remuneration Policy and will be 
pro-rated in the year of joining to reflect 
the period of service. In setting the annual 
bonus, the Committee may set different 
performance metrics (to those of other 
Executive Directors) in the first year 
of appointment.
Participation in the LTIP would be in 
accordance with the information set out 
in the Remuneration Policy. Awards may be 
made on or shortly after an appointment, 
subject to prohibited periods. Different 
performance conditions may be set 
as appropriate.
For external appointments, the Remuneration 
Committee recognises that it may need to 
provide compensation for forfeited awards 
from the individual’s previous employer. 
To the extent possible, the design of any 
buyout will be made on a broadly like-for-
like basis and shall be no more generous 
than the terms of the incentives they 
are replacing, taking into account the 
performance conditions attached to the 
vesting of the forfeited incentives, the 
timing of vesting and the likelihood of 
vesting. For an internal appointment, 
any variable pay element or benefit 
awarded in respect of their prior role may 
be allowed to continue on its original terms.
The Committee may also use the flexibility 
provided (being best practice rather than 
a requirement) under the UK Listing Rules 
to make awards as provided for under 
UK Listing Rule 9.3.2 (2) without prior 
shareholder approval.
The terms of appointment for a new Non-
Executive Director will be in accordance 
with the Remuneration Policy for Non-
Executive Directors as set out in the 
Remuneration Policy table.
Executive Directors’ external 
appointments
Executive Directors may accept external 
appointments as Non-Executive Directors of 
other companies, as long as the companies 
concerned are not competitors of Conduit, 
and the appointment will not adversely 
affect the performance of the Executive 
Director for Conduit, and with the specific 
prior approval of the Board in each case. 
Any fees receivable may be retained by 
the executive director concerned.
How shareholders’ views are taken 
into account
The Committee considers the views 
of shareholders when reviewing the 
remuneration of Executive Directors and 
other senior executives, and takes into 
account published remuneration guidelines 
and the specific views of shareholders and 
proxy agencies. The Committee consults 
with Conduit's key shareholders when 
considering any significant changes to the 
implementation of the Remuneration Policy 
and when the Remuneration Policy is being 
reviewed (typically ahead of an AGM 
binding vote on the Remuneration Policy). 
The Committee will consider shareholder 
feedback received before and after an AGM. 
The Committee values feedback from 
its shareholders and seeks to maintain 
a continued, open dialogue.
74
Notes to the Policy Table continued
 
Director
Date of Appointment
Expiry of term1
Elizabeth Murphy
18 November 2020
18 November 2026
Ken Randall
18 November 2020
18 November 2026
Malcolm Furbert
18 November 2020
18 November 2026
Sir Brian Williamson2
18 November 2020
15 May 2024
Michelle Seymour Smith
15 September 2021
15 September 2027
Rebecca Shelley
24 July 2023
24 July 2026
Stephen Redmond
14 May 2024
14 May 2027
1.
Succession planning for Board positions is discussed on page 54. All Directors are put up for re-election 
annually at the AGM.
2.
Sir Brian Williamson stepped down from the Board and related Board Committees on 15 May 2024. 

Broader employee context – consideration 
of employment conditions elsewhere 
in Conduit
In accordance with the Remuneration 
Committee’s terms of reference, when 
setting remuneration for Executive 
Directors, the Committee reviews the pay 
and conditions across Conduit. Conduit 
aims to provide a market competitive 
package to all employees and the 
Committee considers executive 
remuneration in the context of the 
wider employee population.
The Remuneration Policy for Executive 
Directors is weighted more towards variable 
pay than for other employees, with a 
greater part of their pay therefore at risk 
to them and conditional on the successful 
delivery of Conduit’s business strategy. 
The operation of the bonus scheme for 
the Executive Directors is consistent with 
Conduit’s other senior employees. Bonus 
pools are determined based on financial 
performance against a target which is 
reviewed annually. Bonuses for more 
junior employees are calculated using 
a more formulaic approach. The operation 
of the LTIP for any Executive Director that 
participates is consistent with Conduit's 
other senior employees except that awards 
to Executive Directors must be subject to 
performance conditions.
While employees are not directly consulted 
on matters of remuneration policy for 
Executive Directors, the Committee liaises 
with the Head of Human Resources to 
ensure that there is an appropriate level of 
consultation between the Board, HR and 
Conduit's employees on remuneration 
matters. The results of any employee 
feedback, whether direct feedback or as 
part of the employee engagement survey 
process, is reported to the Committee.
Illustration of the Remuneration Policy
The chart below sets out the potential 
values of the remuneration package of 
the Executive Directors in line with the 
Remuneration Policy for 2025 under 
various performance scenarios.
Notes to Future Policy Illustration
•
Minimum: Fixed pay (salary, benefits 
and pension).
•
Target: Fixed pay and annual bonus 
at 50% of the maximum opportunity 
and LTIP at 50% of maximum.
•
Maximum: Fixed pay and maximum 
achievable annual bonus and LTIP.
•
Maximum with 50% share price growth: 
Fixed pay and maximum achievable 
annual bonus and LTIP at 1.5x maximum.
•
Salary represents annual base pay 
for 2025.
•
Benefits have been included based 
on the actual 2024 value of benefits 
(including housing allowances).
•
Pension represents the value of the 
annual pension of 10% of salary 
contributed by Conduit.
•
LTIP represents intended awards for 
the CEO and CFO in 2025. No LTIP 
award is included for the Executive 
Chairman who has waived his right to 
participate in the LTIP.
75
Notes to the Policy Table continued
 
Executive Chairman
CEO
Minimum
Target
Maximum
Maximum + 
50% share 
price growth
Minimum
Target
Maximum
Maximum + 
50% share 
price growth
Minimum
Target
Maximum
Maximum + 
50% share 
price growth
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
17%
33%
100%
20%
33%
33%
100%
27%
27%
42%
100%
73%
58%
73%
50%
17%
33%
20%
40%
40%
33%
CFO
33%
Remuneration ($000's)
l Fixed pay
l Annual bonus
l LTIP
40%
33%
Remuneration Policy Future Illustration 

2024 Remuneration Report
This section summarises the Directors’ remuneration for the year ended 31 December 2024 and how the Remuneration Policy will be implemented for the year ahead. This report on 
remuneration together with the Remuneration Committee Chair’s Statement, as detailed on pages 64 to 65, will be put to an advisory vote at the 2025 AGM. The following sections 
in respect of Directors’ remuneration have been audited by KPMG Audit Limited:
•
Single figure of remuneration.
•
Non-Executive Director fees.
•
2025 annual bonus payments in respect of 2024 performance.
•
Deferred bonus awards.
•
Directors’ shareholdings and share interests.
Executive Directors’ single figure of remuneration
The table below sets out the total remuneration (in $000) for Executive Directors for the year ended 31 December 2024.
Executive Director
Year
Salary
Benefits1
Pension 
or payment 
in lieu2
Annual 
bonus3
LTIP4
MIP5
Other6,7
Total fixed 
remuneration
Total variable 
remuneration
Total 
remuneration
Neil Eckert8
2024  
590  
1  
11  
979  
–  
–  
122  
602  
1,101  
1,703 
2023  
562  
1  
14  
1,581  
–  
–  
39  
577  
1,620  
2,197 
Trevor Carvey
2024  
891  
372  
89  
1,477  
–  
–  
191  
1,352  
1,668  
3,020 
2023  
849  
350  
85  
2,546  
–  
–  
61  
1,284  
2,607  
3,891 
Elaine Whelan
2024  
652  
274  
65  
1,263  
–  
–  
145  
991  
1,408  
2,399 
2023  
621  
247  
62  
1,862  
–  
–  
45  
930  
1,907  
2,837 
Notes to single figure table
1.
Benefits for Bermuda-based executive Directors are comprised of the employee obligations which are paid by Conduit with respect to: Bermuda payroll taxes, Bermuda social insurance, medical, dental and vision coverage, 
life insurance, housing and other allowances paid or to be paid by Conduit in line with standard market practice. Benefits for the Executive Chairman, Neil Eckert, who is UK-based, represent the annual well-being/
gym allowance paid to him; there are no other benefits paid to the Executive Chairman.
2.
The Executive Directors’ pension provision is aligned to that of the rest of the workforce at 10% of pensionable earnings. Executive Directors may elect to take cash in lieu of pension, subject to compliance with applicable 
law From 1 January to 30 September 2024, Neil Eckert was employed via service agreements split between CHL and CRSL. The noted pension payment for Neil is a reflection of his UK contractual pension benefit until 
30 September 2024. He was not eligible to receive a pension benefit in respect of his services agreement with CHL.
3.
Executive Director bonus awards are stated as the full value of the bonus award; up to 50% of bonuses awarded are payable as a deferred share award of an equivalent value.
4.
No LTIP awards were made to Executive Directors in 2023. Elaine Whelan received a LTIP award in 2024, none of which vested during 2024. 
5.
The first relevant anniversary date for calculation of the performance condition under the MIP was 7 December 2024. No awards vested under the MIP during the year.
6.
Dividend equivalents on the deferred bonus awards which vested during the year are included at the date of vesting, 25 March 2024 (using a share price of £3.6360 and a GBP to US$ foreign exchange rate of 1.25820).
7.
2023 'Other' has been re-presented to reflect the value of dividends accrued on Deferred Share Bonus Plan (DSBP) awards which vested on 25 March 2023.
8.
CRSL ceased to operate with effect from 30 September 2024 and entered a process of dissolution. Therefore, Neil Eckert's employment agreement with CRSL was terminated and he entered into a new services agreement 
solely with CHL with effect from 1 October 2024 in his capacity as Executive Chairman of CHL. As Neil is resident in the UK, there are no contractual benefits for which he is eligible under his terms and conditions.
76
Annual report on remuneration
 

The following chart summarises the remuneration disclosed above for each Executive Director in respect of 2023 and 2024:
Executive Director remuneration ($000s)
Annual bonus
In line with the Remuneration Policy, annual bonus awards for the Executive Directors were based on the financial performance of Conduit and the personal contributions of each 
Executive Director, with the financial component making up 75% of the overall opportunity and 25% based on personal contribution and/or meeting strategic objectives. The financial 
measure for 2024 was RoE. The following table shows the targets and the resulting level of payout for each Executive Director.
 
 
Financial Performance (75%)
Threshold
Target
Maximum
Actual
Financial 
element
pay-out
RoE
 9.0 %
 12.0 %
 17.0 %
 12.7 %
 114 %
77
Annual Report on Remuneration continued
 
578
603
1,284
1,352
930
991
1,581
979
2,546
1,477
1,862
1,263
39
122
61
191
45
145
2023
2024
2023
2024
2023
2024
0
1,000
2,000
3,000
4,000
Trevor Carvey
Neil Eckert
Elaine Whelan
l Fixed pay
l Annual bonus
l Other benefits
l Performance share plan

Executive Directors’ performance objectives (25%)
The performance of each of the Executive Directors was evaluated against their performance objectives for the year.
Neil Eckert
•
Effective leadership and management of the Board 
of Directors.
•
Development of the investor relations and general 
business strategy.
•
Advocate for Conduit’s ESG strategy.
Effectively perform the duties of the Chairman’s role, 
primarily achieved through overseeing the business and 
investor relations strategy as well as managing the Board 
of Directors.
Perform a leading role in promoting ESG principles across 
the business.
Support the CEO to ensure the efficient operation 
of Conduit.
In Neil's executive role, his primary focus is on the 
comprehensive oversight and active participation in shaping 
and executing Conduit’s investor relations strategy. This 
involves engaging directly with both current and potential 
investors, as well as conducting discussions with brokers 
and financial analysts. Through these key relationships, Neil 
ensures that Conduit’s investment narrative is compelling 
and transparent, thereby enhancing investor confidence 
and market perception.
Moreover, Neil plays a pivotal role in driving Conduit’s ESG 
initiatives. He represents Conduit in various high-profile 
public forums, articulating Conduit’s commitment to 
sustainable and responsible business practices. His 
contributions in this area are instrumental in aligning 
Conduit’s operations with global sustainability standards 
and societal expectations.
Beyond these specific responsibilities, Neil provides 
invaluable advice and strategic guidance to Trevor and 
the Board. His insights are particularly useful in navigating 
corporate strategy matters and orchestrating effective 
Board succession planning. Through his seasoned leadership 
and comprehensive understanding of Conduit’s business 
landscape, he helps to ensure that Conduit is well-positioned 
for long-term success.
Performance objectives
Assessment
78
Annual Report on Remuneration continued
 

Trevor Carvey
•
Effective leadership and management of the senior 
executive team and group.
•
Development of the general business strategy.
•
Incorporate ESG principles into the business.
Effectively perform the duties of the CEO role: managing 
the business in line with the strategy and business plan, 
participation in relevant Committee meetings including 
leading the executive team, making recommendations 
to improve business operations, and actively participate 
in the development and execution of the investor 
relations strategy.
Lead the executive team, ensuring they are all contributing 
to business strategy growth and development, including 
fostering strong relationships with our investors.
Perform a leading role in promoting ESG principles across 
the business.
Trevor’s leadership as CEO has been instrumental in 
ensuring the continued growth and development of Conduit. 
His strategic guidance and effective management have led 
to significant achievements in the business's fourth year. 
Trevor has spent time managing key investor and 
stakeholder relationships, actively engaging with them to 
build trust and confidence. Simultaneously, he has provided 
oversight and direction to the business, facilitating the 
addition of key leadership roles. This has been important 
in maintaining Conduit’s trajectory towards achieving 
its strategic objectives and cultivating a quality portfolio 
of business.
Trevor has steered Conduit through another successful 
growth phase and his leadership has positioned Conduit 
to navigate the current market cycle and capitalise on 
emerging business opportunities.
Performance objectives
Assessment
79
Annual Report on Remuneration continued
 

Elaine Whelan
•
Effective leadership and management of the finance 
and investments and treasury functions for Conduit.
•
Contribution to the general finance and investment 
strategies.
•
Incorporation of ESG principles into the investment 
portfolio.
Effectively perform the duties of the CFO role: managing 
production of financial reports which are required as a 
public company, participation in relevant Committee 
meetings including making recommendations to improve 
capital efficiency and risk-adjusted returns, and actively 
participating in the development and execution of the 
investor relations strategy.
Demonstrate leadership and management of the 
finance team.
Manage Conduit’s investment portfolio while working in 
conjunction with the Investment Committee and CEO. 
Perform a leading role in promoting ESG principles 
within the investment portfolio. Manage our rating agency 
relationships, update the CEO on matters which will 
get rating agency attention and recommend action/
communication. 
Contribute, as a member of the executive team, to the 
efficient operation of Conduit.
In the fourth year of Conduit’s operation, Elaine sponsored 
and led a number of key deliverables and projects. Work 
continued to embed IFRS 17 into our BAU and the relevance 
on results and our disclosures. All financial reporting 
deadlines were met and projects were within budget. Elaine 
fostered strong engagement both internally and externally 
with relevant stakeholders. Elaine continued to oversee the 
Company’s investment portfolio, making recommendations 
for new products, managers and ESG goals.
Elaine's forward-planning skills have ensured that there 
is appropriate resource allocation to ensure that financial 
reporting and systems projects are delivered in a 
timely manner.
Elaine is a strong contributor to management discussions 
and general direction of the broader business and interacts 
well while delivering her viewpoint to colleagues and 
team members.
Elaine continues to ensure that all finance systems continue 
to be robust and integrated with the business to support 
the business strategy and to ensure timely and accurate 
financial reporting.
Performance objectives
Assessment
80
Annual Report on Remuneration continued
 

As a result of the performance assessment outcomes, the Committee determined bonuses for the Executive Directors as follows:
Financial 
element pay-out 
(% of weighted 
element)
Personal 
element pay-out 
(% of weighted 
element)
Actual bonus 
pay-out (% of 
maximum)
Neil Eckert
 114 %
 100 %
 55.3 %
Trevor Carvey
 114 %
 100 %
 55.3 %
Elaine Whelan
 114 %
 175 %
 64.6 %
In accordance with the Remuneration Policy, bonus awards are subject to a maximum of 300% of base salary. Up to 50% of bonuses awarded are payable as a deferred share award of an 
equivalent value (with the number of shares calculated using the average of the share price at the close of the market over the five days prior to the day that the award is granted). These 
awards vest under the terms defined in the deferred shares bonus scheme rules; i.e., over three years with one-third of the award vesting (including dividend equivalents) in each of the 
following three years. The Committee considers this to be an appropriate structure with the deferral serving as a retention mechanism over the three-year period. Deferral over three 
years is also in line with the expected duration of Conduit’s claims reserves. 
Actual bonus 
pay-out 
(% of maximum)
Maximum 
opportunity 
(% of salary)
Actual bonus 
pay-out 
(% of salary)
Outcome 
($000)
Cash bonus 
paid,
$000 
(50%)
Bonus deferred 
into shares, 
$000 (50%)
Neil Eckert
 55.3 %
 300 
 165.8 %
 
978,573 
489,287
489,286
Trevor Carvey
 55.3 %
 300 
 165.8 %
 
1,477,091 
738,546
738,545
Elaine Whelan
 64.6 %
 300 
 193.9 %
 
1,263,402  
631,701  
631,701 
81
Annual Report on Remuneration continued
 

Scheme interests awarded during the year
Deferred Share Bonus Plan (DSBP) awards
All Conduit employee's are eligible to participate in the DSBP. Under the Remuneration Policy, up to 50% of an Executive Director's annual bonus is deferred into shares under the DSBP. 
Details of the awards for Executive Directors under the DSBP made during the year, in respect of their 2023 annual performance bonus, are below. 
Award Type
Grant date
Number of 
awards granted 
during the year
Face value of 
awards granted 
during the year1 
($000)
% vesting 
annually
(not subject to 
performance 
conditions)
Neil Eckert
Deferred Bonus
25-Mar-24
 121,603 
 791 
33.33
Trevor Carvey
Deferred Bonus
25-Mar-24
 195,788 
 1,273 
33.33
Elaine Whelan
Deferred Bonus
25-Mar-24
 143,170 
 931 
33.33
1.
The awards were calculated using the five-day average closing share price and FX rate preceding the award date, being $6.50 using the pound sterling to US dollar FX conversion rate of 1.2684.
Long-term incentive plan
Executive Director awards granted during the year as a Performance Condition award under the CHL LTIP are disclosed below. Further details of the LTIP can be found in the policy table 
on pages 67 to 71.
Award level1
(% of salary)
Grant date
Number of 
awards granted 
during the year2
Face value of 
awards granted 
during the year3 
($000)
% vesting at 
threshold 
performance
Neil Eckert
 
–  
–  
–  
– 
n/a
Trevor Carvey
 
–  
–  
–  
– 
n/a
Elaine Whelan
 250 
21-Jun-2024
 248,123 
 1,629  
25 
1.
Neil Eckert and Trevor Carvey did not receive an LTIP award in 2024. Neil Eckert has agreed to forgo any participation in the LTIP scheme.
2.
The number of awards was based on the five-day average closing share price following shareholder approval of the Remuneration Policy at Conduit's 15 May 2024 AGM. The award date was set at 21 June 2024 with the 
awards being granted at a share price of $6.57 using the pound sterling to US dollar FX conversion rate of 1.2695.
3.
These awards are due to vest subject to performance conditions being met at the end of the performance period ending 31 December 2026 and becoming exercisable in the first open period following the release of Conduit’s 
2026 year-end results.
82
Annual Report on Remuneration continued
 

Performance conditions attached to LTIP awards
Growth in Net Asset Value (NAV) per share – 75% weighting1
Absolute Total Shareholder Return (TSR) – 25% weighting2
Vesting %
2024
Vesting %
2024
 100 %
 13 %
 100 %
 13 %
 25 %
 5 %
 25 %
 5 %
Nil
<5%
Nil
<5%  
1.
The NAV performance condition will be measured on an annual basis, with the award effectively split into three. In each year, performance will be measured against the target range established for that year, to determine 
the level of vesting in respect of one third of the total award. Actual vesting will only occur after completion of the full three-year performance period and is subject to continued employment of the Executive Director at the 
time of vesting. Year-end shareholders’ equity includes the comprehensive income (loss) for the financial year adjusted for dividends declared. Intangible assets are excluded from shareholders’ equity to calculate the net 
tangible asset value per share.
2.
Absolute TSR will be measured over the full three-year period of the award, rather than each individual year within the period.
Payments for loss of office
No Executive Director left the employment of Conduit during the year under review. 
Payments to past Directors
No payments were made to past Directors during the year except agreed fees in respect of the period during which they served as director (as set out in the fees paid table below).
Non-Executive Directors
The Non-Executive Director fees have been determined in accordance with the Remuneration Policy set out on page 71. CHL and CRL’s Non-Executive Director fees had been unchanged 
since they were set in November 2020. Consequently, in 2024, Alvarez & Marsal Tax LLP ('A&M'), was engaged to undertake a review of the Non-Executive Director fee rates and to 
provide recommendations (if any) regarding adjustments to the fees based on A&M’s benchmarking analysis. 
As a result of the benchmarking review exercise undertaken, the CHL base Non-Executive Director fee was increased from May 2024; all other fees remain the same. The Non-Executive 
Directors’ basic fee is $85,000 per annum (increased in May 2024 from $75,000), with additional annual fees payable in respect of membership of Board Committees of $15,000 per 
committee and $25,000 for appointment as Chair of a committee (and $15,000 for appointment as Senior Independent Director). The Non-Executive Directors do not participate in 
incentive schemes. A fee of $25,000 per annum is also payable in respect of Non-Executive Director appointment to the CRL board.
83
Annual Report on Remuneration continued
 

For the year ended 31 December 2024 under the terms of their appointments the Non-Executive Directors of CHL were paid the following fees:
Aggregate fees paid (including in respect of CRL) $000
Non-Executive Director
2024
2023
Sir Brian Williamson1
 
45  
130 
Malcolm Furbert
 
136  
130 
Elizabeth Murphy
 
146  
140 
Ken Randall
 
161  
155 
Dr. Richard Sandor2
 
–  
89 
Michelle Seymour Smith
 
136  
130 
Rebecca Shelley3
 
130  
46 
Stephen Redmond4
 
73  
– 
Total
 
827  
820 
1.
For 2024, fees include pro-rated fees which reflects Sir Brian Williamson stepping down from the Board and Board Committees with effect from 15 May 2024.
2.
For 2023, fees include pro-rated fees which reflects Dr. Richard Sandor stepping down from the Board and Board Committees on 7 November 2023.
3.
Rebecca Shelley was appointed to the Board on 24 July 2023. Fees for 2023 were pro-rated from the date of her appointment. Rebecca was appointed Lead Independent Director of the Board from February 2024 and 
she was appointed to serve as Chair of the Remuneration Committee on 15 May 2024. Fees have been pro-rated.
4.
Stephen Redmond was appointed to the Board on 14 May 2024. He was also appointed to serve on the Remuneration and Nomination Committees. Fees for 2024 have been pro-rated from the date of his appointment. 
The aggregate remuneration paid for the year ended 31 December 2024 by way of fees for all the Non-Executive Directors was $827,483, made up of $727,483 in respect of CHL 
and $100,000 in respect of CRL.
84
Annual Report on Remuneration continued
 

Details of Executive Directors awards under the LTIP and DSBP
Details of the awards for Executive Directors under the LTIP and DSBP are below, including awards made during the year. 
Scheme under 
which award 
was granted
Grant date1 Awards held at 
1 Jan 2024
Awards 
granted during 
the year
Awards 
vested during 
the year2
Awards held at 
31 Dec 2024
Neil Eckert
DSBP 2022
25-Mar-22  
63,821  
–  
31,905  
31,916 
DSBP 2023
24-Mar-23  
26,333  
–  
8,776  
17,557 
DSBP 2024
22-Mar-24  
–  
121,593  
–  
121,593 
LTIP 20243
21-Jun-24  
–  
–  
–  
– 
 
90,154  
121,593  
40,681  
171,066 
Trevor Carvey
DSBP 2022
25-Mar-22  
100,174  
–  
50,079  
50,095 
DSBP 2023
24-Mar-23  
39,747  
–  
13,247  
26,500 
DSBP 2024
25-Mar-24  
–  
195,788  
–  
195,788 
LTIP 20243
21-Jun-24  
–  
–  
–  
– 
 
139,921  
195,788  
63,326  
272,383 
Elaine Whelan
DSBP 2022
25-Mar-22  
74,252  
–  
37,119  
37,133 
DSBP 2023
24-Mar-23  
33,905  
–  
11,300  
22,605 
DSBP 2024
25-Mar-24  
–  
143,170  
–  
143,170 
LTIP 20243
21-Jun-24  
–  
248,123  
–  
248,123 
 
108,157  
391,293  
48,419  
451,031 
1.
The vesting dates for the DSBP awards are subject to CHL not being in a closed period and are as follows:
2022 award (for 2021 performance bonus) – vests 33.33% per year over a three-year period, being 25 March 2023, 25 March 2024 and 25 March 2025.
2023 award (for 2022 performance bonus) – vests 33.33% per year over a three-year period, being 24 March 2024, 24 March 2025 and 24 March 2026.
2024 award (for 2023 performance bonus) – vests 33.33% per year over a three-year period, being 25 March 2025, 25 March 2026 and 25 March 2027.
2.
Vested awards are included in the Executive Directors' shareholdings disclosed on the following page.
3.
Neil Eckert and Trevor Carvey did not receive an award under the LTIP in 2024. Elaine Whelan's LTIP award was made after the Remuneration Policy was approved by CHL's shareholders at the 2024 AGM held on 
15 May 2024. The number of awards was calculated based on 250% of her base salary, which is below the maximum award level permitted under the provisions of the Remuneration Policy.
85
Annual Report on Remuneration continued
 

Directors’ shareholdings
Details of the Directors’ interests in Common Shares are shown in the following table. Executive Directors are required to build and retain a holding of CHL shares equivalent to at least 
300% of their base salary.
as at 31 Dec 2024
Executive Director
Beneficially 
owned as at 
1 Jan 2024
Beneficially 
owned as at 
31 Dec 2024
Share awards 
not subject to 
performance 
conditions
DSBP 
(unvested1)
Share awards 
subject to 
performance 
conditions
LTIP
(unvested2)
Guideline % of 
base salary
Guideline met
Neil Eckert3
 
707,387 
744,676
171,066
–
300%
Yes
Trevor Carvey4
 
442,709 
605,557
272,383
–
300%
Yes
Elaine Whelan
 
233,266 
323,185
202,908
248,123
300%
Yes
1.
Share awards under the DSBP are calculated as up to 50% of the annual bonus award, with the number of shares calculated using the average of the share price at the close of the market over the five trading days prior 
to the day that the award is granted. See page 82 for details.
2.
Awards granted under the LTIP to Executive Directors have performance conditions attached. At the time of vesting, the final vesting details will be disclosed.
3.
Neil Eckert's beneficially owned Common Shares includes 49,366 shares owned by his spouse, Nicola Eckert.
4.
Trevor Carvey's beneficially owned Common Shares include 4,022 shares owned by his spouse, Catherine Carvey.
Non-Executive Director1
Beneficially 
owned as at 
1 Jan 2024
Beneficially 
owned as at 
31 Dec 2024
Sir Brian Williamson2
 
30,000.00  
30,000.00 
Malcolm Furbert
 
8,000.00  
8,000.00 
Elizabeth Murphy
 
15,000.00  
15,000.00 
Ken Randall
 
55,000.00  
55,000.00 
Michelle Seymour Smith
 
20,000.00  
20,000.00 
Rebecca Shelley3
 
4,088.00  
4,088.00 
Stephen Redmond4
 
–  
25,000.00 
1.
Non-Executive Directors do not receive an annual bonus and therefore do not participate in the DSBP.
2.
Sir Brian Williamson retired from the Board with effect from 15 May 2024; any shares purchased or sold by him after this date are not reflected above. From 2025 Sir Brian's holdings will not be reported.
3.
Rebecca Shelley was appointed to the Board on 24 July 2023.
4.
Stephen Redmond was appointed to the Board on 14 May 2024.
86
Annual Report on Remuneration continued
 

Management Incentive Plan (MIP)
As previously disclosed, a share incentive plan, the MIP, was put in place prior to Admission for Neil Eckert and Trevor Carvey (the founders of Conduit) and other senior managers 
who are expected to make key contributions to the success of Conduit from Admission. Upon appointment in January 2021, Elaine Whelan was awarded options over MIP Shares as 
disclosed below. 
The table below sets out the respective MIP Share allocations for each of the Executive Directors at 31 December 2024:
Name
USD MIP 
Shares
GBP MIP 
Shares
Percentage 
of MIP
Neil Eckert
45,000
45,000
 45 %
Trevor Carvey
30,000
30,000
 30 %
Elaine Whelan1
5,000
5,000
 5 %
Total
80,000
80,000
 80 %
1.
Elaine Whelan’s MIP award is in the form of a nil-cost option over MIP Shares.
No additional MIP awards can be granted. The MIP was facilitated by subscription for shares in Conduit MIP Limited (CML) (a direct subsidiary of CHL, which is an intermediate holding 
company of CRL). Under the MIP, Executive Directors and other senior managers invited to participate subscribed for MIP Shares or were issued nil-cost options over MIP Shares in CML. 
Half of the MIP Shares are denominated in pounds sterling (GBP MIP Shares) and half in US dollars (USD MIP Shares).
The first relevant anniversary date for calculation of the performance condition under the MIP was 7 December 2024. As the performance condition was not met, no awards under the 
MIP were exercised in the year under review. Tranches of MIP awards that do not meet the performance condition will roll forward for assessment at the next relevant anniversary date 
which is 7 December 2025. Subject to the terms of the MIP, if the performance condition is satisfied at the relevant time, the MIP Shares will be exchanged automatically for Common 
Shares of CHL for an aggregate value equivalent of up to 15% of the excess of the Market Value of CHL over and above the Invested Equity (the 'Growth'). This equates to 7.5% of the 
Growth based on calculations in pounds sterling for the GBP MIP Shares and 7.5% of the Growth based on calculations in US dollars for the USD MIP Shares. 
If (1) the performance condition is satisfied for either or both of the GBP MIP Shares or the USD MIP Shares on each of the fourth, fifth, sixth and seventh anniversaries of Admission 
and (2) no takeover of CHL or sale or liquidation of CML has taken place before any of those dates, one quarter of the relevant MIP Shares (delivering 1.875% of the Growth to the 
relevant shares) (each a Tranche) will be automatically exchanged for such number of Common Shares of CHL as have an aggregate value (at the closing share price for the trading day 
immediately prior to the date of the exchange) equal to 1.875% of the Growth at the date of the exchange. Whenever the performance condition has not been satisfied on the relevant 
anniversary date in respect of a Tranche, those MIP Shares which might otherwise have been exchanged will not be exchanged and will automatically exchange at the next anniversary 
date on which the performance condition is satisfied. If the performance condition is satisfied, any MIP Shares that have not automatically been exchanged for Common Shares of CHL 
before that date will on the effective date of any takeover of CHL or sale or liquidation of CML be exchanged (delivering the remainder of the 7.5% of Growth for each of the USD MIP 
Shares and the GBP MIP Shares).
87
Annual Report on Remuneration continued
 

If on the seventh anniversary of Admission, the performance condition is not satisfied, all MIP Shares to be exchanged for Common Shares of CHL on that date will be redeemed for 
1 pence (sterling) in aggregate. Similarly, on a takeover of CHL or sale or liquidation of CML, if the performance condition is not satisfied, all of the MIP Shares will be redeemed for 
1 pence (sterling) in aggregate. MIP Shares are subject to customary leaver provisions and malus/clawback principles.
The performance condition for the MIP is the compound annual growth rate achieved by CHL’s shareholders on the date of the relevant exchange of MIP Shares for Common Shares 
of CHL must be equal to or greater than 10% per annum. The performance condition is measured by reference to (1) any growth in CHL’s market capitalisation, (2) any dividends paid 
to common shareholders and (3) any other returns of value to common shareholders. The performance condition is calculated on the initial capital raised at Admission then (and from 
the date of any future equity investment in Conduit on that equity) to the date of the relevant exchange. It also takes into account the timing of any prior returns to holders of Common 
Shares. The performance condition will be calculated separately in US dollars for the USD MIP Shares and pounds sterling for the GBP MIP Shares.
Performance graph and table
This graph below shows the value of £100 invested in CHL compared with the value of FTSE 250 (excluding Investment Trusts) since Admission.
CHL relative to FTSE 250 (7 December 2020 – 31 December 2024)
£99.50
£87.59
£93.94
£109.44
£112.19
7 Dec 2020
31 Dec 2020
31 Dec 2021
30 Dec 2022
29 Dec 2023
31 Dec 2024
80
90
100
110
120
130
140
88
Annual Report on Remuneration continued
 
l CHL
l FTSE 250

CEO single figure of remuneration
The table below shows the pay information of the CEO (in $000).
2024
2023
2022
2021
2020
CEO total remuneration
$3,020
$3,847
$1,699
$2,649
$606
Actual bonus as a % of 
maximum
55.3
100
19
59
n/a
Actual share award vesting as 
% of the maximum
n/a
n/a
n/a
n/a
n/a
Relative importance of the spend on pay
The table below shows Conduit’s expenditure on employee pay compared with distributions 
to shareholders for the period under review. 
2024
$m
2023
$m
2022
$m
Percentage 
change
%
Distributions to shareholders
 
59.5  
59.3  
59.3 
 0.3 %
Total employee pay
41.7
31.8
22.3
 31.1 %
CEO pay ratio
The majority of Conduit's employees are based in Bermuda, with fewer than 250 
employees globally. As a result, there is no legal requirement to publish a CEO pay ratio. 
However, Conduit voluntarily reports the CEO pay ratio in line with its commitment to 
high standards of corporate governance. The CEO pay ratios have been calculated using 
Conduit's total employee base as at 31 December in each respective year.
Calculation 
method
2024
2023
2022
25th percentile Total Pay Ratio
A
15:1
24:1
14:1
Median Total Pay Ratio
A
10:1
15:1
9:1
75th percentile Total Pay Ratio
A
6:1
9:1
4:1
The table above sets out the single figure of remuneration for the CEO as compared 
with the single figure of remuneration of employees at the 25th percentile, median and 
75th percentile. 
Conduit uses methodology A and defines the population as all Conduit employees 
employed at the close of the financial year, excluding contractors, to calculate the 
total annual remuneration. Total annual remuneration is defined and calculated on the 
same basis used for the Executive Directors in the single figure of remuneration. This 
methodology was selected as it is considered the most accurate calculation method for 
the ratio calculations.
25th percentile pay ratio
Median pay ratio
75th percentile pay ratio
Total 
remuneration 
($)
Base 
salary 
($)
Total 
remuneration 
($)
Base 
salary 
($)
Total 
remuneration 
($)
Base 
salary 
($)
2024
197,985
156,818
302,770
222,789
498,036
275,000
15:1
6:1
10:1
4:1
6:1
3:1
89
Annual Report on Remuneration continued
 

Percentage change in remuneration1
Given that Conduit was incorporated on 7 December 2020 and was therefore listed for less than a month in 2020 following Admission, a year-on-year comparison in remuneration for 
2020 versus 2021 is of limited use. As previously noted, market-loss events and mark-to-market unrealised losses on investments had a negative impact on remuneration in 2022 as 
disclosed in the single figure of remuneration (in ,000) disclosure in the 2022 Annual Report and Accounts. The year-on-year percentage changes in remuneration for the Executive 
Directors and fees for Non-Executive Directors is disclosed below. The percentage change in remuneration for employees of Conduit represent all the total employee compensation costs, 
inclusive of equity-based compensation charges, for the respective years as disclosed in note 7 of the financial statements on page 142.
Percentage change in remuneration table
2024
2023
2022
2021
Executive Directors
Salary / 
fees
Benefits1
Bonus
Salary / 
fees
Benefits1
Bonus
Salary / 
fees
Benefits1
Bonus
Neil Eckert2
5.0
150.3
-38.1
3.0
259.1
415.0
3.0
-5.2
-66.6
n/a
Trevor Carvey
5.0
31.4
-42.0
3.0
20.4
449.3
3.0
1.4
-67.9
n/a
Elaine Whelan3
5.0
36.9
-32.1
3.0
16.7
370.9
8.9
12.4
-63.0
n/a
Non-Executive Directors
Sir Brian Williamson4
-65.6
n/a
n/a
0
n/a
n/a
0
n/a
n/a
n/a
Malcolm Furbert
4.8
n/a
n/a
0
n/a
n/a
0
n/a
n/a
n/a
Elizabeth Murphy
4.4
n/a
n/a
0
n/a
n/a
0
n/a
n/a
n/a
Ken Randall
4.0
n/a
n/a
0
n/a
n/a
0
n/a
n/a
n/a
Michelle Seymour Smith5
4.8
n/a
n/a
1.7
n/a
n/a
312.5
n/a
n/a
n/a
Rebecca Shelley6
182.9
n/a
n/a
46.1
n/a
n/a
n/a
n/a
n/a
n/a
Stephen Redmond7
72.6
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Employees of the parent company
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Employees of the Group
14.4
69.9
4.6
14.2
26.5
252.1
52.0
55.4
-59.3
n/a
1.
Benefits includes equity compensation disclosed in 'Other' on page 76 in the Executive Directors' 'Single figure of remuneration' table. In 2023 and 2024, there were equity awards under the DSBP which accrued dividend 
equivalents. Upon vesting these dividend equivalents were calculated and are represented within the reported benefits.
2.
From 1 January to 30 September 2023, Neil Eckert was employed via service agreements split between CHL and CRSL, to delineate his duties. All salary and benefits payable through CRSL as a result of this arrangement 
were converted from US dollars into pounds sterling for each monthly payroll. These conversions are reflected in the 2024 year-on-year percentage change for Neil. From 1 October 2024, Neil's service agreement was wholly 
with CHL as CRSL was closed.
3.
Elaine Whelan was appointed on 14 January 2021, and her pay and benefits for 2021 were pro-rated. This accounts for the above noted 8.9% base salary change from 2022 against the pro-rated 2021 year.
4.
Sir Brian Williamson retired from the Board with effect from 15 May 2024; his 2024 and related fees percentage change represent his time as a Director.
5.
Michelle Seymour Smith was appointed to the Board on 15 September 2021. Her fees for 2021 were pro-rated for her time as a Director and the year-on-year percentage change for 2022 reflects a full year against the 
pro-rated prior year.
6.
Rebecca Shelley was appointed to the Board on 24 July 2023. Her fees for 2023 represent her time as a Director. Rebecca Shelley was appointed SID from February 2024 and Chair of the Remuneration Committee from 
May 2024, and her reflect these additional appointments in 2024.
7.
Stephen Redmond was appointed to the Board on 14 May 2024. His fees for 2024 represent his time as a Director. 
90
Annual Report on Remuneration continued
 

External advisers
In 2022, the Committee appointed specialist remuneration advisers Alvarez & Marsa Tax LLP ("A&M"), a firm with no other connection to Conduit or individual directors. A&M is a member 
of the Remuneration Consultants’ Group and is a signatory to its Code of Conduct, requiring the advice provided to be objective and impartial. Based on the above, the Committee 
is comfortable that the advice provided was independent. During 2024, $87,531 was paid to A&M (2023: $56,637), on a time and materials basis.
Statement of shareholder voting
The 2023 Annual Report on Remuneration and the current Remuneration Policy were submitted to a vote of shareholders at Conduit's 2024 AGM held on 15 May 2024. Disclosure of 
the voting results at the AGM is presented below.
Vote to approve 2023 Annual 
Report on Remuneration 
(at the 2024 AGM)
Vote to approve 
Remuneration Policy 
(at the 2024 AGM)
Total number 
of votes
% of votes 
cast
Total number 
of votes
% of votes 
cast
For
125,716,041
98.72
96,719,933
81.77
Against
1,629,581
1.28
21,559,064
18.23
Total
127,345,622
100.0
118,278,997
100.0
Abstentions
–
9,066,625
91
Annual Report on Remuneration continued
 

Implementation of Remuneration Policy for 2025 
We disclose here the remuneration approach we have implemented for Executive Director 
and senior management remuneration in 2025. Given Conduit's location in Bermuda, the 
primary talent markets where employees are sourced is in Bermuda, Europe and the U.S. 
This means that there may be times where these markets will dictate the remuneration 
and benefit provisions to ensure Conduit remains an employer of choice to the candidates 
being sought.
Salary increases across Conduit
A standard salary increase of 5.0% was applied to Executive Directors when setting the 
2025 salaries. Across the wider workforce for Conduit, base salary increases for staff 
eligible for a 1 January 2025 review were 5.0%. When including adjustments for promotions 
or market alignment, for the eligible workforce population excluding Executive Directors, 
the average increase salary increase was 5.8%.
All salary increases are with effect from 1 January 2025 and for Executive Directors are 
as follows:
Executive Director
2025 salary
2024 salary
Neil Eckert
 
$619,910  
$590,391 
Trevor Carvey
 
$935,714  
$891,156 
Elaine Whelan
 
$684,241  
$651,658 
Impact of inflationary environment on employees
Management has again reviewed the impact of inflation on Conduit's staff's cost of living. 
A decision has been made to discontinue the Cost of Living Allowance (COLA) as a separate 
allowance for staff. Instead, the rate of COLA allowance paid to the majority of staff in the past 
two years has now been consolidated into base salaries. For those employees whose COLA 
was not consolidated into base salary, management has determined that the base salary 
increase excluding COLA consolidation was sufficient to ensuring that affected staff members 
were not adversely impacted. When accounting for the impact of this change, the average 
base pay increase for the workforce, excluding Executive Directors, was 10.6%.
Housing allowances
Housing allowances (which apply to the Bermuda-based Executive Directors only) remain 
unchanged from the prior year for the CEO and is proposed to increase as follows for 
the CFO:
2025
2024
Executive Director
Monthly 
housing 
allowance
Annual 
housing 
allowance
Monthly 
housing 
allowance
Annual 
housing 
allowance
Trevor Carvey
 
$17,500  
$210,000  
$17,500  
$210,000 
Elaine Whelan
 
$15,000  
$180,000  
$10,000  
$120,000 
Bonus target and maximum parameters
Current bonus target and maximum opportunities for the Executive Directors also remain 
unchanged from the prior year. They are as follows:
2025
2024
Executive Director
Bonus target
Maximum 
bonus
Bonus target
Maximum 
bonus
Neil Eckert
 150% 
 300% 
 150% 
 300% 
Trevor Carvey
 150% 
 300% 
 150% 
 300% 
Elaine Whelan
 150% 
 300% 
 150% 
 300% 
For the 2025 bonus scheme for Executive Directors, 75% will be subject to financial 
performance based on RoE and 25% will be subject to personal performance towards 
delivery of key strategic objectives. The target RoE generated by the annual business plan 
process is considered when setting the appropriate targets for calculating the financial 
element of target bonuses, with actual bonus payments calculated subject to a range 
of RoE levels. A minimum RoE financial performance hurdle applies before any bonus is 
payable. The Remuneration Committee believes that these targets are suitably challenging 
for Conduit’s operations. Details of the targets will be disclosed retrospectively in next 
year’s Annual Report on Remuneration. Up to half of any bonus award will be deferred into 
Common Shares. Consistent with best practice, malus and clawback provisions will apply. 
92
Annual Report on Remuneration continued
 

Other benefits
Other market-typical benefits for Executive Directors working in Bermuda have been 
provided, including normal health and welfare benefits, housing allowances and travel 
allowances, and Conduit’s payment of the employee’s obligations for Bermuda payroll taxes 
and social insurance.
Pension
The Executive Directors’ pension provision for 2025 continues to be aligned with that 
of the broader of the workforce at 10% of pensionable earnings. Executive Directors 
may elect to take cash in lieu of pension, subject to compliance with applicable law.
Long-term incentives
Executive Directors participate in the MIP, which was put in place pre-IPO. 
2025 awards under the LTIP will be made to the CFO in line with the approved 
Remuneration Policy; the Executive Chairman has waived his right to participate in the LTIP 
and the CEO has elected not to participate in the 2025 awards.
The two financial performance conditions relevant to the long-term incentive awards 
are noted on page 83.
Committee discretion with regards to LTIP vesting
If any year within the award-vesting assessment produces a return that the Committee 
believes is significantly worse than competitors and reflects poor management decisions, 
the Committee will use its discretion to determine the extent to which any relevant element 
of the LTIP award shall vest fully (or to any lesser extent) based on the performance over 
the full three-year period.
Non-Executive Director Fees
An independent review of Non-Executive Director fees was undertaken during 2024 
by Conduit's independent remuneration consultants – A&M. The report recommended 
an increase in Conduit's Non-Executive Director base fee to $85,000 per annum from 
May 2024, while it was recommended that all other Non-Executive Director fees 
remain unchanged. 
The Non-Executive Directors’ basic fee will remain at $85,000 per annum for 2025. 
Additional annual fees are payable to Non-Executive Directors in respect of membership 
of Board Committees of $15,000 per committee and $25,000 for appointment as Chair 
of a committee (and $15,000 for appointment as SID) will also remain the same. The Non-
Executive Directors do not participate in incentive schemes. A fee of $25,000 per annum 
is also payable in respect of Non-Executive Director appointment to the CRL board.
93
Annual Report on Remuneration continued
 

The Directors of CHL present their report for the year ended 31 December 2024. This 
report includes the additional information required to be disclosed under the Disclosure 
and Transparency Rules (DTR) of the UK Financial Conduct Authority. Certain information 
included in the Strategic Report, the Corporate Governance Report, the Audit Committee 
Report, the Nomination Committee Report and the Directors’ Remuneration Report are 
incorporated by reference into the Directors’ Report in addition to the following topics.
Overview
Conduit Holdings Limited (CHL) was incorporated in Bermuda on 6 October 2020 
under registration number 55936 and has three subsidiaries incorporated in Bermuda: 
Conduit MIP Limited (CML), an incentive-related entity (registration number 56057), 
Conduit Reinsurance Limited (CRL), the main operating company of Conduit (registration 
number 55937), and Conduit Services Limited (CSL), a services company (registration 
number 56189). 
Conduit Reinsurance Services Limited (CRSL), a services company registered in 
England (registration number 12947450) and wholly owned by CHL, ceased operation 
on 30 September 2024 and was dissolved by way of a members voluntary striking-off 
procedure which was completed on 14 January 2025.
All of CHL’s Common Shares are admitted to the EST category of the 
Official List of the UK Financial Conduct Authority and admitted to trading on the LSE’s 
main market for listed securities.
Principal activity
Conduit’s principal activity, conducted through its main operating subsidiary CRL, 
is to provide reinsurance products and services to its clients worldwide.
Principal risks and financial internal controls and risk management 
Conduit’s principal risks and a description of the risk management framework and 
governance are set out in the Enterprise Risk Management Report on pages 24 to 28; 
information regarding financial internal controls and risk management is set out in note 3 
of the consolidated financial statements.
Board of Directors
The Directors of the Company who served during the financial year and through to the 
date of this report are listed on page 50.
Biographies are set out on pages 41 to 44.
Dividends
On 30 July 2024, the Board declared an interim dividend of $0.18 (approximately 
£0.14 pence) per Common Share resulting in an aggregate payment of $29.7 million 
to shareholders.
On 18 February 2025, Conduit’s Board of Directors declared a final dividend for 2024 of 
$0.18 (approximately £0.14) per Common Share, which will result in an aggregate payment 
of $29.7 million to shareholders. 
Insurance and indemnification
Conduit purchases insurance to cover the Directors and officers against their costs 
in defending themselves in civil proceedings taken against them in that capacity and 
in respect of damages resulting from the unsuccessful defence of any proceedings.
The bye-laws of the Company also provide that the Company shall, to the extent 
permitted by law, indemnify the Directors in respect of their acts and omissions and 
that the Company shall advance funds to Directors for their defence costs. The indemnity 
provisions set out in the bye-laws were in force during the financial year. Insurance and 
indemnity arrangements will not provide cover where the Director has acted fraudulently 
or dishonestly.
Recent developments
Recent developments are discussed on page 162.
Stakeholder engagement
A review of the Company's engagement with stakeholders is set out in the Section 172 
Statement on page 36.
94
Directors' Report
 

Diversity and inclusion
A discussion of Diversity and Inclusion is set out in the Nomination Committee Report 
on page 54 to 55.
Compliance with the Code
A review of the Company’s compliance with The UK Code is set out on pages 48 to 52.
ESG
The ESG summary on pages 30 to 35 provides an overview of Conduit's approach to ESG, 
including charity and climate.
Carbon emissions
Details of Conduit's carbon emissions for 2024 can be found in the ESG summary on 
page 35 of this report.
Political donations
No political donations were made by Conduit in the year ended 31 December 2024, nor in 2023.
Share capital
Details of the structure of the Company's share capital and changes in the share capital 
during the year are disclosed in note 17 to the consolidated financial statements. The 
Common Shares are the only class of shares of Conduit presently in issue carrying voting 
rights. There are no nil or partly paid shares in issue. All Common Shares rank pari passu 
in all respects, there being no conversion or exchange rights attaching thereto and all 
Common Shares have equal rights to participate in capital, dividend and profit distributions 
by Conduit. The Common Shares are freely transferable and there are no restrictions on 
transfer, except as set out in the bye-laws or as may from time to time be imposed by 
law and regulations.
Bye-law amendments
A copy of the Company's bye-laws is available for inspection on Conduit’s website and 
at Conduit’s registered office. Changes to Conduit’s bye-laws are governed by Bye-law 84, 
the text of which is repeated here in full:
“84.1 Subject to Bye-law 84.2, no bye-law shall be rescinded, altered or amended and 
no new bye-law shall be made until the same has been approved by a resolution of the 
Board and by a resolution of the Members.
84.2 Bye-laws 43, 44, 45, 47, 84 and 86 shall not be rescinded, altered or amended 
and no new bye-law shall be made which would have the effect of rescinding, altering 
or amending the provisions of such bye-laws, until the same has been approved by 
a resolution of the Board including the affirmative vote of not less than 66% of the 
Directors then in office and by a resolution of the members including the affirmative 
vote of not less than 66% of the votes attaching to all shares in issue.”
Shareholder Authority to Purchase Own Shares
At the 2024 AGM, the shareholders approved and authorised the Directors to make one or 
more market purchases of the issued Common Shares of the Company up to an aggregate 
nominal value of US$165,239.99 (such amount being approximately 10 per cent of the 
Company’s issued share capital as at 11 April 2024, at a price of not less than the nominal 
value of the Common Shares (exclusive of expenses payable by the Company). The 
authority runs from 15 May 2024 to the conclusion of the 2025 AGM or at 6:00 p.m. 
Bermuda Time on 31 August 2025, whichever is sooner.
Purchase of shares by the Employee Benefit Trust 
CHL established an EBT during the second quarter of 2022 with the sole purpose 
of managing the equity incentives granted to executives and employees of Conduit 
(other than the MIP). 
Further details of the EBT are set out in note 21 to the consolidated financial statements 
on page 161.
In 2024 the EBT continued to make on-market purchases of the Company's Common 
Shares. The Common Shares held in the Conduit EBT are intended to be used for the 
benefit of employees under Conduit's variable incentive schemes.
Further details of the shares held by, and the purchases made by, the Conduit EBT 
are set out in note 21 to the consolidated financial statements on page 161.
95
Directors' report continued
 

Directors’ interests
Directors’ beneficial interests in the Company’s Common Shares as of 31 December 2024, including interests notified to the Company in respect of Directors’ closely associated persons 
within the meaning of the Market Abuse Regulation (MAR) were as follows:
Directors
Common 
Shares held 
as of 
31 December 
2024
Common 
Shares held 
as of 
31 December 
2023
Neil Eckert, Executive Chairman
744,6761
707,3872
Trevor Carvey, CEO
605,5573  
442,709 
Elaine Whelan, CFO
 
323,185  
233,266 
Rebecca Shelley, Senior Independent Director
 
4,088  
4,088 
Malcolm Furbert, Independent Non-Executive Director
 
8,000  
8,000 
Elizabeth Murphy, Independent Non-Executive Director
 
15,000  
15,000 
Ken Randall, Independent Non-Executive Director
 
55,000  
55,000 
Stephen Redmond, Independent Non-Executive Director
 
25,000  
– 
Michelle Seymour Smith, Independent Non-Executive Director
 
20,000  
20,000 
1.
Includes 49,336 shares owned by Neil Eckert's spouse, Nicola Eckert.
2.
Includes 43,104 shares owned by Neil Eckert's spouse, Nicola Eckert.
3.
Includes 4,022 shares owned by Trevor Carvey's spouse, Catherine Carvey 
96
Directors' report continued
 

Shareholding guidelines require Executive Directors to build and maintain a shareholding 
in Company of 300% of salary while in post. Where not met, any portion of future bonuses 
that are paid in shares and other share awards or purchases will accumulate until this 
requirement is met. Further details are set out in the Remuneration Report on pages 64 
to 65. As at 31 December 2024. Neil Eckert, Trevor Carvey and Elaine Whelan met the 
shareholding requirement set for executive directors. 
Major shareholdings
As at 26 February 2025 the Company had been notified (via forms TR-1: Standard form for 
notification of major holdings in accordance with DTR 5.3.1R(1)) of the following interests 
of 5% or more in the voting rights in its Common Shares.
Shareholder
Number of shares
February 2025 (m)
% of shares 
notified per 
Form TR11
FIL Limited
 
16,559,646 
 10.02 
Aviva Plc and affiliates
 
16,446,637 
 9.95 
Artemis Investment Management LLP
 
10,151,493 
 6.14 
Janus Henderson Group Plc
 
8,804,511 
 5.33 
Zedra Trust Company (Guernsey) Limited2
 
8,262,000 
 5.00 
1. 
Percentage as at date of notification.
2. 
Zedra Trust Company (Guernsey) Limited is the independent trustee of CHL’s EBT (the 'Trustee'). 
Unless specifically directed by CHL, the EBT Trustee shall abstain from exercising its voting rights over 
the Common Shares held by the EBT at any general meeting of CHL. If CHL directs that the EBT Trustee 
may vote, CHL cannot direct the manner in which the EBT Trustee exercises its votes.
Going concern and viability statement
A review of the financial performance of Conduit is set out on pages 19 to 22. The financial 
position of Conduit, including its cash flows and its borrowing facilities, are included in 
the financial statements starting on page 100. Conduit is well capitalised and has a well-
balanced book of business.
The Board will consider Conduit’s strategic plan for the business annually on a rolling basis 
using a three- to five-year time horizon. This period aligns to Conduit’s liabilities and 
business model, allowing Conduit to adapt capital and solvency quickly in response to 
market cycles, events and opportunities.
The Board conducted its annual review of strategy in 2024 and updated Conduit’s planning 
over a three- to five-year time horizon, taking into account perspectives on the external 
business environment and the principal risks and material uncertainties affecting Conduit 
and examining how Conduit’s capital and operational capacity can best be aligned to 
support Conduit’s objectives over the planning horizon. Further information on Conduit’s 
principal risks can be found on pages 27 to 28. The risk disclosures section of the 
consolidated financial statements on pages 120 to 138 sets out the principal risks to 
which Conduit is exposed, including reinsurance risk, market risk, liquidity risk, credit 
risk, operational risk and strategic risk, together with Conduit’s policies for monitoring, 
managing and mitigating its exposures to these risks. As part of the consideration of the 
appropriateness of adopting the going concern basis, Conduit uses stress and scenario 
analysis, and testing, to assess the robustness of Conduit’s solvency and liquidity positions. 
To make the assessment, Conduit analysed and tested a number of scenarios individually 
and in combination, including applying reverse stress tests. The Board considers an 
aggregated occurrence of all these scenarios to be remote and that under the assessed 
scenarios Conduit remained adequately capitalised.
The Audit Committee also considered a formal going concern analysis from management 
at its November 2024 meeting (for further details, see page 61 in the Audit Committee 
Report).
After reviewing Conduit’s strategy, budgets and medium-term plans, and subject to 
the principal risks faced by the business, the Board has a reasonable expectation that 
Conduit has adequate resources to continue in operational existence through the period 
to 31 December 2025. For this reason, the Board continues to adopt the going concern 
basis in preparing the accounts.
97
Directors' report continued
 

Disclosure of information to the auditors
Each of the persons who is a Director at the date of approval of this Annual Report and 
Accounts confirms that:
•
so far as the Director is aware, there is no relevant audit information of which the 
Company's auditors are unaware; and
•
the Director has taken all the steps that he or she ought to have taken as a Director 
in order to make himself or herself aware of any relevant audit information and 
to establish that the Company's auditors are aware of that information.
Auditors
KPMG Audit Limited has expressed its willingness to remain in office and the Audit 
Committee has recommended its reappointment to the Board.
A resolution to reappoint the auditors and to authorise the Directors to determine their 
remuneration will be proposed at the Company's AGM.
Powers of Directors
The powers given to the Directors are contained in the Company’s bye-laws and are 
subject to relevant legislation and, in certain circumstances (including in relation to the 
issuing and buying back by Conduit of its shares), approval by shareholders in a general 
meeting. 
At the AGM in 2024, the Directors were granted authorities to allot and issue shares and to 
make market purchases of shares and intend to seek renewal of these authorities in 2025. 
Appointment and replacement of Directors
The appointment and replacement of Directors is governed by the Company's bye-laws 
and the Bermuda Companies Act 1981 and related legislation. In accordance with The UK 
Code, all Directors will stand for annual re-election.
Annual General Meeting
The 2025 AGM will be held at 10:00 a.m. Bermuda Time on Wednesday, 14 May 2025 
at Conduit’s headquarters at Ideation House, 94 Pitts Bay Road, Pembroke, Bermuda. 
The Notice of the AGM will be sent to shareholders in a separate circular. The deadline 
for submission of proxies will be 20 hours before the meeting.
Approved by the Board of Directors and signed on behalf of the Board
Greg Lunn
Company Secretary 
26 February 2025
98
Directors' report continued
 

The Board is responsible for preparing the Annual Report and Conduit’s consolidated 
financial statements in accordance with applicable law and regulations. Our responsibilities 
include ensuring that the Company maintains proper accounting records which disclose 
with reasonable accuracy the financial position of the Company and that the financial 
statements present a fair view for each financial period.
Legislation in Bermuda governing the preparation and dissemination of the consolidated 
financial statements may differ from legislation in other jurisdictions.
Directors’ confirmations
We confirm that we consider the Annual Report and Accounts, taken as a whole, is fair, 
balanced and understandable, and provides the information necessary for shareholders to 
assess the Company’s and Conduit’s position, performance, business model and strategy.
Further, we confirm that to the best of our knowledge:
•
the consolidated annual financial statements are prepared on a going concern basis 
in accordance with IFRS as issued by the IASB. Conduit’s management determine 
appropriate measurement bases, to provide the most useful information to users of the 
consolidated financial statements, providing a true and fair view of the assets, liabilities, 
financial position and profit or loss of Conduit; and
•
the Strategic Report on pages 2 to 38 which serves as the management report, includes 
a fair review of the development and performance of the business and position and the 
undertakings included in the consolidation taken as a whole, together with a description 
of the principal risks and uncertainties they face.
The audited consolidated financial statements were approved for issue on 26 February 
2025 and the Directors responsible for authorising the responsibility statement on behalf 
of the Board are:
Trevor Carvey 
Elaine Whelan
Executive Director  
Executive Director
and CEO  
and CFO
26 February 2025
26 February 2025
99
Directors' Responsibilities Statement
 

100
 
Financial
Statements
In this section:
101
Independent Auditor's Report
107
Consolidated statement of 
comprehensive income
108
Consolidated balance sheet
109
Consolidated statement of changes 
in shareholders' equity
110
Statement of consolidated cash flows
111
Notes to the consolidated 
financial statements
163
Additional performance measures 
166
Glossary
170
Advisers and contact information
KPIs
For more explanation and calculation 
methodology on our additional 
performance measures go to page 163.
Risk disclosure
Find out more about the nature and 
extent of our principle risks on page 120.

KPMG Audit Limited
Telephone
+1 441 295 5063
Crown House
Fax
+1 441 295 9132
4 Par-la-Ville Road
Internet
www.kpmg.bm
Hamilton
HM 08
Bermuda
Independent Auditor's report
To the Shareholders and Board of Directors of Conduit Holdings Limited
Report on the audit of the Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of Conduit Holdings Limited (the 
“Company”) and its subsidiaries (the “Group”), which comprise the consolidated balance 
sheet as at 31 December 2024, the consolidated statements of comprehensive income, 
changes in shareholders' equity and cash flows for the year then ended, and notes, 
comprising material accounting policies and other explanatory information.
In our opinion, the accompanying consolidated financial statements present fairly, in all 
material respects, the consolidated financial position of the Group as at 31 December 2024, 
and its consolidated financial performance and its consolidated cash flows for the year then 
ended in accordance with International Financial Reporting Standards (IFRS) Accounting 
Standards as issued by the International Accounting Standards Board (IFRS Accounting 
Standards).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing 
(ISAs). Our responsibilities under those standards are further described in the Auditor’s 
responsibilities for the audit of the Consolidated Financial Statements section of our report. 
We are independent of the Group in accordance with the International Ethics Standards 
Board for Accountants' International Code of Ethics for Professional Accountants 
(including International Independence Standards) (IESBA Code) together with the ethical 
requirements that are relevant to our audit of the consolidated financial statements in 
Bermuda, and we have fulfilled our other ethical responsibilities in accordance with these 
requirements and the IESBA Code. We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most 
significance in our audit of the consolidated financial statements of the current period. 
These matters were addressed in the context of our audit of the consolidated financial 
statements as a whole, and in forming our opinion thereon, and we do not provide 
a separate opinion on these matters.
101
Independent Auditor's report
 

Valuation of components of the liability for incurred claims ('LIC')
(2024: Reinsurance contract liabilities include a liability for incurred claims of $978.0 million, $936.8 million net of ceded asset for incurred claims.
2023: Liability for incurred claims of $592.2 million, $549.6 million net of ceded asset for incurred claims)
Refer to the Audit committee report on pages 57 – 62 and the following in the notes to the consolidated financial statements: note 2 ‘Material accounting policies’, 
note 3 ‘Risk disclosures’ and note 14 ‘Reinsurance contracts’.
102
Independent Auditor's report
continued
 

The risk
Our response
A significant estimate made by management is the estimation of the LIC. The LIC is 
derived from the estimated fulfilment cash flows relating to outstanding claims and claim 
expenses already incurred but not yet paid and incurred but not reported losses (IBNR). 
In addition, an explicit risk adjustment for non financial risk is applied. Estimates of future 
cash flows for incurred claims are discounted on initial recognition and then re-measured 
to current rates as at the reporting date.
Subjective valuation
The valuation of the LIC is a complex process which incorporates a significant amount 
of judgement with high estimation uncertainty in setting assumptions such as initial 
expected loss and loss adjustment expense ratios (loss ratios), claim development 
patterns, estimates for large loss events and catastrophe (CAT) events and a risk 
adjustment.
Amounts recoverable from reinsurers are estimated using the same methodology and 
judgements as for the underlying liabilities.
Cash flows for IBNR reserves are estimated initially using expected loss ratios which are 
selected based on information derived by the Group’s underwriters and actuaries during 
the initial pricing of the business. The estimates used may be revised as additional 
experience or other data becomes available. As actual loss information is reported, and 
the Group develops its own loss experience, management will use various actuarial 
methods as well as a combination of management’s judgement and experience, historical 
reinsurance industry loss experience and estimates of pricing adequacy trends to estimate 
cash flows for IBNR.
As such, we determined that the LIC has a higher degree of estimation uncertainty 
specifically around the estimation of IBNR.
Our procedures included:
Control design and implementation:
•
We evaluated the design and implementation of the Group’s key controls regarding 
review and approval of the LIC. We performed the tests below rather than seeking 
to rely on any of the Group’s controls because the nature of the balance is such 
that we would expect to obtain audit evidence primarily through the detailed 
procedures described.
Assessing valuer’s credentials:
•
We evaluated the competence, capabilities and objectivity of the Group’s internal 
and independent experts;
•
We (together with our own valuation specialists) performed enquiries of these experts 
to understand their processes and models.
Assessment of assumptions and methodology:
•
We used our own valuation specialists in assessing and challenging the 
reasonableness of the methods and assumptions utilised by the Group’s experts 
(on a gross and net of ceded reinsurance basis) – including the assessment of 
selected loss ratios, claim development patterns, reserves held for specific large 
loss and catastrophe (CAT) events and the risk adjustment applied. 
Assessing observable inputs:
•
On a sample basis, we agreed the underlying data utilised in the actuarial analyses 
to accounting records. 
•
We agreed a sample of cedant CAT loss estimates to supporting documentation 
as these formed the basis of reserving for certain CAT events.
Assessing transparency:
•
We evaluated the adequacy of the Group’s disclosures on the LIC in accordance with 
the requirements of relevant accounting standards.
103
Independent Auditor's report
continued
 

In our previous audit report, we identified a key audit matter related to the estimation 
uncertainty of proportional business insurance revenue. We continue to perform 
procedures on this estimate. However, based on our risk assessment, we have not 
assessed this as one of the most significant risks of material misstatement in our current 
year audit and, therefore, this is not separately identified in our report this year.
Other information
Management is responsible for the other information. The other information comprises the 
Annual Report, but does not include the consolidated financial statements and our auditor’s 
report thereon. Except as described in the Report on Other Legal and Regulatory 
Requirements section of our report, our opinion on the consolidated financial statements 
does not cover the other information and we do not express any form of assurance 
conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility 
is to read the other information and, in doing so, consider whether the other information 
is materially inconsistent with the consolidated financial statements or our knowledge 
obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material 
misstatement of this other information, we are required to report that fact. We have 
nothing to report in this regard.
Responsibilities of management and those charged with governance for the 
consolidated financial statements
Management is responsible for the preparation and fair presentation of the consolidated 
financial statements in accordance with IFRS Accounting Standards and for such internal 
control as management determines is necessary to enable the preparation of consolidated 
financial statements that are free from material misstatement, whether due to fraud 
or error.
In preparing the consolidated financial statements, management is responsible for 
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, 
matters related to going concern and using the going concern basis of accounting unless 
management either intends to liquidate the Group or to cease operations, or has no 
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial 
reporting process.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial 
statements as a whole are free from material misstatement, whether due to fraud or error, 
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high 
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs 
will always detect a material misstatement when it exists. Misstatements can arise from 
fraud or error and are considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users taken on the basis 
of these consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and 
maintain professional skepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the consolidated financial 
statements, whether due to fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is sufficient and appropriate 
to provide a basis for our opinion. The risk of not detecting a material misstatement 
resulting from fraud is higher than for one resulting from error, as fraud may involve 
collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design 
audit procedures that are appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the Group’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness 
of accounting estimates and related disclosures made by management.
•
Conclude on the appropriateness of management’s use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material uncertainty 
exists related to events or conditions that may cast significant doubt on the Group’s 
104
Independent Auditor's report
continued
 

ability to continue as a going concern. If we conclude that a material uncertainty exists, 
we are required to draw attention in our auditor’s report to the related disclosures in 
the consolidated financial statements or, if such disclosures are inadequate, to modify 
our opinion. Our conclusions are based on the audit evidence obtained up to the date 
of our auditor’s report. However, future events or conditions may cause the Group to 
cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the consolidated financial 
statements, including the disclosures, and whether the consolidated financial 
statements represent the underlying transactions and events in a manner that achieves 
fair presentation.
We communicate with those charged with governance regarding, among other matters, 
the planned scope and timing of the audit and significant audit findings, including any 
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied 
with relevant ethical requirements regarding independence, and communicate with them 
all relationships and other matters that may reasonably be thought to bear on our 
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those 
matters that were of most significance in the audit of the consolidated financial statements 
of the current period and are therefore the key audit matters. We describe these matters in 
our auditor’s report unless law or regulation precludes public disclosure about the matter 
or when, in extremely rare circumstances, we determine that a matter should not be 
communicated in our report because the adverse consequences of doing so would 
reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
Directors’ remuneration report
The Group voluntarily prepares an annual report on remuneration in accordance with the 
provisions of the United Kingdom (UK) Companies Act 2006. The Directors have engaged 
us to audit the part of the annual report on remuneration specified by the UK Companies 
Act 2006 to be audited as if the Company were a UK registered company.
In our opinion the part of the Directors’ Remuneration Report to be audited has been 
properly prepared in accordance with the UK Companies Act 2006, as if those 
requirements applied to the Company.
Corporate governance statement
We have been engaged to review the part of the corporate governance statement on 
pages 48 to 52 relating to the Group’s compliance with the provisions of the UK Corporate 
Governance Code that would be specified by the Listing Rules of the UK’s Financial 
Conduct Authority for our review if the Group had an Equity Shares (Commercial 
Companies) (ESCC) category listing on the London Stock Exchange. We have nothing to 
report in this respect.
In addition, the Directors have engaged us to review their statements on going concern 
and the longer-term viability on page 97 as if the Company was a UK registered company 
with an ESCC listing on the London Stock Exchange. Our review was substantially less in 
scope than an audit and only consisted of making inquiries and considering the Directors’ 
process supporting their statements.
Based on the knowledge we acquired during our audit of the consolidated financial 
statements, we have nothing material to add or draw attention to in relation to:
•
the directors’ confirmation within the longer-term viability statement on page 97 that 
they have carried out a robust assessment of the emerging and principal risks facing 
the Group, including those that would threaten its business model, future performance, 
solvency or liquidity;
105
Independent Auditor's report
continued
 

•
the directors’ explanation in the longer-term viability statement page 97 as to how they 
have assessed the prospects of the Group, over what period they have done so and 
why they consider that period to be appropriate, and their statement as to whether 
they have a reasonable expectation that the Group will be able to continue in operation 
and meet its liabilities as they fall due over the period of their assessment, including any 
related disclosures drawing attention to any necessary qualifications or assumptions.
•
the related going concern statement made in conformity with the Listing Rules set out 
on page 97.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company’s shareholders and Board of Directors, as a 
body. Our audit work has been undertaken so that we might state to the Company’s 
shareholders and Board of Directors those matters we are required to state to them in an 
auditor’s report and the further matters we are required to state to them in accordance 
with the terms agreed with the Company and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone other than the 
Company’s shareholders and Board of Directors, as a body, for our audit work, for this 
report, or for the opinion we have formed.
The Engagement Partner on the audit resulting in this independent auditor’s report 
is James Berry.
Chartered Professional Accountants
Hamilton, Bermuda
26 February 2025
106
Independent Auditor's report
continued
 

Notes
2024
$m
2023
$m
Reinsurance revenue
4, 14  
813.7  
633.0 
Reinsurance service expenses
4, 14  
(591.4)  
(377.0) 
Ceded reinsurance expenses
4, 14, 21  
(93.7)  
(76.7) 
Ceded reinsurance recoveries
4, 14  
3.0  
4.3 
Reinsurance service result
4, 14  
131.6  
183.6 
Net investment income
5  
65.0  
41.3 
Net realised gains (losses) on investments
5  
0.1  
(1.3) 
Net unrealised gains (losses) on investments
5, 12  
1.0  
30.6 
Net investment result
5  
66.1  
70.6 
Net reinsurance finance income (expense)
4, 6, 14  
(30.8)  
(32.8) 
Net foreign exchange gains (losses)
 
(2.2)  
1.4 
Net reinsurance and financial result
 
164.7  
222.8 
Equity-based incentive expense
7, 18  
(7.1)  
(2.5) 
Other operating expenses
4, 7, 8, 15, 21  
(30.8)  
(28.3) 
Results of operating activities
 
126.8  
192.0 
Financing costs
9, 16  
(1.2)  
(1.2) 
Total comprehensive income for the year
 
125.6  
190.8 
Earnings per share
Basic
20
$0.80
$1.19
Diluted
20
$0.79
$1.19
107
Consolidated statement of comprehensive income
For the year ended 31 December 2024
 

Assets
Cash and cash equivalents
11, 16  
313.2  
199.8 
Accrued interest receivable
 
12.4  
8.5 
Investments
12, 13, 16  
1,526.3  
1,238.4 
Ceded reinsurance contract assets
14  
48.9  
42.7 
Other assets
21  
4.0  
4.7 
Right-of-use lease assets
15  
1.4  
2.1 
Total assets
 
1,906.2  
1,496.2 
Liabilities
Reinsurance contract liabilities
14  
834.5  
494.5 
Other payables 
 
18.9  
12.0 
Lease liabilities
15  
1.6  
2.3 
Total liabilities
 
855.0  
508.8 
Notes
2024
$m
2023
$m
Shareholders' equity
Share capital
17  
1.7  
1.7 
Own shares
17  
(40.6)  
(32.9) 
Other reserves
18  
1,065.0  
1,059.6 
Retained earnings (loss)
 
25.1  
(41.0) 
Total shareholders' equity
 
1,051.2  
987.4 
Total liabilities and shareholders' equity
 
1,906.2  
1,496.2 
Notes
2024
$m
2023
$m
The consolidated financial statements were approved by the Board of Directors on 
26 February 2025 and signed on its behalf by:
Trevor Carvey 
Elaine Whelan
CEO 
CFO
108
Consolidated balance sheet
As at 31 December 2024
 

Notes
Share capital
$m
Own shares
$m
Other reserves
$m
Retained 
earnings (loss)
$m
Total 
shareholders' 
equity
$m
Balance as at 1 January 2023
 
1.7  
(20.1)  
1,058.1  
(172.5)  
867.2 
Total comprehensive income for the year
 
–  
–  
–  
190.8  
190.8 
Distributions by EBT
17, 18, 21  
–  
0.9  
(1.0)  
–  
(0.1) 
Purchase of own shares
17, 21  
–  
(13.7)  
–  
–  
(13.7) 
Dividends on common shares
17  
–  
–  
–  
(59.3)  
(59.3) 
Equity-based incentive expense
7, 18  
–  
–  
2.5  
–  
2.5 
Balance as at 31 December 2023
17, 18  
1.7  
(32.9)  
1,059.6  
(41.0)  
987.4 
Total comprehensive income for the year
 
–  
–  
–  
125.6  
125.6 
Distributions by EBT
17, 18, 21  
–  
1.7  
(1.7)  
–  
– 
Purchase of own shares
17, 21  
–  
(9.4)  
–  
–  
(9.4) 
Dividends on common shares
17  
–  
–  
–  
(59.5)  
(59.5) 
Equity-based incentive expense
7, 18  
–  
–  
7.1  
–  
7.1 
Balance as at 31 December 2024
17, 18  
1.7  
(40.6)  
1,065.0  
25.1  
1,051.2 
109
Consolidated statement of changes in shareholders’ equity
For the year ended 31 December 2024
 

Cash flows from operating activities
Comprehensive income
 
125.6  
190.8 
Depreciation
15  
1.1  
0.7 
Write-off of intangible asset
 
–  
1.4 
Interest expense on lease liabilities
9, 15  
0.1  
0.1 
Net investment income
5  
(65.3)  
(42.4) 
Net realised (gains) losses on investments
5  
(0.1)  
1.3 
Net unrealised (gains) losses on investments
5, 12  
(1.0)  
(30.6) 
Net unrealised foreign exchange (gains) losses
 
1.5  
(1.2) 
Equity-based incentive expense
7, 18  
7.1  
2.5 
Change in operational assets and liabilities
– Reinsurance assets and liabilities
 
337.1  
184.0 
– Other assets and liabilities
 
1.2  
2.8 
Net cash flows from operating activities
 
407.3  
309.4 
Cash flows used in investing activities
Purchase of investments
 
(736.3)  
(541.5) 
Proceeds on sale and maturity of investments
 
462.2  
356.5 
Interest received
 
55.1  
37.0 
Purchase of property, plant and equipment
 
(0.7)  
(0.7) 
Net cash flows used in investing activities
 
(219.7)  
(148.7) 
Notes
2024
$m
2023
$m
Cash flows used in financing activities
Lease liabilities paid
15  
(0.8)  
(0.7) 
Dividends paid
17  
(59.5)  
(59.3) 
Purchase of own shares
17  
(9.4)  
(13.7) 
Distributions by EBT
17  
–  
(0.1) 
Net cash flows used in financing activities
 
(69.7)  
(73.8) 
Net increase in cash and cash equivalents
 
117.9  
86.9 
Cash and cash equivalents at the beginning 
of the year
11  
199.8  
112.9 
Effect of exchange rate fluctuations on cash and 
cash equivalents
 
(4.5)  
– 
Cash and cash equivalents at end of year
11  
313.2  
199.8 
Notes
2024
$m
2023
$m
110
Statement of consolidated cash flows
For the year ended 31 December 2024
 

1.
General information
CHL was incorporated under the laws of Bermuda on 6 October 2020 and, on 7 December 
2020, all of its common shares of par value $0.01 per share were admitted to the standard 
listing segment of the Official List of the UK Financial Conduct Authority and admitted to 
trading on the LSE’s main market for listed securities. CHL’s registered office is Clarendon 
House, 2 Church Street, Hamilton HM 11, Bermuda. CHL's consolidated financial statements 
as at, and for the year ended 31 December 2024 include the Company's subsidiaries. The 
principal activity of Conduit is to provide reinsurance products and services to its clients 
worldwide.
A full listing of Conduit's related parties can be found in note 21.
2.
Summary of material accounting policies
The basis of preparation, use of judgements and estimates, consolidation principles and 
material accounting policies adopted in the preparation of these consolidated financial 
statements are set out below. Excluding percentages, share and per share data or where 
otherwise stated, all amounts in tables and narrative disclosures are in millions of US 
dollars.
Basis of preparation
These consolidated financial statements are prepared on a going concern basis in 
accordance with IFRS as issued by the IASB, and the DTR issued by the Financial Conduct 
Authority, and are prepared on a historical cost basis, except for items measured at fair 
value as disclosed in the relevant accounting policies. In accordance with the requirements 
of IAS 1, the financial statements’ assets and liabilities have been presented in order of 
liquidity, which provides information that is more reliable and relevant for a financial 
institution.
In the course of preparing these consolidated financial statements, no judgements have 
been made in the process of applying Conduit’s accounting policies, other than those 
involving estimations as noted in the ‘Use of judgements and estimates’ section, that have 
had a significant effect on amounts recognised in these consolidated financial statements.
Going concern
The consolidated financial statements of Conduit have been prepared on a going concern 
basis. In assessing Conduit's going concern position as at 31 December 2024, the Board 
have considered a number of factors, including the current balance sheet position and 
Conduit’s strategic and financial plan, taking account of possible changes in trading 
performance and funding retention, stress testing and scenario analysis. Conduit’s 
capital ratios and its capital resources are comfortably in excess of regulatory solvency 
requirements, and internal stress testing indicates Conduit can withstand severe economic 
and competitive stresses.
As a result of the assessment, the Board has a reasonable expectation that Conduit has 
adequate resources to continue in operational existence for the foreseeable future and 
therefore believe that Conduit is well placed to manage its business risks successfully. 
Accordingly, Conduit continues to adopt the going concern basis in preparing the 
consolidated financial statements.
Changes in accounting policies and new standards
There were no new standards that became effective in the year ended 31 December 2024 
that have had a material impact on Conduit.
Future accounting changes
No standards or interpretations have been issued that are expected to have a material 
effect on Conduit’s financial position, presentation or disclosure. IFRS 18, Presentation and 
Disclosure in Financial Statements, will replace IAS 1, Presentation of Financial Statements, 
and applies to reporting periods beginning on or after 1 January 2027. IFRS 18 will 
require entities to classify all income and expenses on the consolidated statement of 
comprehensive income into operating, investing and financing activities, disclose in a single 
note management-defined performance measures, and provide enhanced guidance on how 
to group information in the financial statements. Conduit is in the process of assessing the 
impact that the new standard will have on its presentation and disclosure requirements, 
but does not currently expect any material changes. 
111
Notes to the consolidated financial statements
For the year ended 31 December 2024
 

Use of judgements and estimates
The preparation of financial statements in conformity with IFRS requires Conduit to make 
judgements and estimates that affect the reported and disclosed amounts at the balance 
sheet date, revenues and expenses during the reporting period and the associated financial 
statement disclosures. All estimates are based on management’s knowledge of current 
facts and circumstances, assumptions based on that knowledge and their prediction of 
future events. Actual results may differ significantly from the estimates made.
The most significant estimates made by management are in relation to the liability for 
incurred claims and associated ceded reinsurance recoveries, as discussed in note 3 and 
note 14.
Less significant estimates are made in determining the estimated fair value of certain 
financial instruments, as discussed in note 3 and note 12.
In addition, some management judgement is exercised in determining the total premium 
cash flows expected to be received from reinsurance contracts that are used to determine 
the amount of reinsurance revenue recognised in the period.
While not significant, estimates are also used in the estimated fair value of the MIP as 
discussed in note 7.
Consolidation principles
These consolidated financial statements comprise the financial statements of CHL and its 
subsidiaries as at and for the year ended 31 December 2024. Subsidiaries are those entities 
that are controlled by Conduit and are fully consolidated from the date on which Conduit 
obtains control and continue to be consolidated until the date when such control ceases. 
Control is achieved when Conduit is exposed, or has rights, to variable returns from its 
involvement with the subsidiary and has the ability to affect those returns through its 
power over the subsidiary.
Intragroup balances and transactions are eliminated in preparing the consolidated financial 
statements. Subsidiaries’ accounting policies are consistent with Conduit’s 
accounting policies.
Foreign currency
The functional currency, which is the currency of the primary economic environment in 
which Conduit operates, is US dollars. Items included in the financial statements of each 
entity are measured using the functional currency. These consolidated financial statements 
are presented in US dollars.
Foreign currency transactions are recorded in the functional currency for each entity 
using the exchange rates prevailing at the dates of the transactions. Monetary assets and 
liabilities denominated in foreign currencies are revalued at period end exchange rates. 
The resulting foreign exchange differences on revaluation are recorded in the consolidated 
statement of comprehensive income within net foreign exchange gains (losses). Non-
monetary assets and liabilities denominated in a foreign currency are carried at historic 
rates. Non-monetary assets and liabilities carried at estimated fair value and denominated 
in a foreign currency are translated at the exchange rate at the date the fair value 
was determined.
Reinsurance contracts
IFRS 17 sets out the classification, measurement and presentation and disclosure 
requirements for reinsurance contracts. It requires reinsurance contracts to be measured 
using current estimates and assumptions that reflect the timing of cash flows and 
recognition of profits as insurance services are delivered. The standard provides two main 
measurement models which are the General Measurement Model (GMM) and the Premium 
Allocation Approach (PAA).
The PAA simplifies the measurement of reinsurance contracts for remaining coverage, or 
pre-claims, in comparison to the GMM. The GMM is used for the measurement of the liability 
for incurred claims.
112
Notes to the consolidated financial statements
continued
 

PAA eligibility
Under IFRS 17, Conduit’s reinsurance contracts issued and ceded reinsurance 
contracts held are all eligible to be measured by applying the PAA, due to meeting 
the following criteria:
•
Loss-occurring reinsurance contracts with coverage period of one year or less are 
automatically eligible; and
•
Modelling of risk-attaching contracts or contracts with a coverage period greater than 
one year produces a measurement for the group of reinsurance contracts that does 
not differ materially from that which would be produced applying the GMM.
Classification
Contracts that transfer significant reinsurance risk at the inception of the contract are 
accounted for as reinsurance contracts. Contracts purchased and held by Conduit under 
which it transfers significant reinsurance risk to a counterparty are accounted for as 
ceded reinsurance contracts. Contracts that do not transfer significant reinsurance risk 
are accounted for as investment contracts. Reinsurance risk is transferred when a reinsurer 
agrees to compensate a policyholder if a specified uncertain future event adversely affects 
the policyholder.
Conduit’s accounting policies apply to both reinsurance contracts issued and ceded 
reinsurance contracts held unless explicitly referenced as applying to contracts issued 
or ceded only. Conduit writes both excess of loss and proportional (also known as quota 
share or pro-rata) reinsurance contracts. The type of contract impacts the recognition 
of reinsurance revenue. Contract types are discussed on page 115.
Separating components from reinsurance contracts
IFRS 17 distinguishes three components that, if embedded in a reinsurance contract, 
should be bifurcated, and accounted for separately. These are:
•
Cash flows relating to embedded derivatives that are required to be separated;
•
Cash flows relating to distinct investment components; and
•
Promises to transfer distinct goods or distinct non-insurance services.
IFRS 17 then applies to all remaining components of the contract. Conduit does not 
have any contracts containing non-insurance components that require separation. 
Where contracts contain multiple reinsurance components that meet the requirements 
for separation, these are separated and accounted for as standalone contracts.
Some reinsurance contracts issued contain profit-sharing arrangements, such as profit 
commissions and no claims bonuses. Under these arrangements, there is a minimum 
guaranteed amount that the policyholder will always receive either in the form of profit 
commission, or as reimbursement for claims, or another contractual payment, irrespective 
of the insured event happening. These are typically considered non-distinct investment 
components. Non-distinct investment components are not separated from the reinsurance 
contract as they are closely interrelated to the measurement of the reinsurance contract. 
However, the impact of the non-distinct investment components are excluded from the 
consolidated statement of comprehensive income by adjusting reinsurance revenue and 
reinsurance service expenses by the minimum amount due. There is no impact to the 
reinsurance service result as there is an equal reduction to both revenue and expenses. 
Level of aggregation
Conduit manages reinsurance contracts issued by class of business within an operating 
segment. Classes of business are aggregated into portfolios of contracts that are subject 
to similar risks. Contracts within each portfolio are grouped into groups of contracts that 
are issued within a calendar year, the annual cohort, and are (i) contracts that are onerous 
at initial recognition; (ii) contracts that at initial recognition have no significant possibility 
of subsequently becoming onerous; or (iii) a group of remaining contracts. These groups 
represent the level of aggregation at which reinsurance contracts are initially recognised 
and measured. Such groups are not subsequently reconsidered.
Onerous contracts
Under the PAA, it is assumed there are no contracts in the portfolio that are onerous at 
initial recognition, unless there are facts and circumstances that may indicate otherwise. 
Management primarily considers the following to determine whether there are facts and 
circumstances that mean a group of contracts are onerous:
•
Pricing information;
•
Results of similar contracts it has recognised; and
•
External factors, such as a change in market experience or regulations.
113
Notes to the consolidated financial statements
continued
 

If a group of contracts becomes onerous, Conduit increases the carrying amount of the 
liability for remaining coverage to the amount of the fulfilment cash flows with the amount 
of such an increase recognised immediately in reinsurance service expenses. Subsequently, 
Conduit amortises the amount of the loss component by decreasing reinsurance service 
expenses. The loss component amortisation is based on the passage of time over 
the remaining coverage period of contracts within an onerous group. If facts and 
circumstances indicate that the expected profitability of the onerous group during 
the remaining coverage has changed, then Conduit remeasures the loss component 
by reassessing the fulfilment cash flows as required until the loss component is reduced 
to zero.
Where a loss component is expected to be partially or fully recovered by ceded reinsurance 
contracts, the amount of recovery is recognised in ceded reinsurance recoveries.
Recognition
Conduit recognises groups of reinsurance contracts it issues from the earliest of:
•
The beginning of the coverage period of the group of contracts;
•
The date when the first payment from the cedant is due or when the first payment 
is received if there is no due date; or
•
For a group of onerous contracts, the date when facts and circumstances indicate 
that the group is onerous. 
For ceded reinsurance contracts Conduit recognises the group of contracts:
•
If the reinsurance contracts provide proportionate coverage, at the later of the 
beginning of the coverage period of the group, or the initial recognition of the 
underlying covered reinsurance contracts issued; or
•
For non-proportionate coverage, the beginning of the coverage period of the group 
of contracts, unless an onerous group of underlying reinsurance contracts have been 
recognised and the ceded reinsurance contract has been signed before that date.
Modification and derecognition
Conduit derecognises reinsurance contracts when:
•
The rights and obligations relating to the contract are extinguished (meaning 
discharged, cancelled or expired); or
•
The contract is modified such that the modification results in a change in the 
measurement model or the applicable standard for measuring a component of 
the contract, substantially changes the contract boundary, or requires the modified 
contract to be included in a different group. In such cases, Conduit derecognises 
the initial contract and recognises the modified contract as a new contract. When 
a modification is not treated as a derecognition, Conduit recognises amounts paid 
or received for the modification with the contract as an adjustment to the relevant 
liability for remaining coverage.
Contract boundaries
The measurement of a group of reinsurance contracts includes all future cash flows 
expected to arise within the boundary of each contract in the group. Cash flows are within 
the boundary of a reinsurance contract if they arise from substantive rights and obligations 
that exist during the reporting period in which Conduit can compel the cedant to pay 
the premiums, or in which Conduit has a substantive obligation to provide the cedant with 
services. A substantive obligation to provide services ends when Conduit has the practical 
ability to reassess the risks of the cedant and, as a result, can set a price of level of benefits 
that fully reflects those risks. Where Conduit issues multi-year contracts and does not have 
the ability to re-price on each policy anniversary the contract is considered one contract 
and therefore future cash flows from each of the annual periods are considered on 
initial recognition.
For ceded reinsurance contracts the cash flows are within the boundary of the contract 
if Conduit has a substantive right to receive services or if Conduit is compelled to pay 
premiums to the reinsurer. The substantive right to receive services from the reinsurer 
ends when:
•
The reinsurer has the practical ability to reassess the risks transferred to it and can 
set a price of level of benefits that fully reflects those risks; or
•
The reinsurer has a substantive right to terminate the coverage.
114
Notes to the consolidated financial statements
continued
 

Conduit assesses the contract boundary at initial recognition and at each subsequent 
reporting date to include the effects of changes in circumstances on Conduit’s substantive 
rights and obligations. The assessment of the contract boundary, which defines the future 
cash flows that are included in the measurement of the contract, requires judgement and 
consideration of Conduit's substantive rights and obligations. Conduit issues risk-attaching 
reinsurance contracts which provide reinsurance coverage to underlying contracts 
issued within the terms of the contract. While the contracts can have an annual term the 
contract boundary is assessed with consideration of the coverage period of the underlying 
contracts. Contracts that cover claims from underlying contracts within the contract 
period, loss-occurring contracts, are typically annual term. Where contracts contain 
multi-year terms, Conduit exercises judgement on whether provisions within the contract 
allow cancellation or re-pricing at each anniversary of the contract.
Measurement – Liability for remaining coverage
On initial recognition of each group of contracts, the carrying amount of the liability for 
remaining coverage is measured as the premiums received on initial recognition, if any, 
minus any reinsurance acquisition expense cash flows allocated to the group of contracts 
and any amounts arising from the derecognition of the prepaid reinsurance acquisition 
expense cash flows asset. Conduit has chosen not to expense reinsurance acquisition 
expense cash flows on contracts with coverage of one year or less when they are incurred 
in order to apply a consistent treatment of reinsurance acquisition expense cash flows 
for all contracts, regardless of the length of coverage. 
Subsequently, at the end of each reporting period, the liability for remaining coverage is:
•
Increased by any premiums received in the period;
•
Decreased for reinsurance acquisition expense cash flows paid in the period;
•
Decreased for the amounts of expected premium cash flows recognised as reinsurance 
revenue for the services provided in the period;
•
Increased for the amortisation of reinsurance acquisition expense cash flows in the 
period recognised as reinsurance service expenses; and
•
Decreased for any non-distinct investment component paid or transferred to the 
liability for incurred claims.
Conduit has elected not to adjust the liability for remaining coverage for the time value 
of money as its reinsurance contracts do not contain a significant financing component. 
Conduit measures the reinsurance asset for remaining coverage for its ceded reinsurance 
contracts that it holds on the same basis as reinsurance contracts issued, adapted to reflect 
the features that differ between contracts issued versus contracts held. 
Reinsurance revenue recognised in the period is based on the total premium cash flows 
expected to be received over the lifetime of the contract, net of any deductions that are 
paid to the cedant. The amount of total expected revenue from a contract recognised 
in the period is dependent on the type of reinsurance contract, as discussed below. 
Excess of loss contracts
For the majority of excess of loss contracts, expected premium cash flows are assessed 
based on the minimum and deposit or flat premium, as defined in the contract. Subsequent 
adjustments to the minimum and deposit premium are assessed in the period in which 
they are determined. For excess of loss contracts where no deposit is specified in the 
contract, premium cash flows are assessed based on estimates of premiums provided 
by the ceding company. Subsequent adjustments, based on reports of actual premium 
by ceding companies, or revisions in estimates, are assessed in the period in which they 
are determined. For multi-year policies that are payable in annual instalments, where 
the reinsured has the sole ability to cancel, the total expected premium cash flows for all 
annual periods are assessed at the inception of the contract. Where unilateral cancellation 
by the reinsurer exists at each anniversary of the contract the annual periods are assessed 
as separate contracts.
Reinsurance revenue for excess of loss contracts is generally recognised evenly over the 
term of the underlying risk period of the reinsurance contract, except where the period 
of risk differs significantly from the contract period. In these circumstances, reinsurance 
revenue is recognised over the period of risk in proportion to the amount of reinsurance 
protection provided. Where contract terms require the reinstatement of coverage after 
a ceding company’s loss, as the reinstatement is contingent on the loss, the estimated 
mandatory reinstatement premiums are recorded within reinsurance service expenses.
115
Notes to the consolidated financial statements
continued
 

Proportional contracts
Premium cash flows for proportional contracts are assessed based on estimates of ultimate 
premiums provided by the ceding company, supplemented by management's estimates of 
premiums based on its experience with the ceding company, familiarity with each market, the 
timing of the reported information and its understanding of the characteristics of each class 
of business. Initial estimates of premium cash flows are assessed in the period in which the 
contract incepts, or the period in which the contract is bound, if later. Contracts written on a 
‘risks-attaching’ basis cover claims which attach to the underlying reinsurance policy written 
during the term of the respective policy. Reinsurance revenue on such policies generally 
extend beyond the original term of the contract. Subsequent adjustments, based on reports 
of actual premium by the ceding company, or revisions in estimates, are assessed in the 
period in which they are determined.
Reinsurance acquisition expense cash flows
Reinsurance acquisition expense cash flows represent the cash flows that arise from 
the cost of selling and underwriting a group of reinsurance contracts and include:
•
Contract specific costs, such as brokerage;
•
Operating expenses that are incurred in relation to the fulfilment of reinsurance 
contracts; and
•
An allocation of fixed and variable overheads.
Reinsurance acquisition expenses are deferred over the period in which the related 
premiums are earned to the extent they are recoverable out of expected future revenue 
margins and recognised within reinsurance service expenses. 
Commissions that are paid to cedants, such as ceding commissions, are not treated 
as reinsurance acquisition expense cash flows as they do not relate to a service. 
Such commissions are treated as a reduction in the expected premium recognised 
as reinsurance revenue.
Ceded reinsurance expenses
Ceded reinsurance is purchased in the normal course of business to increase capital 
capacity or to limit the impact of individual risk losses and loss events impacting multiple 
cedants, such as natural-catastrophes, or both. Conduit may purchase ceded reinsurance 
on both an excess of loss and a proportional basis, and may supplement this with the use 
of ceded reinsurance cover linked to the issuance of catastrophe bonds or other capital 
market products. Ceded reinsurance premiums are recognised as ceded reinsurance 
expenses in the same manner as reinsurance contracts issued, depending on the terms of 
the contract. Ceding commissions received are deducted from the premium paid that is 
recognised in ceded reinsurance expenses. Other expenses incurred in the placing of ceded 
reinsurance contracts that are in relation to a service by a third party, such as brokerage, 
are recognised in ceded reinsurance expenses.
Measurement – Liability for incurred claims
The liability for incurred claims represents the estimated ultimate cost of settling all 
reinsurance claims arising from events that have occurred up to the end of the reporting 
period, including the operating costs that are expected to be incurred in the course of 
settling such claims, reinstatement premiums on specific loss events, profit commissions 
and similar expenses that are contingent on claims plus a provision for IBNR. The liability 
for incurred claims is derived from the estimated fulfilment cash flows relating to expected 
claims. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and 
supportable information available, without undue cost or effort, about the amount, timing 
and uncertainty of those future cash flows. They also include an explicit adjustment for 
non-financial risk, the risk adjustment. Estimates of future cash flows for incurred claims 
are discounted on initial recognition and then re-measured to current rates as at the 
reporting date.
Cash flows for outstanding losses are estimated initially on the basis of reported losses 
received from cedants. Cash flows for ACRs are determined where management’s 
expectation of the ultimate cost of the reported loss is greater than that reported. 
Estimated cash flows for IBNR may also consist of a provision for additional development 
in excess of losses reported by cedants, as well as a provision for losses which have 
occurred but have not yet been reported by cedants. 
Cash flows for IBNR are estimated initially using expected loss and loss adjustment 
expense ratios which are selected based on information derived by underwriters and 
actuaries during the initial pricing of the business. These estimates are reviewed regularly 
and, as experience develops and new information is received, the cash flows are adjusted 
as necessary. As actual loss information is reported, and Conduit develops its own loss 
experience, management will use various actuarial methods as well as a combination of 
116
Notes to the consolidated financial statements
continued
 

management’s judgement and experience, historical reinsurance industry loss experience 
and estimates of pricing adequacy trends to estimate cash flows for IBNR.
The estimation of the liability for incurred claims is a complex process which incorporates a 
significant amount of judgement. It is reasonably possible that uncertainties in the reserving 
process, delays in cedants reporting losses to Conduit, together with the potential for 
unforeseen adverse developments, could lead to a material change in the liability for 
incurred claims.
Any amounts recoverable from reinsurers are estimated using the same methodology as 
for the underlying losses except for the requirement under IFRS 17 to assess the ceded 
reinsurance recovery cash flows for the effect of any risk of non-performance, including 
expected credit losses. Management monitors the creditworthiness of its reinsurers on an 
ongoing basis and assesses any reinsurance assets for the risk of non-performance, with a 
provision for non-performance risk being recognised as an expense in the period in which 
it is determined.
Presentation of reinsurance contracts
Reinsurance assets and liabilities
The asset or liability for a portfolio of reinsurance contracts is the net position of both the 
liability for remaining coverage and the liability for incurred claims. Whether a portfolio is in 
a liability or asset position is typically impacted by the timing of cash flows received versus 
cash flows paid. Conduit presents separately in the consolidated balance sheet portfolios 
of reinsurance contracts issued and held that are in an asset position and those that are 
in a liability position.
All reinsurance contract assets and liabilities are deemed monetary assets and liabilities 
and are revalued at period end exchange rates.
Reinsurance revenue
Reinsurance revenue in the consolidated statement of comprehensive income is the 
amount of expected premium cash flows, net of any deductions paid to the cedant 
and excluding any non-distinct investment component. Conduit allocates the expected 
premium receipts to each period of coverage on the basis of passage of time or the 
expected risk pattern if it differs significantly from the passage of time. 
Reinsurance service expenses
Reinsurance service expenses in the consolidated statement of comprehensive income 
includes changes in the liability for incurred claims that do not arise from the application 
of discount rates, being recognition and amortisation of any loss components, amortisation 
of reinsurance acquisition expense cash flows and other attributable operating expenses.
Ceded reinsurance income and expenses
Conduit has elected to present the income and expenses from ceded reinsurance contracts 
separately in the consolidated statement of comprehensive income. Ceded reinsurance 
expenses represent the total expected ceded premiums and other amounts, that are not 
contingent on recoveries, payable to Conduit's reinsurers. Conduit recognises ceded 
reinsurance expenses based on the passage of time over the coverage period of a group 
of contracts or expected risk pattern. Income from ceded reinsurance contracts includes 
expected recoveries on incurred claims, changes in expected recoveries related to past 
service, the provision for the effects of changes in risk of reinsurer non-performance plus 
other amounts that are contingent on recoveries, such as ceded profit commissions 
payable to the reinsured.
Net reinsurance finance income (expense)
Reinsurance finance income (expense) includes the changes in the carrying amounts 
of reinsurance and ceded reinsurance assets and liabilities arising from the unwind of 
discount recognised in prior periods and the effects of remeasuring to current discount 
rates plus other financial assumptions. Conduit has elected to disaggregate the changes 
in the risk adjustment for the time value of money and present in net reinsurance finance 
income (expense).
Conduit has chosen not to disaggregate finance income (expense) between other 
comprehensive income (OCI) and comprehensive income.
Financial instruments
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks, money 
market funds, and other short-term highly liquid investments with a maturity of three 
months or less at the date of purchase. Carrying amounts approximate fair value due 
to the short-term nature and high liquidity of the instruments.
117
Notes to the consolidated financial statements
continued
 

Investments
Conduit’s fixed maturity securities portfolio meets the requirements for mandatory 
classification as FVTPL and is carried at estimated fair value in the consolidated balance 
sheet. The classification of financial assets is determined at the time of initial purchase. 
A financial asset is classified at FVTPL if it is held within a business model that is managed 
and evaluated on a fair value basis or if acquired principally for the purpose of selling in 
the short term, or if it forms part of a portfolio of financial assets in which there is evidence 
of short-term profit taking. Presentation of these securities in the FVTPL category is 
consistent with how management monitors and evaluates the performance of these 
securities on a fair value basis.
Regular way purchases and sales of investments are recognised at estimated fair 
value on the trade date, and are subsequently carried at estimated fair value. Balances 
pending settlement are reflected in the consolidated balance sheet in other assets or 
other payables. The estimated fair value of Conduit’s fixed maturity securities portfolio is 
determined based on bid prices from recognised exchanges, broker-dealers, recognised 
indices or pricing vendors. Changes in estimated fair value of investments classified as 
FVTPL are recognised in the consolidated statement of comprehensive income within 
net unrealised gains (losses) on investments.
Investments are derecognised when Conduit has transferred substantially all the risks 
and rewards of ownership. On derecognition of an investment held at FVTPL, previously 
recorded unrealised gains and losses are recycled from net unrealised gains (losses) 
on investments to net realised gains (losses) on investments.
Interest income, amortisation and accretion of premiums and discounts on fixed maturity 
securities are calculated using the effective interest rate method and recognised in net 
investment income. The carrying value of accrued interest income approximates estimated 
fair value due to its short-term nature and high liquidity.
Leases
Conduit recognises a right-of-use asset and a lease liability at the lease commencement 
date. The right-of-use asset is initially measured at cost, which comprises the initial 
measurement of the corresponding lease liability adjusted for any lease payments made 
at or before the commencement date, plus any initial direct costs incurred and an estimate 
of any costs to be incurred at the expiration of the lease agreement.
Right-of-use assets are subsequently measured at cost less accumulated depreciation and 
any impairment losses. Straight-line depreciation is calculated from the commencement date 
of the lease to the earlier of either the end date of the lease term or the useful life of the 
underlying asset.
The lease liability is initially measured at the present value of the future lease payments 
at the lease commencement date. Lease payments are discounted using the interest rate 
implicit in the lease or, if that rate cannot be readily determined, Conduit's incremental 
borrowing rate. Lease payments included in the measurement of the lease liability include 
fixed payments (including in-substance fixed payments) less any lease incentives 
receivable, variable lease payments that depend on an index or a rate, and amounts 
expected to be paid under residual value guarantees.
The lease liability is subsequently measured by increasing the lease carrying amount to 
reflect the interest due on the lease liability using the effective interest rate method and 
reducing the carrying amount to reflect the lease payments made. Conduit re-measures 
the lease liability and the related right-of-use asset whenever there is a change in future 
lease payments arising from a change in index or rate, if Conduit changes its assessment 
of whether it will exercise a purchase, extension or termination option or if there 
is a revised in-substance fixed lease payment.
Right-of-use assets and lease liabilities are presented as separate financial statement line 
items in the consolidated balance sheet.
118
Notes to the consolidated financial statements
continued
 

Employee benefits
Equity-based incentives
Conduit currently operates a MIP under which shares are subscribed for or nil cost 
options are granted. The fair value of the instruments granted is estimated on the date 
of grant. The estimated fair value is recognised as an expense pro-rata over the vesting 
period of the instrument, adjusted for the impact of any non-market vesting conditions. 
No adjustment to vesting assumptions is made in respect of market vesting conditions.
Conduit also operates DSBP and LTIP awards. Under the DSBP, a percentage of each 
employee's bonus is automatically deferred into shares as nil cost options. These nil cost 
awards vest annually in separate equal tranches over a three-year period from the date 
of grant and do not have associated performance criteria attached to the awards. These 
awards accrue dividend equivalents for all dividends declared where the record date falls 
between the grant date and date of exercise, and are paid at the time of exercise.
The LTIP awards are awarded with or without performance criteria attached to the awards. 
These nil cost awards granted to staff vest over a three-year period from the date of grant. 
These awards accrue dividend equivalents for all dividends declared where the record 
date falls between the grant date and date of exercise, and are paid at the time of exercise. 
Refer to note 7 for details of performance criteria attached to certain LTIP awards.
At each balance sheet date, Conduit revises its estimate of the number of instruments 
that are expected to become exercisable. It recognises the impact of the revision of 
original estimates, if any, as equity-based incentive expense in the consolidated statement 
of comprehensive income, and a corresponding adjustment is made to other reserves in 
shareholders’ equity over the remaining vesting period. On exercise, the differences between 
the expense charged to the consolidated statement of comprehensive income and the 
actual cost to Conduit, if any, is transferred to other reserves in shareholders’ equity.
Pensions
Conduit’s pension plans are based on defined contributions or equivalent cash in lieu, 
subject to applicable law and local market standards. On payment of contributions to the 
plans or cash in lieu there is no further obligation to Conduit. Contributions or payments of 
cash in lieu are recognised as employee benefits within other expenses in the consolidated 
statement of comprehensive income in the period when the services are rendered.
Tax
Income tax on the profit or loss for the period comprises current and deferred tax. Current 
tax is the expected tax payable on the taxable income for the year using tax rates enacted 
or substantively enacted at the year-end reporting date and any adjustments to tax 
payable in respect of prior periods.
Deferred tax is provided, using the liability method, on temporary differences arising 
between the tax bases of assets and liabilities and their carrying amounts in the financial 
statements. The amount of deferred tax provided is based on the expected manner of 
realisation or settlement of the carrying amount of the assets and liabilities, using tax rates 
enacted or substantively enacted at the reporting date. Deferred tax assets are recognised 
in the consolidated balance sheet to the extent that it is probable that future taxable profit 
will be available against which the temporary differences can be utilised.
Own shares
Own shares include shares repurchased under share repurchase authorisations and held 
in treasury, plus shares purchased and held in trust, for the purposes of employee equity-
based incentive schemes. Own shares are deducted from shareholders’ equity. No gain 
or loss is recognised on the purchase, sale, cancellation or issue of own shares and any 
consideration paid or received is recognised directly in equity.
Share capital and issuance costs
Shares are classified as shareholders' equity if there is no obligation to transfer cash or 
other financial assets. Transaction costs that are attributable to the issuance of new shares 
are treated as a deduction from equity.
119
Notes to the consolidated financial statements
continued
 

3.
Risk disclosures
Introduction
Conduit is exposed to risks from several sources, classified into six primary risk categories. 
The primary risk categories are: (a) reinsurance risk; (b) market risk; (c) liquidity risk; 
(d) credit risk; (e) operational risk; and (f) strategic risk. These are discussed in detail 
on the following pages. The primary risk to Conduit is reinsurance risk.
The Board is responsible for determining the nature and extent of the principal risks 
Conduit is willing to take in achieving its strategic objectives and should maintain sound 
risk management and internal control systems. To this end, the Board has established 
various committees to support the execution of its responsibilities and has reviewed 
the committee structures at CRL. The Board, and committees thereof, define the risk 
preferences and appetites within which management is authorised to operate.
The risk function is responsible for supporting the Board, and the CRL Board, with the day-
to-day oversight of the risks that Conduit seeks or is exposed to in pursuit of its strategic 
objectives, and the satisfaction of certain regulatory risk management expectations 
relevant to CRL. The framework under which risks are managed contemplates risk appetite 
and tolerance constraints. Risk appetite is prescribed by the Board and is reviewed at least 
annually, with consideration of the financial and operational capacity of Conduit. The use 
of financial capacity in this context relates to calculated or modelled capital requirements, 
based on residual unmitigated risk exposures. Current capital requirements are determined 
by reference to rating agency and regulatory capital requirements.
Day-to-day management of risk is the responsibility of management, operating within the 
defined appetite and tolerances. The risk framework prescribes a standardised approach 
to the management of risk, oversight and challenge by the risk function and independent 
assurance provided by the internal audit function. The risk framework also addresses 
the reporting of risks, emerging risks, risk events and compliance with risk appetite and 
tolerance statements to executive management and the Board, and relevant board 
committees, of CHL and CRL. To ensure transparency and accountability of the business 
for all independent Non-Executive Directors, four Independent Non-Executive Directors 
from the Board have been appointed to the Board of CRL. Furthermore, the Board is 
invited to attend operating entity board level meetings and see all minutes and records 
of such operating entity board and committee meetings.
Climate change
Conduit is exposed to risks associated with climate change but also potential opportunities 
arising from that risk. Risks from climate change can include physical risk and transition 
risk. Physical risks are those relating to the physical impacts of climate change, which can 
be from increased frequency and/or severity of climate-related events, or structural, due 
to longer-term shifts in climate patterns. Transition risks are those relating to the transition 
to a lower carbon economy and include risks such as policy and legal risk, technology risk, 
market risk and reputational risk. The potential financial impact from these risks is mitigated 
by Conduit’s strategic and risk management policies.
Geopolitical and macroeconomic factors
During 2024, an unusually high proportion of the world selected new governments and 
policy decisions and their implications will play out through 2025. 2024 also saw increased 
levels of political unrest globally. The combination of these factors presents ongoing risk 
into 2025, together with uncertainties as to economic policies and the associated impact 
on global trade, interest rates and inflation. 
In Bermuda, we have seen the progressing of legislation to implement the Bermuda 
Corporate Income Tax ('CIT') from 2025 onwards. Conduit does not expect to meet 
the criteria that would make it subject to the tax. If Conduit were to meet the Bermuda 
CIT criteria in the future, it is likely that an exemption will be available for the first five 
years in which the tax would otherwise apply. As CHL, CSL, CML and CRL do not meet 
the qualifying criteria under Bermuda CIT, they continue to benefit from an existing 
undertaking from the Bermuda government which exempts them from all Bermuda 
local income, withholding and capital gains taxes until 31 March 2035.
120
Notes to the consolidated financial statements
continued
 

a.
Reinsurance risk
Conduit underwrites both short-tail and long-tail reinsurance contracts on a worldwide 
basis. These reinsurance contracts transfer insurance risk, including risks exposed to both 
natural and man-made catastrophes, and risk and liability losses. The risk in connection 
with underwriting reinsurance contracts is, in the event of a covered loss, whether the 
premiums will be sufficient to meet the associated loss payments and expenses. The 
underwriters evaluate and estimate the level of premiums sufficient to cover expected 
losses, expenses and profitability through a combination of sophisticated risk modelling 
tools, past experience and knowledge of loss events, current industry trends and broader 
economic indicators. In order to ensure appropriate reinsurance risk selection and limits 
on the concentration and diversification of the aggregate portfolio, Conduit has established 
risk management and internal control systems to evaluate and assess the expected losses 
of each individual contract, class of business, geographic region and the aggregate portfolio.
These controls, include, but are not limited to:
•
A five-year strategic plan is produced that defines the overriding business goals that 
management and the Board aim to achieve;
•
A detailed business plan is produced annually and considers current market conditions 
and the risk-adjusted profitability of the underwriting portfolio;
•
Conduit's internal capital requirements consider the probability and magnitude of 
reinsurance losses varying adversely from the expected losses considered during the 
underwriting and subsequent reserving processes;
•
Forecasts are produced periodically to assess the progress toward the business plan 
and the strategic plan;
•
Each underwriter has a clearly defined limit of underwriting authority;
•
Each contract underwritten is subject to a pre-bind peer review;
•
An underwriting roundtable meeting, typically held daily, where deal flow, pricing and 
opportunities are discussed;
•
Pricing models are used in all areas of the underwriting process and are stored centrally 
in our pricing platform;
•
Risk appetite and tolerance statements have been established and the CRO reports 
quarterly on adherence;
•
A number of modelling tools are used to model catastrophes and calculate the 
associated expected losses; and
•
Outwards reinsurance is purchased to mitigate both frequency and severity of losses, 
and to protect Conduit’s capital base.
121
Notes to the consolidated financial statements
continued
 

Catastrophe management
Certain of Conduit’s classes of business provide coverage for natural catastrophes and are 
subject to seasonal variation and the impacts of climate change. Conduit’s business has 
exposure to large catastrophe losses in North America, Europe and Japan as a result of 
windstorms. The level of windstorm activity, and landfall thereof, during the North 
American, European and Japanese wind seasons may materially impact loss experience. 
The North American and Japanese wind seasons are typically June to November and the 
European wind season November to March. Conduit has exposure to other natural 
catastrophes that can occur throughout the year, such as earthquakes, tsunamis, droughts, 
floods, hail, tornadoes, and wildfires. In addition, Conduit is exposed to risk losses 
throughout the year from perils such as fire, explosion, war, terrorism, political risk, cyber 
and other events, including loss arising from legal liabilities rather than physical damage.
Conduit has defined its appetite and tolerances for risk accumulations and uses models to 
determine the expected frequency and severity of aggregating exposures. Conduit’s most 
significant modelled exposure to any single peril and region combination at the commonly 
reported 100-year and 250-year return periods were to Florida windstorm as at 31 
December 2023 and California earthquake as at 31 December 2024. The table below shows 
the estimated net exposures to these peak zone perils on a first occurrence basis. Net 
positions are calculated by applying relevant reinstatement premiums and outwards 
reinsurance to the respective modelled gross exposures.
2024
2023
As at 31 December
Net
$m
% of 
tangible 
capital
Net
$m
% of 
tangible 
capital
Return Period
Peril
100-year
Florida windstorm
 
43.1 
 4.1%  
92.7 
 9.4% 
250-year
Florida windstorm
 
69.8 
 6.6%  
90.0 
 9.1% 
100-year
California earthquake
 
75.0 
 7.1%  
72.0 
 7.3% 
250-year
California earthquake
 
82.4 
 7.8%  
72.7 
 7.4% 
The table shows modelled estimated net exposure as at 31 December 2024 which reflects 
reduced attachment points to aggregate reinsurance protections resulting from events 
during the year. This has a notable impact on net Florida windstorm exposure. The 31 
December 2023 exposures did not benefit from reductions in the attachment points of 
aggregate reinsurance protections. Any reduction in estimated loss for events that 
happened in 2024 will increase modelled loss shown above.
While modelling is an important tool in assessing exposure and aggregations, the reliability 
of modelling varies by peril and region. Modelling is also dependent on various judgemental 
assumptions and input data provided by cedants, which can vary in precision and accuracy. 
As such actual exposures are likely to vary from those shown. There could also be an 
unmodelled loss which exceeds these figures. The models also contain loss scenarios at 
higher return periods which could cause a larger loss to capital than the modelled 
expectation shown above.
122
Notes to the consolidated financial statements
continued
 

Operating segments
The underwriting business is comprised of three principal divisions: Property, Casualty and Specialty. These divisions are also considered to be Conduit's operating segments. 
Details of each operating segment and reinsurance revenue by geographic region and operating segment are as follows:
2024
2023
Year ended 31 December
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Total
%
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Total
%
US
 
229.2  
101.8  
30.3  
361.3 
 44.4  
198.0  
118.3  
20.6  
336.9 
 53.2 
Worldwide
 
143.6  
57.8  
120.0  
321.4 
 39.5  
101.2  
23.4  
74.7  
199.3 
 31.5 
Europe
 
34.8  
39.4  
22.9  
97.1 
 11.9  
21.7  
28.2  
19.7  
69.6 
 11.0 
Other
 
30.2  
2.8  
0.9  
33.9 
 4.2  
24.3  
1.9  
1.0  
27.2 
 4.3 
Reinsurance revenue
 
437.8  
201.8  
174.1  
813.7 
 100.0  
345.2  
171.8  
116.0  
633.0 
 100.0 
Property reinsurance
Conduit is exposed to large natural-catastrophe losses, such as windstorm and earthquake 
losses, primarily from assuming risks associated with property treaties. Exposure to natural-
catastrophe events is controlled and measured by managing to predefined limits within 
stochastic modelling and deterministic accumulations across classes per geographic 
zone and peril. The accuracy of these analyses is limited by the quality of data and the 
effectiveness of the modelling. It is possible that a catastrophic event significantly exceeds 
the expected modelled event loss.
Natural-catastrophe risk is written across both the US and internationally on an excess of 
loss and capped quota share basis. Reinsurance structures are offered typically in respect 
of peril, geography and probability of activation or exhaustion.
Property per risk treaties are offered with the strategy to minimise natural-catastrophe 
exposure, focusing on fire risk. This is considered by both natural-catastrophe specific 
metrics, treaty conditions and excess of loss structure.
Ceded reinsurance may be purchased to mitigate exposures to large natural-catastrophe 
losses. Ceded reinsurance is typically purchased on an ultimate net loss excess of loss basis, 
however industry loss warranties, catastrophe bonds issuances, or proportional treaty 
arrangements may also be utilised.
Casualty reinsurance
Conduit underwrites a balanced portfolio of casualty classes of business, comprised of both 
excess of loss and proportional contracts, on a worldwide basis.
Casualty claims tend to take longer to be reported and ultimately settled than physical 
damage risks. Conduit typically maintains a liability for incurred claims for casualty classes 
of business over a longer period of time than for the property and specialty classes of 
business where the costs of claims are generally known and settled within a shorter 
time frame.
Conduit will purchase ceded reinsurance to protect against any ‘clash’ between losses 
arising in its casualty portfolio.
123
Notes to the consolidated financial statements
continued
 

The sub-classes of casualty business include directors and officers liability, financial 
institutions liability, general liability for multiple sub-classes and, on an excess and umbrella 
basis, medical malpractice, professional liability and transactional liability. Conduit has 
limited appetite for, and generally avoids, workers compensation, standalone auto and 
cyber treaties.
Directors and officers liability
Directors and officers liability policies offer protection for company managers and directors 
and officers against claims that may arise in the normal course of operations. Coverage 
includes legal expenses and liability to shareholders, bondholders, creditors or others owing 
to actions or omissions by a director or officer of a private or public corporation, or not-for-
profit organisation.
Financial institutions liability
Financial institutions coverage may cover risks such as computer and commercial crime, 
professional indemnity and civil liability.
General liability
General liability commonly provides cover for losses arising from the legal liability of 
an original insured and statutory liability in the case of employers’ liability which result 
in bodily injury or disease to third parties or physical damage to third-party property. 
Conduit offers a wide range of general liability reinsurance products including contractors 
general liability, excess general liability, umbrella, energy and environmental.
Medical malpractice
Medical malpractice reinsurance generally covers professional liability and errors 
and omissions specifically in the healthcare industry, protecting physicians and other 
healthcare professionals against claims of negligent acts or injury of patients under 
their care. Medical malpractice reinsurance does not cover intentional or criminal acts.
Professional liability
Professional liability generally provides coverage for third-party losses resulting from legal 
liability or civil liability or negligence, errors or omissions or wrongful acts arising from the 
provision of, or failure to provide, professional services by an original insured. Sub-classes 
of this business would include lawyers, accountants, architects and engineers, errors and 
omissions, plus miscellaneous professional liability.
Transactional liability
Transactional liability reinsurance is used by parties to various business transactions, 
such as mergers, acquisitions and divestitures, to transfer certain transaction-related risks 
to the reinsurance market. There can be a broad range of risks covered, including warranty, 
litigation, pension and tax uncertainties and employment matters.
Specialty reinsurance
Conduit's specialty classes of business are written on both an excess of loss and 
proportional basis and can provide reinsurance coverage against physical damage 
(short-tail) or against legal liability (long-tail) losses. Although specialty classes of business 
are exposed to natural-catastrophe risk, it is generally to a lesser extent than property 
classes of business. They are more likely to be affected by specific large loss events 
such as accidents, collisions, fires and similar man-made catastrophe events. Specialty 
classes of business are highly diverse in nature and require specific market expertise 
and experience. The specialty classes of business include, but are not limited to, aviation, 
energy, engineering and construction, environmental, marine, renewables, political violence 
and terrorism and are offered on both a specific and a whole account basis.
Conduit purchases ceded reinsurance protection to reduce exposure to both large 
risk losses and an accumulation of smaller claims arising from any one event. Ceded 
reinsurance is typically purchased on an excess of loss basis, but, from time to time, 
proportional arrangements may be entered into.
Aviation
The aviation class of business provides cover to the insurers of airlines, aircraft, airports, 
aircraft manufacturers and aviation related products, and includes cover for the aircraft 
themselves as well as losses arising from passenger and third-party liability claims against 
airlines and/or operators and/or manufacturers.
124
Notes to the consolidated financial statements
continued
 

Energy
The energy class of business provides reinsurance cover for a global spread of accounts 
that includes risks such as downstream energy, midstream energy, upstream energy, 
energy liability, construction and natural perils related coverages such as Gulf of Mexico 
wind and hurricane programmes. Policies typically cover legal liability of an insured and 
property for physical damage (including natural catastrophe), machinery breakdown 
perils and consequential business interruption exposure. Loss limits are set at a level 
commensurate with the modelled estimated maximum loss scenario.
Engineering and construction
The class covers a wide range of products falling under related property and business 
income protection on a worldwide basis. These products include, but are not limited to, 
contractors’ all risks, erection all risks, plant and equipment, machinery breakdown and 
loss of profits. Projects range from small bespoke to large civil engineering constructions. 
The main hazards are fire and explosion, theft, collapse and natural perils such as 
earthquake, windstorm and flood.
Environmental
Environmental products generally provide cover relating to the environmental and energy 
casualty classes with regard to pollution. The related sectors typically include energy, 
construction, and industrial which includes both commercial and residential risks.
Marine
Marine cargo is an international account and covers the reinsurance of commodities or 
goods in transit. Typically, transit cover is provided on an all-risks basis for marine perils 
for the full value of the goods concerned. Static cover is also provided for losses to cargo, 
from both elemental and non-elemental causes. In addition, the cargo account can include 
for example, fine art, vault risks, artwork on exhibition and marine war and terrorism 
business relating to cargo in the ordinary course of transit.
Marine liability commonly provides cover for legal liability for losses arising from 
the operation of marine and offshore related assets including but not limited to the 
reinsurance of the International Group of Protection and Indemnity Clubs, the operation 
and management of ships and vessels, cargo, and marine builders' risks covering the 
building of ocean-going vessels and offshore assets.
The marine hull class generally consists of worldwide coverage spanning physical damage, 
hull and machinery breakdown, loss of hire and mortgagees’ interests for a range of 
maritime vessels from cargo and passenger ships to private pleasure craft. Products 
typically cover both risk and catastrophe exposures.
Renewables
The class covers a wide range of tailored solutions globally. The class includes offshore and 
onshore wind power, ground and rooftop solar power plus bioenergy fuels and associated 
operations. The risks exposed are quite unique, from difficult construction operations to 
installing complex equipment that is routinely exposed to natural hazards. Policies typically 
include cover for physical damage, legal liability, machinery breakdown and business 
interruption for both construction and operational phases.
Political violence and terrorism
Political violence and terrorism coverage is provided for US and worldwide property risks, 
but typically excluding nuclear, chemical, biological and cyber coverage in most territories.
Whole account
Coverage is generally provided on a worldwide basis and covers a broad spectrum of 
the cedants risks under a single policy. The classes of business covered under a whole 
account reinsurance policy can include property, specialty and casualty classes of business 
including commercial and personal automobile, general liability, workers compensation, 
employers liability, excess casualty and umbrella, as well as selected professional 
liability coverage.
Ceded reinsurance
Ceded reinsurance is purchased in the normal course of business to increase capital capacity, 
limit the impact of individual risk losses and loss events impacting multiple cedants (such as 
natural catastrophes, notably earthquakes and named storms), or both. Ceded reinsurance 
may also be purchased from time to time to optimise the risk-adjusted return of Conduit's 
aggregate underwriting portfolio. Conduit may purchase ceded reinsurance on both an 
excess of loss and proportional basis, and may also use reinsurance linked to catastrophe 
bonds or other capital market products. The mix of ceded reinsurance coverage is 
dependent on specific loss mitigation requirements, market conditions and available 
capacity. In certain market conditions, Conduit may deem it more economic to hold capital 
125
Notes to the consolidated financial statements
continued
 

than purchase ceded reinsurance. Ceded reinsurance does not relieve Conduit of its 
obligations to policyholders. Conduit is exposed to reinsurance risk where ceded 
reinsurance contracts put in place to reduce gross reinsurance risk do not perform as 
anticipated, result in coverage disputes or prove inadequate in terms of the limits 
purchased. Failure of a ceded reinsurer to pay a valid claim is considered a credit risk which 
is detailed in the credit risk section below. Ceded reinsurance coverage is not intended to 
be available to meet all potential loss circumstances. Conduit will retain certain losses, as 
the cover purchased is unlikely to transfer the totality of Conduit’s exposure. Any loss 
amount which exceeds the ceded reinsurance coverage purchased would be retained by 
Conduit. Some ceded reinsurance policies have limited reinstatements, therefore the 
number of claims which may be recovered on second, and subsequent loss circumstances 
is limited.
Under Conduit’s ceded reinsurance security policy, ceded reinsurers are assessed and 
approved based on their financial strength ratings, among other factors. These decisions 
are regularly reviewed as an integral part of the business planning and performance 
monitoring process. The management Counterparty Security Committee examines and 
approves all Conduit’s ceded reinsurers to ensure that they possess suitable security.
Fulfilment cash flows
Fulfilment cash flows consist of:
•
The estimates of future cash flows required in the ultimate settlement of claims;
•
An adjustment for the time value of money; and
•
A risk adjustment for non-financial risk
Estimates of future cash flows
A significant and critical judgement and estimate made by management is the estimation 
of future cash flows in relation to ultimate claims settlements. Management estimates, 
in an unbiased way, future cash flows to cover its estimated liability for both reported 
and unreported claims on events that have occurred up to the latest valuation date, 
incorporating all reasonable and supportable information that is available without undue 
cost or effort. Management uses methodologies that calculate a point estimate for the 
ultimate losses, representing management’s best estimate of ultimate future cash flows. 
Conduit estimates the future cash flows by taking outstanding losses, adding an estimate 
for IBNR and, if deemed necessary, ACRs which represent Conduit's estimate for losses 
related to specific contracts that management believes may not be adequately estimated 
by the cedant as at that date.
Liabilities for incurred claims are not permitted until the occurrence of an event which may 
give rise to a claim. As a result, only provisions applicable to losses that have occurred up 
to the reporting date are established, with no allowance for the provision of a contingency 
liability to account for expected future losses or for the emergence of new types of latent 
claims. Claims arising from future events can be expected to require the establishment of 
substantial liabilities from time to time. The estimated timing of the future cash flows is 
determined by applying cash flow payment assumptions to the best estimate of ultimate 
future cash flows. 
The reserving process is dependent on management's judgement and is subject to 
meaningful uncertainty due to both qualitative and quantitative factors, including, 
but not limited to: the nature of the business written, whether it is short-tail or long-tail, 
whether it is excess of loss or proportional, the magnitude and timing of loss events, 
the geographic areas impacted by loss events, time lags in the reporting process from the 
original claimant, limited claims data, policy coverage interpretations, case law, regulatory 
directives, demand surge and inflation, potential uncertainties related to reinsurance and 
ceding company reserving practices, and other factors inherent in the estimation process 
for the net ultimate liability for incurred claims.
The judgements and estimates used in establishing future cash flow calculations may be 
revised as additional experience or other data becomes available. Future cash flows are 
also reviewed as new or improved methodologies are developed and as laws or regulations 
change. Furthermore, as a business operating within a broker market, management must 
rely on loss information reported to brokers by other insurers and their loss adjusters, who 
must estimate their own losses at the policy level, often based on incomplete and changing 
information. The information management receives varies by cedant and may include paid 
losses, estimated case reserves and an estimated provision for IBNR reserves. Additionally, 
reserving practices and the quality of data reporting may vary among ceding companies, 
which adds further uncertainty to management’s estimates of the ultimate losses.
126
Notes to the consolidated financial statements
continued
 

Conduit’s internal actuaries review the assumptions and methodologies on a quarterly 
basis and develop an actuarial best estimate of Conduit’s future cash flows using the 
processes outlined above. The management Reserving Committee reviews the estimate 
for the liability for incurred claims on a quarterly basis. The reserves are subject to a 
semi-annual independent review by Conduit’s external actuaries. The results of the internal 
and independent reserve reviews are presented to the Audit Committee.
Risk adjustment
The risk adjustment for non-financial risk is the compensation that Conduit requires 
for bearing the uncertainty about the amount and timing of the cash flows arising from 
reinsurance contracts. Conduit determines the risk adjustment at the entity level and 
allocates to the groups of reinsurance contracts.
Conduit has estimated the risk adjustment using a margin-based approach. The margins 
are calibrated to a targeted confidence interval range using the BMA BSCR risk framework. 
Conduit expects that the risk adjustment recognised within the fulfilment cash flow will fall 
within the range of the 75th and the 85th percentile, gross and net of ceded reinsurance. 
Conduit estimates that the risk adjustment net of ceded reinsurance corresponds to the 
81st percentile as at 31 December 2024 (31 December 2023: 82nd percentile).
Short-tail versus long-tail
Claims relating to short-tail risks are generally reported more promptly than those relating 
to long-tail risks. The timeliness of reporting can be affected by such factors as the nature 
of the event causing the loss, the location of the loss and whether the losses are from 
policies in force with primary insurers or reinsurers.
Excess of loss versus proportional
For excess of loss contracts, management is aided by the fact that each policy has a 
defined limit of liability arising from one event. Once that limit has been reached, there is no 
further exposure to additional losses from that policy for the same event. For proportional 
business, an initial estimated loss and loss expense ratio is generally used. This is based 
upon information provided by the ceding company and/or their broker and management’s 
historical experience of that treaty, if any, and the estimate is adjusted as actual experience 
becomes known.
b.
Market risk
Conduit is at risk of loss due to movements in market factors. The main market risks 
Conduit was exposed to include:
•
Reinsurance risk;
•
Investment risk; and
•
Currency risk.
Reinsurance risk
Conduit is exposed to reinsurance market risk from several sources, including the following:
•
The advent or continuation of a soft market, which may result in a stabilisation or 
decline in premium rates and/or terms and conditions for certain classes, or across 
all classes;
•
The actions and reactions of key competitors, which may directly result in volatility 
in premium volumes and rates, fee levels and other input costs;
•
Market events, including unusual inflation in rates, may result in a limit in the availability 
of cover, causing political intervention or national remedies;
•
Failure to maintain broker and cedant relationships, leading to a limited or substandard 
choice of risks inconsistent with Conduit’s risk appetite;
•
Changes in laws and regulation, including capital, governance or licensing requirements; 
and
•
Changes in the geopolitical environment.
The most important method to mitigate reinsurance market risk is to maintain strict 
underwriting standards. Conduit manages reinsurance market risk in numerous ways, 
including the following:
•
Reviewing and amending underwriting plans and outlook as necessary;
•
Reducing exposure to, or withdrawing from, market sectors where conditions have 
reached unattractive levels;
•
Purchasing appropriate, cost-effective reinsurance cover to mitigate exposures;
•
Closely monitoring changes in rates, terms and conditions and inflation;
•
Ensuring through rigorous underwriting criteria that surplus capital does not drive 
short-term risk appetite;
•
Holding an underwriting roundtable meeting, typically daily, where deal flow, pricing 
and opportunities are discussed;
127
Notes to the consolidated financial statements
continued
 

•
Holding quarterly management Underwriting Oversight Committee meetings that 
consider matters that include underwriting performance for CRL;
•
Holding an annual strategy review meeting;
•
Holding a quarterly Underwriting Committee board meeting that considers matters 
including underwriting performance for CRL;
•
Holding a quarterly Risk, Capital and Compliance Committee meeting to review 
relevant risk and capital considerations for CRL; and
•
Holding regular meetings with regulators and rating agencies.
Reinsurance finance risk
Estimates of future cash flows for incurred claims are discounted on initial recognition 
and then re-measured to current rates as at each reporting date. Reinsurance liabilities and 
ceded assets for incurred claims are therefore sensitive to the level of market interest rates. 
Interest rate risk on reinsurance contracts is the risk that the value of the future cash flows 
will fluctuate due to changes in market interest rates. Movements in interest rates may lead 
to an adverse impact on the value of Conduit’s reinsurance contract assets and liabilities. 
Conduit manages this risk by monitoring the duration of reinsurance contract cash flows 
and adopting policies regarding asset and liability matching to reduce the volatility arising 
from interest rate movements on assets and liabilities in the consolidated statement of 
comprehensive income.
The total reinsurance contract assets and liabilities exposed to interest rate risk are 
detailed below:
2024
2023
As at 31 December
Note
$m
$m
Ceded asset for incurred claims
14
 
41.2  
42.6 
Liability for incurred claims
14
 
(978.0)  
(592.2) 
Total
 
(936.8)  
(549.6) 
Discount rates
All future cash flows are discounted using yield curves that are adjusted to reflect the characteristics of the cash flows and the liquidity of the reinsurance contracts. Conduit determines 
its discount rates using a bottom-up method of using a risk-free rate, plus an illiquidity premium where applicable. Risk-free rates are determined by reference to the yields published by 
EIOPA for the relevant, material currencies. The illiquidity premium is estimated by reference to observable market corporate bond yields.
The annual spot rates, including illiquidity premium, used for the re-measurement of the net liability for incurred claims as at the balance sheet date are shown below for all portfolios:
2024
2023
As at 31 December
1 year
3 years
5 years
10 years
1 year
3 years
5 years
10 years
USD
 4.68% 
 4.56% 
 4.52% 
 4.57% 
 5.26% 
 4.22% 
 4.00% 
 3.95% 
EUR
 2.74% 
 2.59% 
 2.64% 
 2.77% 
 3.86% 
 2.94% 
 2.82% 
 2.89% 
GBP
 4.96% 
 4.65% 
 4.54% 
 4.57% 
 5.24% 
 4.17% 
 3.86% 
 3.78% 
128
Notes to the consolidated financial statements
continued
 

The sensitivity of Conduit's net reinsurance liability for incurred claims to interest rate 
movements is detailed below, assuming linear movements in interest rates:
2024
2023
As at 31 December
$m
%
$m
%
Immediate shift in yield (basis points)
100
 
25.1  
2.7  
17.4  
3.2 
75
 
18.9  
2.0  
13.1  
2.4 
50
 
12.7  
1.4  
8.7  
1.6 
25
 
6.4  
0.7  
4.4  
0.8 
0
 
–  
–  
–  
– 
-25
 
(6.4)  
(0.7)  
(4.4)  
(0.8) 
-50
 
(12.9)  
(1.4)  
(8.8)  
(1.6) 
-75
 
(19.5)  
(2.1)  
(13.3)  
(2.4) 
-100
 
(26.1)  
(2.8)  
(17.8)  
(3.2) 
Investment risk
Movements in investments resulting from changes in interest and inflation rates, credit 
spreads, and currency exchange rates, among other factors, may lead to an adverse impact 
on the value of Conduit’s investment portfolio.
The Investment Committee of the CRL Board is responsible for all investment-related 
decisions and investment guidelines. The investment guidelines set the parameters within 
which Conduit’s external managers must operate. Important parameters of these guidelines 
include permissible asset classes, duration ranges, credit quality, permitted currency, 
maturity, industry sectors, geographical, sovereign and issuer exposures. Guideline 
compliance is monitored on a monthly basis. The portfolio of fixed maturity securities 
is currently managed by four external managers. Their performance is monitored on an 
ongoing basis. Conduit projects the level of funds required to meet near-term obligations 
and cash flow needs following extreme events in order to ensure adequate liquidity is 
maintained. Conduit also prioritises liquid asset classes with higher credit quality and 
shorter duration so that Conduit can meet reinsurance and other near-term obligations. 
Conduit has split the portfolio into a short-tail mandate, to better match the property and 
specialty classes of business, and a long-tail mandate, to better match the casualty classes 
of business and some aspects of the specialty classes of business. The short-tail mandate 
will be slightly shorter duration than the long-tail mandate.
Conduit reviews the composition, duration and asset allocation of its investment portfolio 
on a regular basis to respond to changes in interest rates and other market conditions. 
If certain asset classes are anticipated to produce a higher return within management’s 
risk tolerance, an adjustment in asset allocation may be made. Conversely, if the risk profile 
is expected to move outside of tolerance levels, adjustments may be made to reduce the 
risks in the portfolio.
Conduit models various periods of significant stress in order to better understand the 
investment portfolio’s risks and exposures. The scenarios represent what could, and most 
likely will, occur – albeit not in the exact form of the scenarios, which are based on historic 
periods of volatility. Conduit also monitors the portfolio impact of more severe scenarios 
consisting of extreme shocks.
Conduit focuses on the most significant risks in its investment portfolio which are interest 
rate risk, credit risk and liquidity risk, and has built stress testing and risk analytics around 
these risks to ensure they are within tolerances and preferences. Conduit seeks to invest in 
issuers with stronger ESG practices on balance, as it believes that this will also help reduce 
risk in the portfolio.
Strategic asset allocation reviews will be undertaken periodically to assess Conduit’s 
overall investment strategy and to consider alternative asset allocations to achieve the best 
risk-adjusted return within Conduit's risk appetite. Any resulting recommendations would 
be approved by the appropriate management committee(s) and reported to the Board. 
The Investment Committee meets quarterly to ensure that the strategic and tactical 
investment actions were consistent with investment risk preferences, appetite, risk and 
return objectives and tolerances. The investment risk tolerances have been incorporated 
into the risk framework.
129
Notes to the consolidated financial statements
continued
 

The investment mix by mandate and sector of Conduit's portfolio of fixed maturity 
securities is as follows:
As at 31 December 2024
Estimated 
fair value 
short-tail
$m
Estimated 
fair value 
long-tail
$m
Estimated 
fair value 
total
$m
Short-term investments
 
29.4  
6.0  
35.4 
US treasuries
 
297.6  
176.5  
474.1 
US agency debt
 
1.9  
2.5  
4.4 
US municipals
 
14.2  
6.5  
20.7 
Non-US government and agency
 
–  
–  
– 
Asset-backed
 
171.6  
39.4  
211.0 
US government agency mortgage-backed
 
63.5  
83.8  
147.3 
Non-agency mortgage-backed
 
22.0  
8.6  
30.6 
Agency commercial mortgage-backed
 
7.0  
–  
7.0 
Non-agency commercial mortgage-backed
 
30.6  
36.1  
66.7 
Corporate
 
311.5  
217.6  
529.1 
Total
 
949.3  
577.0  
1,526.3 
As at 31 December 2023
Estimated 
fair value 
short-tail
$m
Estimated 
fair value 
long-tail
$m
Estimated 
fair value 
total
$m
Short-term investments
 
42.0  
4.7  
46.7 
US treasuries
 
230.0  
113.9  
343.9 
US agency debt
 
2.0  
1.8  
3.8 
US municipals
 
11.8  
7.3  
19.1 
Non-US government and agency
 
2.0  
–  
2.0 
Asset-backed
 
125.4  
48.9  
174.3 
US government agency mortgage-backed
 
62.3  
59.8  
122.1 
Non-agency mortgage-backed
 
11.7  
6.6  
18.3 
Agency commercial mortgage-backed
 
7.8  
–  
7.8 
Non-agency commercial mortgage-backed
 
25.6  
31.2  
56.8 
Corporate
 
286.1  
157.5  
443.6 
Total
 
806.7  
431.7  
1,238.4 
130
Notes to the consolidated financial statements
continued
 

Corporate and non-US government and agency bonds by country are as follows:
As at 31 December 2024
Financials
$m
Other 
industries
$m
Non-US 
government 
and agency
$m
Total
$m
US
 
210.9  
205.8  
–  
416.7 
UK
 
27.5  
5.2  
–  
32.7 
Canada
 
30.7  
1.0  
–  
31.7 
Other countries
 
41.6  
6.4  
–  
48.0 
Total
 
310.7  
218.4  
–  
529.1 
As at 31 December 2023
Financials
$m
Other 
industries
$m
Non-US 
government 
and agency
$m
Total
$m
US
 
179.0  
178.5  
–  
357.5 
UK
 
22.9  
1.6  
–  
24.5 
Canada
 
16.1  
0.9  
–  
17.0 
Other countries
 
42.9  
1.7  
2.0  
46.6 
Total
 
260.9  
182.7  
2.0  
445.6 
The sector allocation of corporate bonds is as follows:
2024
2023
As at 31 December
$m
%
$m
%
Financials
 
310.7  
58.7  
260.9  
58.8 
Industrials
 
193.5  
36.6  
161.4  
36.4 
Utilities
 
24.9  
4.7  
21.3  
4.8 
Total
 
529.1  
100.0  
443.6  
100.0 
131
Notes to the consolidated financial statements
continued
 

Conduit’s investment portfolio is comprised of fixed maturity securities and cash and cash 
equivalents. Fair values can be impacted by movements in interest rates, credit ratings, 
exchange rates, the current economic environment and outlook. The estimated fair value 
of the portfolio of fixed maturity securities is generally inversely correlated to movements 
in market interest rates. If market interest rates fall, the estimated fair value of Conduit’s 
portfolio of fixed maturity securities would tend to rise and vice versa. The sensitivity of 
the price of fixed maturity securities to movements in interest rates is indicated by their 
duration. The greater a security’s duration, the greater its price volatility to movements in 
interest rates. The sensitivity of Conduit’s portfolio of fixed maturity securities to interest 
rate movements is detailed below, assuming linear movements in interest rates.
2024
2023
As at 31 December
$m
%
$m
%
Immediate shift in yield (basis points)
100
 
(41.0)  
(2.7)  
(32.1)  
(2.6) 
75
 
(30.8)  
(2.0)  
(24.1)  
(1.9) 
50
 
(20.5)  
(1.3)  
(16.0)  
(1.3) 
25
 
(10.3)  
(0.7)  
(8.0)  
(0.6) 
0
 
–  
–  
–  
– 
-25
 
11.6  
0.8  
9.1  
0.7 
-50
 
23.1  
1.5  
18.3  
1.5 
-75
 
34.7  
2.3  
27.4  
2.2 
-100
 
46.3  
3.0  
36.5  
2.9 
Conduit mitigates interest rate risk on the investment portfolio by establishing and 
monitoring duration ranges in its investment guidelines. The duration of the portfolio is 
matched to the modelled expected duration of the reinsurance reserves, within a permitted 
range. The permitted duration range for the portfolio is between 1.5 and 5 years. The overall 
duration for the fixed maturity securities, managed cash and cash equivalents is 2.5 years 
as at 31 December 2024 (as at 31 December 2023: 2.4 years).
In addition to duration management, Conduit monitors VaR to measure potential losses 
in the estimated fair values of its cash and invested assets and to understand and monitor 
risk. The VaR calculation is performed using variance/covariance risk modelling. Securities 
are valued individually using standard market pricing models. These security valuations 
serve as the input to many risk analytics. The principal VaR measure that is produced is an 
annual VaR at the 99th percentile confidence level. Under normal conditions, the portfolio is 
not expected to lose more than the VaR metric listed below, 99% of the time over a one-
year time horizon. The appropriateness of this measure is considered by the Investment 
Committee periodically.
Conduit’s annual VaR calculation is as follows:
2024
2023
As at 31 December
$m
% of 
shareholders' 
equity
$m
% of 
shareholders' 
equity
99th percentile confidence level
 
102.2 
 9.7%  
91.9 
 9.3% 
132
Notes to the consolidated financial statements
continued
 

Currency risk
Conduit is susceptible to fluctuations in rates of foreign exchange, principally between the US dollar and pound sterling and the US dollar and the euro. Even though risks are assumed 
on a worldwide basis, they are predominantly denominated in US dollars. Conduit is exposed to currency risk to the extent its assets are denominated in different currencies to its 
liabilities. Conduit is also exposed to translation risk on non-monetary assets and liabilities. Foreign currency gains and losses are recorded in the period they occur in the consolidated 
statement of comprehensive income.
Conduit hedges monetary non-US dollar liabilities primarily with non-US dollar assets but may also use derivatives, such as currency forwards, to mitigate foreign currency exposures. 
The main foreign currency exposure relates to its reinsurance and ceded reinsurance assets and liabilities, cash holdings and dividend payable, if applicable.
With the adoption of IFRS 17 all reinsurance and ceded reinsurance assets and liabilities are monetary items and are revalued at period end exchange rates.
The following table summarises the carrying value of all monetary and non-monetary assets and liabilities categorised by Conduit’s main currencies.
As at 31 December 2024
USD
$m
GBP
$m
EUR
$m
Other
$m
Total
$m
Total assets
 
1,801.5  
27.4  
40.1  
37.2  
1,906.2 
Total liabilities
 
(758.4)  
(24.2)  
(39.4)  
(33.0)  
(855.0) 
Net assets (liabilities)
 
1,043.1  
3.2  
0.7  
4.2  
1,051.2 
As at 31 December 2023
USD
$m
GBP
$m
EUR
$m
Other
$m
Total
$m
Total assets
 
1,427.9  
26.3  
16.5  
25.5  
1,496.2 
Total liabilities
 
(438.7)  
(20.4)  
(29.3)  
(20.4)  
(508.8) 
Net assets (liabilities)
 
989.2  
5.9  
(12.8)  
5.1  
987.4 
The impact on profit from a proportional foreign exchange movement of 10.0% against the US dollar at year end spot rates would be an increase or decrease of $1.3 million 
(31 December 2023: increase or decrease of $0.4 million).
133
Notes to the consolidated financial statements
continued
 

c.
Liquidity risk
Liquidity risk is the risk that cash may not be available to pay obligations when they are 
due without incurring unreasonable costs. Conduit's main exposure to liquidity risk is with 
respect to its reinsurance and investment activities. Conduit is exposed if proceeds from 
the sale of financial assets are not sufficient to fund obligations arising from reinsurance 
contacts and/or other liabilities. Conduit can be exposed to fund daily calls on its available 
investment assets, principally to settle reinsurance claims and/or to fund trust accounts 
following a large catastrophe loss, or other collateral requirements.
Liquidity risk exposures related to reinsurance activities are as follows:
•
Large catastrophic events, or multiple medium-sized events in quick succession, 
requiring the payment of high-value claims within a short time frame or to fund trust 
accounts established to collateralise claims payment liabilities;
•
Failure of cedants to meet their contractual obligations with respect to the timely 
payment of premiums; and
•
Failure of Conduit’s ceded reinsurers to meet their contractual obligations to pay claims 
within a timely manner.
Liquidity risk exposures related to investment activities are as follows:
•
Adverse market movements and/or a duration mismatch to obligations, resulting 
in investments needing to be disposed of at a significant realised loss; and
•
An inability to liquidate investments due to market conditions.
Conduit's investment strategy is to hold high quality, liquid securities sufficient to meet 
reinsurance liabilities and other near-term liquidity requirements. Portfolios are specifically 
designed to ensure funds are readily available in an extreme event.
The maturity dates of Conduit's portfolio of fixed maturity securities are as follows:
As at 31 December 2024
Short-tail
$m
Long-tail
$m
Total
$m
Fixed maturity securities at FVTPL
Less than one year
 
134.7  
11.4  
146.1 
Between one and two years
 
169.2  
64.7  
233.9 
Between two and three years
 
120.3  
46.9  
167.2 
Between three and four years
 
61.1  
95.5  
156.6 
Between four and five years
 
68.2  
50.1  
118.3 
Over five years
 
101.1  
140.5  
241.6 
Asset-backed and mortgage-backed
 
294.7  
167.9  
462.6 
Total
 
949.3  
577.0  
1,526.3 
As at 31 December 2023
Short-tail
$m
Long-tail
$m
Total
$m
Fixed maturity securities at FVTPL
Less than one year
 
174.6  
29.9  
204.5 
Between one and two years
 
135.3  
13.1  
148.4 
Between two and three years
 
122.3  
47.7  
170.0 
Between three and four years
 
29.3  
21.5  
50.8 
Between four and five years
 
41.1  
79.8  
120.9 
Over five years
 
71.3  
93.2  
164.5 
Asset-backed and mortgage-backed
 
232.8  
146.5  
379.3 
Total
 
806.7  
431.7  
1,238.4 
134
Notes to the consolidated financial statements
continued
 

The estimated maturity profile of the reinsurance liability for incurred claims and financial liabilities of Conduit is as follows:
Years until liability becomes due – discounted
2024
2023
As at 31 December
Carrying
value
$m
Less than 
one
$m
One to 
three
$m
Three to 
five
$m
Over 
five
$m
Total
$m
Carrying
value
$m
Less than 
one
$m
One to 
three
$m
Three to 
five
$m
Over 
five
$m
Total
$m
Reinsurance liability for incurred claims
 
978.0  
280.4  
403.9  
175.8  
117.9  
978.0  
592.2  
158.0  
231.4  
117.3  
85.5  
592.2 
Other reinsurance payables
 
6.3  
6.3  
–  
–  
–  
6.3  
12.0  
12.0  
–  
–  
–  
12.0 
Other payables
 
18.9  
18.9  
–  
–  
–  
18.9  
12.0  
12.0  
–  
–  
–  
12.0 
Lease liabilities
 
1.6  
0.8  
0.8  
–  
–  
1.6  
2.3  
0.7  
1.6  
–  
–  
2.3 
Total
 
1,004.8  
306.4  
404.7  
175.8  
117.9  1,004.8  
618.5  
182.7  
233.0  
117.3  
85.5  
618.5 
Actual maturities of the above may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment 
penalties. The estimation of the ultimate liability for incurred claims is complex and incorporates a significant amount of judgement. The timing of payments is also uncertain and 
cannot be predicted as simply as for other financial liabilities. Actuarial and statistical techniques, past experience and management’s judgement have been used to determine a likely 
settlement pattern.
As at 31 December 2024, cash and cash equivalents were $313.2 million (31 December 2023: $199.8 million). Conduit manages its liquidity risks via its investment strategy to hold 
high quality, liquid securities, sufficient to meet its reinsurance liabilities and other near-term liquidity requirements. In addition, Conduit has established asset allocation and maturity 
parameters within the investment guidelines such that the majority of the investments are in high quality assets which could be converted into cash promptly and at minimal expense. 
Conduit monitors market changes and outlook and reallocates assets as it deems necessary.
As at 31 December 2024, Conduit considers it has more than adequate liquidity to pay its obligations as they fall due even if difficult investment market conditions were to prevail for 
a period of time.
135
Notes to the consolidated financial statements
continued
 

d.
Credit risk
Credit risk is the risk that a counterparty may fail to pay, or repay, a debt or obligation. 
Conduit is exposed to credit risk on its fixed maturity investment portfolio, its expected 
premium cash flows due from cedants and on ceded reinsurance recoverables.
Credit risk on Conduit’s portfolio of fixed maturity securities is mitigated through the 
investment policy to invest in instruments of high credit quality issuers and to limit the 
amounts of credit exposure with respect to particular ratings categories and any one 
issuer. Securities rated below an S&P or equivalent rating of BBB+ may comprise no more 
than 10.0% of the portfolio. Conduit also limits exposure to individual issuers, with declining 
limits for less highly rated issuers. Conduit therefore does not expect any significant credit 
concentration risk on its investment portfolio, except for fixed maturity securities issued 
by the US government and its agencies.
Conduit is potentially exposed to counterparty credit risk in relation to the total expected 
premium cash flows due from reinsurance brokers and cedants and on ceded reinsurance 
recoverables due from Conduit’s reinsurers. Credit risk on total expected premium cash 
flows due from cedants is managed by conducting business with reputable broking 
organisations, with whom Conduit has established relationships, and by rigorous cash 
collection procedures. Conduit also has a broker approval process in place. Credit risk 
from ceded reinsurance recoverables is primarily managed by the review and approval 
of reinsurer security, with ongoing monitoring in place.
Ceded reinsurance recoverables are recorded within ceded reinsurance contract assets 
as the ceded asset for incurred claims which is shown in note 14. 
The table opposite presents an analysis of Conduit’s major exposures to counterparty 
credit risk, based on their rating. Expected premium cash flows are not rated, however 
there is limited default risk associated with these amounts.
As at 31 December 2024
Cash and cash 
equivalents and fixed 
maturity securities
$m
Ceded asset for 
incurred claims
$m
AAA
 
566.4  
– 
AA+, AA, AA-
 
742.2  
– 
A+, A, A-
 
441.5  
24.6 
BBB+, BBB, BBB-
 
89.4  
– 
Other
 
–  
16.6 
Total
 
1,839.5  
41.2 
As at 31 December 2023
Cash and cash 
equivalents and fixed 
maturity securities
$m
Ceded asset for 
incurred claims
$m
AAA
 
434.2  
– 
AA+, AA, AA-
 
562.0  
– 
A+, A, A-
 
332.6  
23.1 
BBB+, BBB, BBB-
 
109.4  
– 
Other
 
–  
19.5 
Total
 
1,438.2  
42.6 
The ceded reinsurance assets classified as other are fully collateralised.
As at 31 December 2024 the average credit quality of Conduit's cash and cash equivalents 
and portfolio of fixed maturity securities was AA (31 December 2023: AA).
136
Notes to the consolidated financial statements
continued
 

Total expected premium cash flows represents the premium, net of deductions, 
expected to be received for past and future reinsurance coverage. The following table 
shows total expected premium cash flows that are not yet due and those that are past 
due but not impaired, which represents the exposure to credit risk on reinsurance 
contracts issued at the balance sheet date.
As at 31 December
2024
$m
2023
$m
Not yet due
 
440.1  
318.2 
Less than 90 days past due
 
21.4  
42.7 
Over 90 days past due
 
4.8  
7.0 
Total
 
466.3  
367.9 
For the years ended 31 December 2024 and 2023 no provisions have been made for 
impaired or irrecoverable balances and no amount was charged to the consolidated 
statement of comprehensive income in respect of bad debts.
e.
Operational risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, 
personnel, systems or external events. During the reporting period, various operational risks 
were identified, and steps were taken to manage or mitigate those risks.
The risk framework addresses the identification, assessment and management of 
operational risks. This process involves the use of risk registers to identify inherent risk 
and residual risk after the application of controls. The management of individual risks 
is the responsibility of management, with independent challenge and oversight provided 
by the risk function. The results of compliance reviews and independent internal audits 
provide an additional level of review and verification. The Audit Committee has selected 
a reputable provider to serve as outsourced internal auditors.
f.
Strategic risk
Conduit has identified several strategic risks, including:
•
The risks that either the poor execution of the business plan or an inappropriate business 
plan in itself results in a strategy that fails to reflect adequately the trading environment, 
resulting in an inability to optimise performance, including reputational risk;
•
The risks of the failure to maintain adequate capital, accessing capital at an inflated 
cost or the inability to access capital and unanticipated changes in vendor, regulatory 
and/or rating agency models that could result in an increase in capital requirements 
or a change in the type of capital required; and
•
The risks of succession planning, staff retention and key personnel risks.
Business plan risk
Conduit's business plan forms the basis of operations and provides strategic direction to 
management. Actual versus planned results are monitored regularly.
Capital management risk
Total tangible capital is as follows:
As at 31 December
2024
$m
2023
$m
Shareholders' equity
 
1,051.2  
987.4 
Risks associated with the effectiveness of Conduit’s capital management are mitigated 
as follows:
•
Regular monitoring of current and prospective regulatory and rating agency 
capital requirements;
•
Oversight of capital requirements by the Board;
•
Ability to purchase sufficient, cost-effective reinsurance;
•
Maintaining contact with vendors, regulators and rating agencies in order to stay 
abreast of upcoming developments; and
•
Participation in industry groups such as the Association of Bermuda Insurers and 
Reinsurers, Reinsurance Association of America and the International Underwriting 
Association.
137
Notes to the consolidated financial statements
continued
 

Conduit reviews the level and composition of capital on an ongoing basis with a view of:
•
Maintaining sufficient capital for underwriting opportunities and to meet obligations 
to policyholders;
•
Maximising the risk-adjusted return to shareholders within the context of the defined 
risk appetite;
•
Maintaining an adequate financial strength rating; and
•
Meeting all relevant capital requirements.
Capital is increased or returned as appropriate. The retention of earnings generated 
leads to an increase in capital. Capital raising can include debt or equity and returns of 
capital may be made through dividends, share repurchases, a redemption of debt or any 
combination thereof. Other capital management tools and products available to Conduit 
may also be utilised. All capital actions require approval by the Board.
The primary source of capital used by Conduit is equity shareholders’ funds. As a holding 
company, CHL relies on dividends from its operating entity to provide the cash flow 
required for dividends to shareholders. The ability of the operating entity to pay dividends 
and make capital distributions is subject to the legal and regulatory restrictions of the 
jurisdiction in which it operates.
CRL is regulated as a Class 4 (re)insurer by the BMA and is required to hold sufficient 
capital under applicable regulations. The BMA’s regulatory framework has been assessed as 
equivalent to the EU’s Solvency II regime. CRL had sufficient capital at all times throughout 
the year to meet the BMA’s requirements, inclusive of the BSCR standard formula and 
minimum margin of solvency.
Retention risk
Risks associated with succession planning, staff retention and key person risks are 
mitigated through a combination of resource planning processes and controls, including:
•
The identification of key personnel with appropriate succession plans at CHL;
•
The identification of key team profit generators at CRL and function heads with 
targeted retention packages;
•
Documented recruitment procedures, position descriptions and employment contracts;
•
Resource monitoring and the provision of appropriate compensation, including equity-
based incentives which vests over a defined time horizon, subject to achieving certain 
performance criteria; and
•
Training schemes.
138
Notes to the consolidated financial statements
continued
 

4.
Segmental reporting
Management and the Board review Conduit’s business and evaluates its performance 
primarily by three segments: Property, Casualty and Specialty. These are considered 
to be the reportable segments for the purposes of segmental reporting. Further classes 
of business are underwritten within each reportable segment. The nature of these individual 
classes is discussed further in the Risk disclosures section in note 3.
Reportable 
segments
Operations and classes 
of business
Property
US and international property catastrophe and non-catastrophe risks on 
an excess of loss and proportional contract basis.
Casualty
US and international casualty risks principally including directors and officers 
liability, financial institutions liability, general liability, medical malpractice, 
professional liability and transactional liability.
Specialty
Diverse portfolio of business, including aviation, energy, engineering and 
construction, environmental, marine, renewables, political violence and 
terrorism and whole account.
Reportable segment performance is measured by the reinsurance service and finance 
result and the combined ratio. The chief operating decision maker does not manage 
Conduit's assets by reportable segment, and, accordingly, investment income and other 
non-underwriting related items are not allocated to each reportable segment. Refer to the 
risk disclosures for more information. All amounts reported are transactions with external 
parties and associates.
There are no significant inter-segmental transactions.
Year ended 31 December 2024
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance revenue by geographic region
US
 
229.2  
101.8  
30.3  
361.3 
Worldwide
 
143.6  
57.8  
120.0  
321.4 
Europe
 
34.8  
39.4  
22.9  
97.1 
Other
 
30.2  
2.8  
0.9  
33.9 
Reinsurance revenue
 
437.8  
201.8  
174.1  
813.7 
Year ended 31 December 2023
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance revenue by geographic region
US
 
198.0  
118.3  
20.6  
336.9 
Worldwide
 
101.2  
23.4  
74.7  
199.3 
Europe
 
21.7  
28.2  
19.7  
69.6 
Other
 
24.3  
1.9  
1.0  
27.2 
Reinsurance revenue
 
345.2  
171.8  
116.0  
633.0 
Included within the worldwide geographic region, are premiums written with external 
parties in Bermuda for $0.7 million (31 December 2023: $4.0 million).
139
Notes to the consolidated financial statements
continued
 

Year ended 31 December
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Property
$m
Casualty
$m
Specialty
$m
Total
$m
Reinsurance revenue
 
437.8 
 
201.8 
 
174.1 
 
813.7 
 
345.2 
 
171.8 
 
116.0 
 
633.0 
Ceded reinsurance expenses
 
(81.7) 
 
(1.4) 
 
(10.6) 
 
(93.7) 
 
(66.9) 
 
(1.3) 
 
(8.5) 
 
(76.7) 
Net reinsurance revenue
 
356.1 
 
200.4 
 
163.5 
 
720.0 
 
278.3 
 
170.5 
 
107.5 
 
556.3 
Reinsurance losses and loss related amounts, discounted
 
(256.3) 
 
(146.2) 
 
(128.4) 
 
(530.9) 
 
(136.5) 
 
(120.7) 
 
(70.8) 
 
(328.0) 
Reinsurance operating expenses
 
(38.1) 
 
(13.1) 
 
(9.3) 
 
(60.5) 
 
(30.4) 
 
(11.9) 
 
(6.7) 
 
(49.0) 
Reinsurance service expenses
 
(294.4) 
 
(159.3) 
 
(137.7) 
 
(591.4) 
 
(166.9) 
 
(132.6) 
 
(77.5) 
 
(377.0) 
Ceded reinsurance recoveries
 
(0.4) 
 
— 
 
3.4 
 
3.0 
 
4.6 
 
0.2 
 
(0.5) 
 
4.3 
Reinsurance service result
 
61.3 
 
41.1 
 
29.2 
 
131.6 
 
116.0 
 
38.1 
 
29.5 
 
183.6 
Net reinsurance finance income (expense)
 
(11.9) 
 
(9.8) 
 
(9.1) 
 
(30.8) 
 
(9.5) 
 
(15.0) 
 
(8.3) 
 
(32.8) 
Reinsurance service and finance result
 
49.4 
 
31.3 
 
20.1 
 
100.8 
 
106.5 
 
23.1 
 
21.2 
 
150.8 
Other operating expenses
 
(30.8) 
 
(28.3) 
Net unallocated revenue (expenses)
 
55.6 
 
68.3 
Total comprehensive income
 
125.6 
 
190.8 
 
Net loss ratio (discounted)
 72.1% 
 73.0% 
 76.5% 
 73.3% 
 47.4% 
 70.7% 
 66.3% 
 58.2% 
Reinsurance operating expense ratio
 10.7% 
 6.5% 
 5.7% 
 8.4% 
 10.9% 
 7.0% 
 6.2% 
 8.8% 
Other operating expense ratio
 4.3% 
 5.1% 
Combined ratio (discounted)
 82.8% 
 79.5% 
 82.2% 
 86.0% 
 58.3% 
 77.7% 
 72.5% 
 72.1% 
Net loss ratio (undiscounted)
 79.2% 
 90.6% 
 88.3% 
 84.4% 
 51.5% 
 89.4% 
 77.1% 
 68.0% 
Combined ratio (undiscounted)
 89.9% 
 97.1% 
 94.0% 
 97.1% 
 62.4% 
 96.4% 
 83.3% 
 81.9% 
2024
2023
140
Notes to the consolidated financial statements
continued
 

5.
Investment return
As at 31 December 2024
Net 
investment 
income
$m
Net 
realised 
gains 
(losses)
$m
Net 
unrealised 
gains 
(losses)
$m
Total 
investment 
return
$m
Fixed maturity securities
 
54.4  
0.1  
1.0  
55.5 
Cash and cash equivalents
 
10.6  
–  
–  
10.6 
Total
 
65.0  
0.1  
1.0  
66.1 
As at 31 December 2023
Net 
investment 
income
$m
Net
realised 
gains 
(losses)
$m
Net 
unrealised 
gains 
(losses)
$m
Total 
investment 
return
$m
Fixed maturity securities
 
35.7  
(1.3)  
30.6  
65.0 
Cash and cash equivalents
 
5.6  
–  
–  
5.6 
Total
 
41.3  
(1.3)  
30.6  
70.6 
Included in net investment income is $1.6 million of investment management and custody 
fees for the year ended 31 December 2024 (31 December 2023: $1.3 million). Net foreign 
exchange gains (losses) on cash and cash equivalents and fixed maturity securities for 
the year ended 31 December 2024 was $(4.5) million (31 December 2023: nil). Foreign 
exchange impacts are not included in the investment returns in the table above.
6.
Reinsurance finance return
Year ended 31 December
2024
$m
2023
$m
Interest accretion from reinsurance contracts
 
(39.6)  
(28.9) 
Interest accretion from ceded reinsurance contracts held
 
2.0  
2.9 
Net interest accretion
 
(37.6)  
(26.0) 
Change in discount rates from reinsurance contracts
 
6.9  
(7.2) 
Change in discount rates from ceded reinsurance contracts held  
(0.1)  
0.4 
Net change in discount rates
 
6.8  
(6.8) 
Net reinsurance finance income (expense)
 
(30.8)  
(32.8) 
141
Notes to the consolidated financial statements
continued
 

7.
Employee benefits and other incentives
Aggregate remuneration and other incentives of Conduit’s employees is as follows:
Year ended 31 December
2024
$m
2023
$m
Wages and salaries
 
14.9  
13.0 
Pension benefit
 
1.6  
1.3 
Bonus and other benefits
 
18.1  
15.0 
Total cash compensation
 
34.6  
29.3 
Equity-based incentive expense
 
7.1  
2.5 
Total employee benefits and other incentives
 
41.7  
31.8 
Equity-based incentive schemes
MIP
Prior to the IPO, a MIP was created. The purpose of the MIP was to provide an incentive 
scheme for the founders and initial employees for their services in establishing the 
foundations of Conduit. The incentive is based around shares in CML, which will be 
automatically exchanged for ordinary shares of CHL for an aggregate value equivalent 
to up to 15% of the excess of the market value of CHL over and above the Invested Equity, 
subject to the satisfaction of the vesting conditions. All outstanding and future grants have 
an exercise period of four to seven years from the grant date. The fair value is estimated 
using a stochastic Monte Carlo model.
CML issued 100,000 A1 shares and 100,000 A2 shares during the period ended 
31 December 2020 at a subscription price of £1.72 and $2.26, respectively. Refer to note 17 
for additional details.
The following table lists the assumptions used in the stochastic model for the MIP awards:
Assumptions
Dividend yield
0%
Expected volatility1
range from 17.2% – 19.0%
Risk-free interest rate2
range from 0.3% – 0.6%
Expected life of instruments
range from 4 to 7 years
1.
The expected volatility was calculated based on a comparator group of companies.
2.
The risk-free interest rate is based on the yield of a US government bond on the date of grant.
The shares were granted prior to the IPO and therefore discounts for business viability and 
lack of marketability were also applied. There are significant risks associated with an IPO 
and the instruments are also illiquid until the tranche vesting dates. Management therefore 
selected their best estimates at the time for these discounts. These assumptions were 
highly judgemental and input from advisers was sought. Management also considered 
alternative assumptions and concluded there was not a material impact on the estimated 
valuation selected. The calculation of the equity-based incentive expense assumes no 
forfeitures due to employee turnover, with subsequent adjustments to reflect actual 
experience. The assumptions and estimated valuation selected resulted in 20% being 
expensed upfront for certain employees as this portion was not tied to service conditions 
and was fully expensed in the period ended 31 December 2020.
Conditions of the MIP include:
•
The incentives are to be equity settled and have therefore been accounted for in 
accordance with IFRS 2;
•
The value of the services received in exchange for the share-based incentives 
is measured by reference to the estimated fair value of the incentives at their grant 
date, with the estimated fair value recognised in the consolidated statement of 
comprehensive income, together with a corresponding increase in other reserves 
within shareholders’ equity, on a straight-line basis over the vesting period, based 
on an estimate of the number of shares that will ultimately vest;
142
Notes to the consolidated financial statements
continued
 

•
Vesting conditions, other than market conditions linked to the share price of CHL, 
are not taken into account when estimating the fair value; and
•
At the end of each reporting period Conduit revises its estimates of the number of 
shares that are expected to vest due to non-market conditions and recognises the 
impact of the revision to original estimates, if any, in the consolidated statement of 
comprehensive income, with a corresponding adjustment to shareholders’ equity.
DSBP
A percentage of each employee's bonus is automatically deferred into shares as nil cost 
options. The nil cost options vest annually in separate equal tranches over a three year 
period from the date of grant and do not have associated performance criteria attached 
to the awards. These awards accrue dividend equivalents for all dividends declared where 
the record date falls between the grant date and date of exercise, and are paid at the time 
of exercise.
DSBP
Number of 
awards
Outstanding as at 31 December 2022
 
753,016 
Granted
 
315,875 
Exercised
 
(250,963) 
Forfeited
 
(35,236) 
Outstanding as at 31 December 2023
 
782,692 
Granted
 
1,102,968 
Exercised
 
(339,282) 
Forfeited
 
(24,363) 
Outstanding as at 31 December 2024
 
1,522,015 
LTIP – time vesting criteria
The LTIP is a retention scheme with awards granted to staff members as nil cost options. 
The nil cost options vest over a three year period from the date of grant and the time 
vesting criteria are the only stipulations attached to the awards. These awards accrue 
dividend equivalents for all dividends declared where the record date falls between the 
grant date and date of exercise, and are paid at the time of exercise.
LTIP
Number of 
awards
Outstanding as at 31 December 2022
 
– 
Granted
 
365,984 
Exercised
 
– 
Forfeited
 
– 
Outstanding as at 31 December 2023
 
365,984 
Granted
 
658,446 
Exercised
 
– 
Forfeited
 
(41,733) 
Outstanding as at 31 December 2024
 
982,697 
LTIP – performance criteria
The LTIP awards with performance criteria vest three years from the date of grant and are 
dependent on certain performance criteria being met. A maximum of 75% of the awards 
will vest if the change in NTAVS is in excess of a required threshold, while the remaining 
25% is subject to the TSR return over the vesting period being in excess of a required 
threshold. These awards accrue dividend equivalents for all dividends declared where 
the record date falls between the grant date and date of exercise, and are paid at the time 
of exercise.
143
Notes to the consolidated financial statements
continued
 

LTIP
Number of 
awards
Outstanding as at 31 December 2023
 
– 
Granted
 
417,780 
Exercised
 
– 
Forfeited
 
– 
Outstanding as at 31 December 2024
 
417,780 
8.
Other operating expenses
As at 31 December
2024
$m
2023
$m
Other operating expenses include:
Audit fees
 
1.1  
1.3 
Other auditor services
 
0.1  
0.1 
Total
 
1.2  
1.4 
During the year ended 31 December 2024, KPMG Audit Limited provided non-audit 
services in relation to Conduit's 2024 interim review and carbon emission disclosures. 
Fees for non-audit services in the year ended 31 December 2024 totalled $0.1 million 
(31 December 2023: $0.1 million).
9.
Financing costs
As at 31 December
2024
$m
2023
$m
LOC and trust fees
 
1.1  
1.1 
Interest expense on lease liabilities
 
0.1  
0.1 
Total
 
1.2  
1.2 
Refer to note 16 for details of Conduit’s financing arrangements.
10. Tax
Bermuda
CHL, CSL, CML and CRL have received an undertaking from the Bermuda government 
which exempts them from all Bermuda local income, withholding and capital gains taxes 
until 31 March 2035. On 27 December 2023 the Bermuda government enacted legislation, 
the Bermuda CIT Act of 2023, into law. CHL, CSL, CML and CRL are currently not in scope 
for this new legislation and as such, the exemptions provided by the Bermuda government 
undertaking still apply.
11.
Cash and cash equivalents
As at 31 December
2024
$m
2023
$m
Cash at bank and in hand
 
25.4  
39.4 
Cash equivalents
 
287.8  
160.4 
Total
 
313.2  
199.8 
Cash equivalents include money market funds and other short-term highly liquid 
investments with three months or less remaining until maturity at the time of purchase. 
The carrying amount of these assets approximates their fair value. Refer to note 16 for 
cash and cash equivalents provided as collateral under Conduit’s financing arrangements.
144
Notes to the consolidated financial statements
continued
 

12. Investments
As at 31 December 2024
Cost or 
amortised 
cost
$m
Unrealised 
gains
$m
Unrealised 
losses
$m
Estimated 
fair value
$m
Fixed maturity securities, at FVTPL
Short-term investments
 
35.4  
–  
–  
35.4 
US treasuries
 
485.0  
0.6  
(11.5)  
474.1 
US agency debt
 
4.5  
–  
(0.1)  
4.4 
US municipals
 
20.9  
0.2  
(0.4)  
20.7 
Non-US government and agency
 
–  
–  
–  
– 
Asset-backed
 
211.7  
0.5  
(1.2)  
211.0 
US government agency mortgage-
backed
 
164.8  
0.2  
(17.7)  
147.3 
Non-agency mortgage-backed
 
31.7  
0.2  
(1.3)  
30.6 
Agency commercial mortgage-backed  
7.4  
–  
(0.4)  
7.0 
Non-agency commercial mortgage-
backed
 
70.6  
0.1  
(4.0)  
66.7 
Corporate
 
538.1  
2.2  
(11.2)  
529.1 
Total
 
1,570.1  
4.0  
(47.8)  
1,526.3 
As at 31 December 2023
Cost or 
amortised 
cost
$m
Unrealised 
gains
$m
Unrealised 
losses
$m
Estimated 
fair value
$m
Fixed maturity securities, at FVTPL
Short-term investments
 
46.7  
–  
–  
46.7 
US treasuries
 
351.0  
2.1  
(9.2)  
343.9 
US agency debt
 
4.0  
–  
(0.2)  
3.8 
US municipals
 
19.5  
0.3  
(0.7)  
19.1 
Non-US government and agency
 
2.0  
–  
–  
2.0 
Asset-backed
 
177.3  
0.3  
(3.3)  
174.3 
US government agency mortgage-
backed
 
135.9  
0.7  
(14.5)  
122.1 
Non-agency mortgage-backed
 
20.0  
0.1  
(1.8)  
18.3 
Agency commercial mortgage-backed
 
8.1  
0.1  
(0.4)  
7.8 
Non-agency commercial mortgage-
backed
 
62.7  
0.2  
(6.1)  
56.8 
Corporate
 
456.0  
2.5  
(14.9)  
443.6 
Total
 
1,283.2  
6.3  
(51.1)  
1,238.4 
As at 31 December 2024 other assets and other payables included nil and $6.4 million 
for investments sold and purchased, respectively (31 December 2023: $0.1 million and nil, 
respectively).
145
Notes to the consolidated financial statements
continued
 

Conduit determines the estimated fair value of each individual security utilising the highest-
level inputs available. Prices for the investment portfolio are provided via a third-party 
investment accounting firm whose pricing processes and the controls thereon are subject 
to an annual audit on both the operation and the effectiveness of those controls. Various 
recognised reputable pricing sources are used including pricing vendors. The pricing 
sources use bid prices where available, otherwise indicative prices are quoted based 
on observable market trade data. The prices provided are compared to the investment 
managers’ pricing.
Conduit has not made any adjustments to any pricing provided by independent pricing 
services or its third-party investment managers for the years ended 31 December 2024 
and 2023. The fair value of securities in the investment portfolio is estimated using the 
following techniques:
LEVEL (I) – Level (I) investments are securities with quoted prices in active markets. 
A financial instrument is regarded as quoted in an active market if quoted prices are readily 
and regularly available from an exchange, dealer, broker, industry group, pricing service 
or regulatory agency and those prices represent actual and regularly occurring market 
transactions on an arm’s length basis.
LEVEL (II) – Level (II) investments are securities with quoted prices in active markets for 
similar assets or liabilities or securities valued using other valuation techniques for which 
all significant inputs are based on observable market data. Instruments included in Level (II) 
are valued via independent external sources using directly observable inputs to models 
or other valuation methods. The valuation methods used are typically industry accepted 
standards and include broker-dealer quotes and pricing models including present values 
and future cash flows with inputs such as yield curves, credit spreads, interest rates, 
prepayment speeds and default rates.
LEVEL (III) – Level (III) investments are securities for which valuation techniques are not 
based on observable market data and require significant management judgement.
Conduit determines whether transfers have occurred between levels of the fair value 
hierarchy by re-assessing the categorisation at the end of each reporting period. Transfers 
from Level (I) to (II) securities amounted to $19.1 million and transfers from Level (II) to (I) 
securities amounted to $54.7 million during the year ended 31 December 2024 using end of 
current period positions and estimated fair values. Transfers from Level (I) to (II) securities 
amounted to $9.4 million and transfers from Level (II) to (I) securities amounted to $63.4 
million during the year ended 31 December 2023 using end of current period positions and 
estimated fair values. There were no investments included in Level (III) for either year end.
The fair value hierarchy of Conduit's investment portfolio is as follows:
As at 31 December 2024
Level I
$m
Level II
$m
Total
$m
Fixed maturity securities, at FVTPL
Short-term investments
 
30.9  
4.5  
35.4 
US treasuries
 
474.1  
–  
474.1 
US agency debt
 
1.9  
2.5  
4.4 
US municipals
 
0.5  
20.2  
20.7 
Non-US government and agency
 
–  
–  
– 
Asset-backed
 
–  
211.0  
211.0 
US government agency mortgage-backed
 
–  
147.3  
147.3 
Non-agency mortgage-backed
 
–  
30.6  
30.6 
Agency commercial mortgage-backed
 
–  
7.0  
7.0 
Non-agency commercial mortgage-backed
 
–  
66.7  
66.7 
Corporate
 
130.7  
398.4  
529.1 
Total
 
638.1  
888.2  
1,526.3 
146
Notes to the consolidated financial statements
continued
 

As at 31 December 2023
Level I
$m
Level II
$m
Total
$m
Fixed maturity securities, at FVTPL
Short-term investments
 
46.1  
0.6  
46.7 
US treasuries
 
343.9  
–  
343.9 
US agency debt
 
–  
3.8  
3.8 
US municipals
 
–  
19.1  
19.1 
Non-US government and agency
 
–  
2.0  
2.0 
Asset-backed
 
–  
174.3  
174.3 
US government agency mortgage-backed
 
–  
122.1  
122.1 
Non-agency mortgage-backed
 
–  
18.3  
18.3 
Agency commercial mortgage-backed
 
–  
7.8  
7.8 
Non-agency commercial mortgage-backed
 
–  
56.8  
56.8 
Corporate
 
93.6  
350.0  
443.6 
Total
 
483.6  
754.8  
1,238.4 
Refer to note 16 for investments provided as collateral under Conduit’s financing 
arrangements.
13. Interests in structured entities
Unconsolidated structured entities in which Conduit has an interest
As part of Conduit’s investment activities, it invests in unconsolidated structured entities. 
Conduit does not sponsor any of the unconsolidated structured entities. The business 
relations of Conduit with the structured entities set out below do not give rise to 
consolidation because the criteria for control pursuant to IFRS 10, as contained in 
our consolidation principles, are not met.
A summary of interests in unconsolidated structured entities is as follows:
As at 31 December
2024
$m
2023
$m
Fixed maturity securities, at FVTPL
Asset-backed
 
211.0  
174.3 
US government agency mortgage-backed
 
147.3  
122.1 
Non-agency mortgage-backed
 
30.6  
18.3 
Agency commercial mortgage-backed
 
7.0  
7.8 
Non-agency commercial mortgage-backed
 
66.7  
56.8 
Total
 
462.6  
379.3 
The fixed maturity structured entities are used to meet specific investment needs of 
borrowers and investors which cannot be met from standardised financial instruments 
available in the capital markets, providing liquidity and diversification. While individual 
securities may differ in structure, the principles of the instruments are similar and it is 
appropriate to aggregate the investments into the categories detailed above.
The risk that Conduit faces in respect of the investments in structured entities is similar to 
the risk it faces in respect of other financial investments held on the consolidated balance 
sheet. Fair value is determined by market supply and demand, which is driven by investor 
evaluation of the credit risk of the structure and changes in the term structure of interest 
rates which can change the expectation of cash flows associated with the instrument and, 
therefore, its value in the market.
The maximum exposure to loss in respect of these structured entities would be the 
carrying value of the instruments that Conduit holds. Generally, default rates would have 
to increase substantially before Conduit would suffer a loss. This assessment is made prior 
to investing and regularly through the holding period for the security. Refer to note 16 for 
investments provided as collateral under Conduit’s financing arrangements.
147
Notes to the consolidated financial statements
continued
 

14. Reinsurance contracts
The breakdown of portfolios of reinsurance contracts issued and reinsurance contracts 
held, that are in an asset position and those in a liability position and by type of reinsurance 
asset or liability, is set out below.
As at 31 December
2024
$m
2023
$m
Reinsurance contract liabilities
 
(834.5)  
(494.5) 
Liability for remaining coverage
 
149.8  
109.7 
Liability for incurred claims
 
(978.0)  
(592.2) 
Other reinsurance receivables (payables)
 
(6.3)  
(12.0) 
Reinsurance net asset (liability)
 
(834.5)  
(494.5) 
Ceded reinsurance contract assets
 
48.9  
42.7 
Ceded asset (liability) for remaining coverage
 
1.4  
(1.2) 
Ceded asset for incurred claims
 
41.2  
42.6 
Ceded other receivables (payables)
 
6.3  
1.3 
Ceded reinsurance net asset (liability)
 
48.9  
42.7 
The reconciliation from the opening to the closing balances of the liability for remaining 
coverage and the liability for incurred claims for reinsurance contracts issued and ceded 
reinsurance contracts held is shown below. The reconciliation shows the movement in the 
liability by the reinsurance service result, total comprehensive income (loss) and cash flows 
separately for reinsurance contracts issued and ceded reinsurance contracts held.
148
Notes to the consolidated financial statements
continued
 

2024
2023
Remaining 
coverage
Incurred claims
Remaining 
coverage
Incurred claims
Year ended 31 December ($m)
Excluding loss 
component
Present value 
of future cash 
flows
Risk 
adjustment
Total
Excluding loss 
component
Present value 
of future cash 
flows
Risk
 adjustment
Total
Opening reinsurance asset (liability)
 
109.7  
(542.3)  
(49.9)  
(482.5)  
71.0  
(365.8)  
(25.3)  
(320.1) 
Reinsurance revenue
 
813.7  
–  
–  
813.7  
633.0  
–  
–  
633.0 
Reinsurance service expenses
Incurred claims and other expenses
 
–  
(514.8)  
(35.3)  
(550.1)  
–  
(311.9)  
(27.1)  
(339.0) 
Amortisation of reinsurance acquisition expense cash flows
 
(46.0)  
–  
–  
(46.0)  
(37.6)  
–  
–  
(37.6) 
Changes to liabilities for incurred claims for past service
 
–  
(3.7)  
8.4  
4.7  
–  
(5.9)  
5.5  
(0.4) 
Reinsurance service expenses
 
(46.0)  
(518.5)  
(26.9)  
(591.4)  
(37.6)  
(317.8)  
(21.6)  
(377.0) 
Reinsurance service result
 
767.7  
(518.5)  
(26.9)  
222.3  
595.4  
(317.8)  
(21.6)  
256.0 
Reinsurance finance income (expense)
 
–  
(30.3)  
(2.4)  
(32.7)  
–  
(33.2)  
(2.9)  
(36.1) 
Effect of exchange rates
 
1.3  
2.5  
0.3  
4.1  
0.1  
(1.3)  
(0.1)  
(1.3) 
Total changes in comprehensive income (loss)
 
769.0  
(546.3)  
(29.0)  
193.7  
595.5  
(352.3)  
(24.6)  
218.6 
Investment components
 
27.4  
(27.4)  
–  
–  
20.1  
(20.1)  
–  
– 
Cash flows
Premiums received
 
(781.4)  
–  
–  
(781.4)  
(595.5)  
–  
–  
(595.5) 
Claims and other attributable expenses paid
 
–  
216.9  
–  
216.9  
–  
195.9  
–  
195.9 
Reinsurance acquisition expense cash flows
 
25.1  
–  
–  
25.1  
18.6  
–  
–  
18.6 
Total cash flows
 
(756.3)  
216.9  
–  
(539.4)  
(576.9)  
195.9  
–  
(381.0) 
Closing reinsurance asset (liability)
 
149.8  
(899.1)  
(78.9)  
(828.2)  
109.7  
(542.3)  
(49.9)  
(482.5) 
149
Notes to the consolidated financial statements
continued
 

2024
2023
Remaining 
coverage
Incurred claims
Remaining 
coverage
Incurred claims
Year ended 31 December ($m)
Excluding loss 
component 
recovery
Present value 
of future cash 
flows
Risk 
adjustment
Total
Excluding loss 
component 
recovery
Present value 
of future cash 
flows
Risk 
adjustment
Total
Opening ceded reinsurance asset (liability)
 
(1.2)  
42.6  
–  
41.4  
(3.7)  
58.5  
–  
54.8 
Ceded reinsurance expenses
 
(93.7)  
–  
–  
(93.7)  
(76.7)  
–  
–  
(76.7) 
Ceded reinsurance recoveries
Amounts recoverable on incurred claims
 
–  
3.4  
–  
3.4  
–  
–  
–  
– 
Changes to amounts recoverable for incurred claims
 
–  
(0.4)  
–  
(0.4)  
–  
4.3  
–  
4.3 
Ceded reinsurance recoveries
 
–  
3.0  
–  
3.0  
–  
4.3  
–  
4.3 
Reinsurance service result
 
(93.7)  
3.0  
–  
(90.7)  
(76.7)  
4.3  
–  
(72.4) 
Ceded reinsurance finance income (expense)
 
–  
1.9  
–  
1.9  
–  
3.3  
–  
3.3 
Effect of exchange rates
 
–  
–  
–  
–  
–  
–  
–  
– 
Total changes in comprehensive income (loss)
 
(93.7)  
4.9  
–  
(88.8)  
(76.7)  
7.6  
–  
(69.1) 
Investment components
 
–  
–  
–  
–  
–  
–  
–  
– 
Cash flows
Premiums paid
 
96.3  
–  
–  
96.3  
79.2  
–  
–  
79.2 
Recoveries received
 
–  
(6.3)  
–  
(6.3)  
–  
(23.5)  
–  
(23.5) 
Total cash flows
 
96.3  
(6.3)  
–  
90.0  
79.2  
(23.5)  
–  
55.7 
Closing ceded reinsurance asset (liability)
 
1.4  
41.2  
–  
42.6  
(1.2)  
42.6  
–  
41.4 
150
Notes to the consolidated financial statements
continued
 

2024
2023
Remaining 
coverage
Incurred claims
Remaining 
coverage
Incurred claims
Year ended 31 December ($m)
Excluding loss 
component
Present value 
of future cash 
flows
Risk 
adjustment
Total
Excluding loss 
component
Present value 
of future cash 
flows
Risk 
adjustment
Total
Opening net reinsurance asset (liability)
 
108.5  
(499.7)  
(49.9)  
(441.1)  
67.3  
(307.3)  
(25.3)  
(265.3) 
Net reinsurance revenue
 
720.0  
–  
–  
720.0  
556.3  
–  
–  
556.3 
Net reinsurance service expenses
Net incurred claims and other expenses
 
–  
(511.4)  
(35.3)  
(546.7)  
–  
(311.9)  
(27.1)  
(339.0) 
Amortisation of reinsurance acquisition expense cash flows
 
(46.0)  
–  
–  
(46.0)  
(37.6)  
–  
–  
(37.6) 
Changes to net liabilities for incurred claims for past service
 
–  
(4.1)  
8.4  
4.3  
–  
(1.6)  
5.5  
3.9 
Net reinsurance service expenses
 
(46.0)  
(515.5)  
(26.9)  
(588.4)  
(37.6)  
(313.5)  
(21.6)  
(372.7) 
Reinsurance service result
 
674.0  
(515.5)  
(26.9)  
131.6  
518.7  
(313.5)  
(21.6)  
183.6 
Net reinsurance finance income (expense)
 
–  
(28.4)  
(2.4)  
(30.8)  
–  
(29.9)  
(2.9)  
(32.8) 
Effect of exchange rates
 
1.3  
2.5  
0.3  
4.1  
0.1  
(1.3)  
(0.1)  
(1.3) 
Total changes in comprehensive income (loss)
 
675.3  
(541.4)  
(29.0)  
104.9  
518.8  
(344.7)  
(24.6)  
149.5 
Investment components
 
27.4  
(27.4)  
–  
–  
20.1  
(20.1)  
–  
– 
Cash flows
Net premiums received
 
(685.1)  
–  
–  
(685.1)  
(516.3)  
–  
–  
(516.3) 
Net claims and other attributable expenses paid
 
–  
210.6  
–  
210.6  
–  
172.4  
–  
172.4 
Reinsurance acquisition expense cash flows
 
25.1  
–  
–  
25.1  
18.6  
–  
–  
18.6 
Total cash flows
 
(660.0)  
210.6  
–  
(449.4)  
(497.7)  
172.4  
–  
(325.3) 
Closing net reinsurance asset (liability)
 
151.2  
(857.9)  
(78.9)  
(785.6)  
108.5  
(499.7)  
(49.9)  
(441.1) 
151
Notes to the consolidated financial statements
continued
 

The estimation of the liability for incurred claims is a complex process which incorporates a significant amount of judgement. It is reasonably possible that uncertainties in the reserving 
process, delays in cedants reporting losses to Conduit, together with the potential for unforeseen adverse developments, could lead to a material change in the liability for incurred claims. 
The liability established by Conduit is viewed as adequate, however a 20% increase in estimated undiscounted losses would have a $222.7 million adverse impact on comprehensive 
income (31 December 2023: $133.9 million).
Conduit did not book any additional case reserves for the years ended 31 December 2024 and 2023. The net liability for incurred claims as at 31 December 2024 had an estimated duration 
of 2.8 years (31 December 2023: 3.1 years).
During 2024 Conduit was impacted by significant losses in relation to Hurricanes Helene and Milton, recording an undiscounted net loss, after reinsurance and reinstatement premiums, 
of $68.0 million. While there were numerous other catastrophe and risk loss events that impacted Conduit in 2024, none of those were material individually to Conduit.
2023 by comparison, despite being an active period for natural catastrophe losses for the industry, did not have any major event losses individually or in aggregate which had a material 
impact on Conduit in relation to these events. Undiscounted ultimate loss estimates, net of ceded reinsurance and reinstatement premiums, for previously reported loss events 
remain stable.
The inherent uncertainty in estimating the net liability for incurred claims gives rise to favourable or adverse development. During the year ended 31 December 2024 the changes 
in the discounted net liability for incurred claims for prior accident years was a reduction of $4.3 million (31 December 2023: $3.9 million). Despite some adverse development on the 2022 
accident year, overall favourable development was due to IBNR releases due to a lack of reported claims.
Prior accident year claims development
Year ended 31 December
2024
$m
2023
$m
2021 accident year
 
0.7  
1.3 
2022 accident year
 
(7.3)  
2.6 
2023 accident year
 
10.9 
Total claims development – favourable (unfavourable)
 
4.3  
3.9 
152
Notes to the consolidated financial statements
continued
 

Claims development table
The following tables show the estimates of cumulative undiscounted incurred claims, including the risk adjustment, for each successive accident year at each reporting date, together with 
the cumulative payments to date:
Gross undiscounted claims, including risk adjustment
$m
$m
$m
$m
$m
Accident year
2021
2022
2023
2024
Total
At end of accident year
 
190.7  
391.2  
401.3  
660.1 
One year later
 
184.7  
387.2  
389.7 
Two years later
 
187.5  
394.9 
Three years later
 
187.3 
Current estimate of undiscounted incurred claims
 
187.3  
394.9  
389.7  
660.1  
1,632.0 
Cumulative payments to date
 
(134.3)  
(208.9)  
(130.0)  
(45.2)  
(518.4) 
Current estimate of undiscounted liability for incurred claims
 
53.0  
186.0  
259.7  
614.9  
1,113.6 
Effect of discounting 
 
(123.4) 
Current estimate of discounted liability for incurred claims
 
990.2 
153
Notes to the consolidated financial statements
continued
 

Ceded undiscounted recoveries, including risk adjustment
$m
$m
$m
$m
$m
Accident year
2021
2022
2023
2024
Total
At end of accident year
 
(48.9)  
(39.0)  
–  
(7.0) 
One year later
 
(50.1)  
(36.9)  
– 
Two years later
 
(57.3)  
(36.9) 
Three years later
 
(57.8) 
Current estimate of ceded undiscounted incurred recoveries
 
(57.8)  
(36.9)  
–  
(7.0)  
(101.7) 
Cumulative recoveries received to date
 
43.9  
1.3  
–  
–  
45.2 
Current estimate of ceded undiscounted asset for incurred claims
 
(13.9)  
(35.6)  
–  
(7.0)  
(56.5) 
Effect of discounting 
 
5.1 
Current estimate of ceded asset for incurred claims
 
(51.4) 
Net undiscounted claims, including risk adjustment
$m
$m
$m
$m
$m
Accident year
2021
2022
2023
2024
Total
At end of accident year
 
141.8  
352.2  
401.3  
653.1 
One year later
 
134.6  
350.3  
389.7 
Two years later
 
130.2  
358.0 
Three years later
 
129.5 
Current estimate of net undiscounted incurred claims
 
129.5  
358.0  
389.7  
653.1  
1,530.3 
Cumulative payments to date
 
(90.4)  
(207.6)  
(130.0)  
(45.2)  
(473.2) 
Current estimate of net undiscounted liability for incurred claims
 
39.1  
150.4  
259.7  
607.9  
1,057.1 
Effect of discounting 
 
(118.3) 
Current estimate of net liability for incurred claims
 
938.8 
154
Notes to the consolidated financial statements
continued
 

A reconciliation of the net liability for incurred claims per the claims development tables to the carrying amounts included in the balance sheet has been provided below. Loss related 
amounts represent amounts due that are contingent on claims, such as reinstatement premiums and profit commissions.
Reconciliation to carrying amounts:
2024
2023
As at 31 December
Gross
$m
Ceded
$m
Net
$m
Gross
$m
Ceded
$m
Net
$m
Undiscounted liability for incurred claims per claims development tables
 
1,113.6  
(56.5)  
1,057.1  
669.5  
(56.2)  
613.3 
Discount
 
(123.4)  
5.1  
(118.3)  
(74.3)  
4.7  
(69.6) 
Liability for incurred claims per claims development tables
 
990.2  
(51.4)  
938.8  
595.2  
(51.5)  
543.7 
Other loss related amounts
 
(12.2)  
10.2  
(2.0)  
(3.0)  
8.9  
5.9 
Liability (asset) for incurred claims
 
978.0  
(41.2)  
936.8  
592.2  
(42.6)  
549.6 
155
Notes to the consolidated financial statements
continued
 

15. Right-of-use lease assets
Right-of-use lease assets primarily relate to leased properties for Conduit's offices in 
Bermuda and office equipment.
Right-of-use assets
$m
Balance and net book value as at 31 December 2022
 
2.2 
Additions
 
0.5 
Depreciation
 
(0.6) 
Balance and net book value as at 31 December 2023
 
2.1 
Additions
 
– 
Depreciation
 
(0.7) 
Balance and net book value as at 31 December 2024
 
1.4 
Lease liabilities
As at 31 December
2024
$m
2023
$m
Less than one year
 
0.8  
0.8 
Between one and five years
 
0.8  
1.6 
Total undiscounted lease liabilities
 
1.6  
2.4 
The discounted lease liability as at 31 December 2024 was $1.6 million (31 December 
2023: $2.3 million). Conduit does not face significant liquidity risk with respect to 
its lease liabilities.
Amounts recognised in the consolidated financial statements
Year ended 31 December
2024
$m
2023
$m
Consolidated statement of comprehensive income
Interest expense on lease liabilities
 
0.1  
0.1 
Depreciation of right-of-use assets
 
0.7  
0.6 
Total
 
0.8  
0.7 
Consolidated statement of cash flows
Lease payments
 
0.8  
0.7 
156
Notes to the consolidated financial statements
continued
 

16. Financing arrangements
Letters of credit and trust accounts
CRL is a non-admitted reinsurer in the US and Canada but does have approved reciprocal 
jurisdiction reinsurer ('RJR') status in certain states of the US which is renewed annually. 
Subject to certain exceptions, RJR status reduces the need for CRL to post collateral 
to support cedants in states where CRL has RJR status. However, terms and conditions 
of certain reinsurance contracts with US and Canadian cedants require CRL to provide 
collateral for outstanding insurance contract liabilities, including the liability for remaining 
coverage and liability for incurred claims. The collateral can be provided by LOCs or by 
assets in trust accounts. Refer to note 9 for details of interest expense associated with 
these LOCs included in financing costs. Additional information about Conduit's exposure 
to interest rate and liquidity risk is included in the risk disclosures section in note 3.
Standby letter of credit facility
During July 2021, CRL, as the borrower, entered into a $125.0 million standby letter of credit 
facility led by Lloyds Bank Corporate Markets plc. CHL will guarantee the obligations of 
CRL with respect to the standby LOC facility. Terms of the standby LOC facility contain 
standard qualitative representations and require certain standard financial covenants be 
adhered to, including: a maximum consolidated debt-to-capital ratio of CHL of 35.0%; a 
minimum consolidated tangible net worth of CHL; and a minimum A.M. Best rating of B++ 
for CRL. CRL increased the aggregate amount of the commitment under the facility up to 
$175.0 million by the end of 2023, reducing it to $150.0 million during 2024. As at 31 
December 2024, $121.2 million (31 December 2023: $125.3 million) was outstanding under 
the standby LOC facility and is secured by cash and cash equivalents and investments of 
$141.4 million (31 December 2023: $153.2 million).
Uncommitted letter of credit facility
During September 2021, CRL entered into a $75.0 million uncommitted LOC facility with 
Citibank Europe PLC which was increased to $125.0 million during 2023. The facility 
remains at $125.0 million as at 31 December 2024. Terms of the uncommitted LOC facility 
include standard qualitative representations. As at 31 December 2024, $99.0 million 
(31 December 2023: $72.9 million) was outstanding under the uncommitted LOC facility 
and is secured by cash and cash equivalents and investments of $106.8 million 
(31 December 2023: $89.1 million).
Trust accounts
Several trust account arrangements have been established in favour of policyholders 
and ceding companies to provide collateral or comply with the security requirements 
of certain contracts. As at 31 December 2024, $239.1 million (31 December 2023: 
$170.8 million) of cash and cash equivalents and investments were restricted in favour 
of third parties.
Additional letter of credit and trust funding requirements
For the year ended 31 December 2024 collateral requests and amendments received 
subsequent to the year end date, but in relation to that financial year, were a net reduction 
of $17.8 million. For the year ended 31 December 2023 there was a net increase of 
$18.2 million. These collateral requests will be processed in the normal course of business. 
Any funding requirements will be satisfied using cash and cash equivalents and/or 
investments with any reductions being released from restricted funds.
157
Notes to the consolidated financial statements
continued
 

17. Share capital
Authorised share capital
Number
$m
Authorised common shares of $0.01 each
10,000,000,000  
100.0 
Authorised A1 shares of £0.01 each
100,000  
– 
Authorised A2 shares of $0.01 each
100,000  
– 
As at 31 December 2024 and 2023
10,000,200,000  
100.0 
Allotted, called-up and fully paid
Common 
shares
number
A1 shares 
number
A2 shares 
number
Total
number
Total
$m
Issued
165,239,997
100,000
100,000
165,439,997  
1.7 
As at 31 December 2024 and 2023
165,239,997
100,000
100,000
165,439,997  
1.7 
The number of common shares in issue less own shares held as at 31 December 2024 was 156,977,997 (31 December 2023: 158,056,137).
CHL holds 18,000 A1 and A2 shares at 31 December 2024 and 2023. The A1 and A2 shares issued by CML have no voting rights attached. Subject to vesting conditions, discussed 
in note 7, the A1 and A2 shares will be automatically exchanged for ordinary shares of CHL.
158
Notes to the consolidated financial statements
continued
 

Own shares
Own shares
Number held in 
treasury
$m
Number held in 
trust
$m
Total number 
of own shares
Total
$m
As at 31 December 2022
 
(757,823)  
(3.6)  
(4,341,000)  
(16.5)  
(5,098,823)  
(20.1) 
Purchased by EBT
 
–  
–  
(2,336,000)  
(13.7)  
(2,336,000)  
(13.7) 
Transferred to EBT
 
757,823  
3.6  
(757,823)  
(3.6)  
–  
– 
Distributed by EBT
 
–  
–  
250,963  
0.9  
250,963  
0.9 
As at 31 December 2023
 
–  
–  
(7,183,860)  
(32.9)  
(7,183,860)  
(32.9) 
Purchased by EBT
 
–  
–  
(1,417,422)  
(9.4)  
(1,417,422)  
(9.4) 
Distributed by EBT
 
–  
–  
339,282  
1.7  
339,282  
1.7 
As at 31 December 2024
 
–  
–  
(8,262,000)  
(40.6)  
(8,262,000)  
(40.6) 
Shares repurchased by CHL and the EBT will be held as own shares to meet future obligations under CHL’s variable incentive schemes. See note 21 for information on shares held by 
the EBT.
Dividends
Record date
Payment date
Per share $
$m
Final 2022
24 March 2023
21 April 2023
 
0.18  
29.6 
Interim 2023
18 August 2023
8 September 2023
 
0.18  
29.7 
Final 2023
22 March 2024
24 April 2024
 
0.18  
29.8 
Interim 2024
16 August 2024
5 September 2024
 
0.18  
29.7 
See note 22 for information with respect to dividends declared subsequent to 31 December 2024.
159
Notes to the consolidated financial statements
continued
 

18. Other reserves
Other reserves consist of the following:
Other 
reserves
$m
As at 31 December 2022
 
1,058.1 
Equity-based incentive expense
 
2.5 
Distributions by EBT
 
(1.0) 
As at 31 December 2023
 
1,059.6 
Equity-based incentive expense
 
7.1 
Distributions by EBT
 
(1.7) 
As at 31 December 2024
 
1,065.0 
Other reserves include Conduit’s equity-based incentive expense.
19. Contingencies and commitments
Legal proceedings and regulations
Conduit operates in the reinsurance industry and is subject to legal proceedings in the 
normal course of business. While it is not practicable to estimate or determine the final 
results of all pending or threatened legal proceedings, management does not believe that 
any such proceedings (including litigation) will have a material effect on its results and 
financial position.
20. Earnings per share
The following reflects the earnings and share data used in the basic and diluted earnings 
per share computations:
As at 31 December
2024
$m
2023
$m
Total comprehensive income
 
125.6  
190.8 
Number
Number
Basic weighted average number of shares
 157,226,209 
160,103,836
Dilutive effect of equity-based incentives
 
918,066 
461,091
Diluted weighted average number of shares
 158,144,275  160,564,927 
Earnings per share
Per share $
Per share $
Basic
 
0.80  
1.19 
Diluted
 
0.79  
1.19 
Equity-based incentive awards are only treated as dilutive when their conversion to 
common shares would decrease earnings per share or increase loss per share from 
continuing operations. Incremental shares from ordinary restricted share options where 
relevant performance criteria have not been met are not included in the calculation of 
dilutive shares.
160
Notes to the consolidated financial statements
continued
 

21. Related party disclosures
These consolidated financial statements include CHL and the entities listed below:
Subsidiary undertakings
Domicile
Principal Business
CHL
Bermuda
Holding company, Ultimate parent
CRL
Bermuda
General insurance business
CRSL1
England and Wales
Support services
CML2
Bermuda
Support services
CSL
Bermuda
Support services
EBT
Jersey
Employee benefit trust
1.
CRSL dissolved effective 14 January 2025
2.
CML is part-owned by members of management. Management’s share ownership in CML exists solely for 
the purposes of the Group’s MIP scheme for attracting and retaining talent. Management’s shares in CML 
have no voting power or control in respect of CHL's ownership of CRL via CML's ownership of CRL.
Unless otherwise stated, Conduit owns 100% of the share capital and voting rights in the 
subsidiaries listed.
Conduit Reinsurance Services Limited (CRSL)
CRSL was established at the inception of Conduit with the expectation that certain support 
services would be provided to group companies. These support services have not been 
required and the voluntary liquidation of CRSL commenced during 2024. The process was 
completed on 14 January 2025.
Employee benefit trust
The EBT was established with the sole purpose of administering Conduit's equity-based 
incentive schemes. The trustee operates the trust for the benefit of Conduit's employees, 
all in accordance with an established trust deed. While Conduit does not have legal 
ownership of the EBT, the trust is consolidated in Conduit's accounts due to the ability 
that Conduit has to influence the actions of the trust.
Funding for the trust is provided by CHL through a non-interest bearing loan facility. 
The facility may only be used by the trustee for the purpose of achieving the objectives of 
the EBT. During the year ended 31 December 2024, advances of $9.4 million (31 December 
2023: $13.7 million) were made to the trust.
CHL common shares purchased by the EBT will be held for the benefit of employees under 
CHL's variable incentive schemes. During the year ended 31 December 2024 the trust 
purchased common shares of 1,417,422 (31 December 2023: 2,336,000).
On 18 May 2023, CHL completed the transfer of 757,823 common shares held in treasury 
with a value of $3.6 million to the EBT.
During the year ended 31 December 2024 the EBT distributed 339,282 shares with a value 
of $1.7 million to employees. For the year ended 31 December 2023 the EBT distributed 
250,963 shares at a value of $0.9 million.
Stabilitas Re
Stabilitas Re Limited a special purpose vehicle (Stabilitas Re), was launched in June 2023. 
Conduit sponsored the launch of a catastrophe bond issued by Stabilitas Re and CRL 
entered into a collateralised reinsurance agreement with Stabilitas Re as part of the 
transaction. The catastrophe bond was issued to third-party investors by Stabilitas Re. 
Conduit has no ownership interest in, nor any control, over Stabilitas Re and therefore does 
not consolidate that entity.
161
Notes to the consolidated financial statements
continued
 

Key management compensation
Remuneration for key management of Conduit’s Executive Group, and Non-Executive 
Directors, was as follows:
Year ended 31 December
2024
$m
2023
$m
Cash compensation
 
7.9  
9.1 
Equity-based incentive expense
 
4.7  
1.8 
Directors' fees and expenses
 
0.8  
0.8 
Total
 
13.4  
11.7 
Loans to employees, including key management, to assist with environmental and 
other projects, have been made by CSL. These loans are short term and interest free. 
Any financial benefit to the employee is generally not material.
Non-Executive Directors do not receive any benefits in addition to their agreed fees 
and expenses and do not participate in any of Conduit’s incentive, performance or 
pension plans.
IncubEx, Inc.
Effective 9 April 2021, CHL executed a stock purchase agreement with IncubEx, a product 
and business development firm with a focus on designing and developing new financial 
products in global environmental, reinsurance and related commodity markets. CHL 
purchased 624 shares of IncubEx’s Series A-3 preferred stock, with a par value of 
$0.0001 per share, for an aggregate purchase price of $50,000, or $80.08 per share.
The current Executive Chairman of CHL is also a founder and current chairman of IncubEx. 
The terms and conditions of the stock purchase agreement are equivalent to those that 
would prevail in an arm’s length transaction. The investment in IncubEx is included in other 
assets in the consolidated balance sheet and is recorded at cost, which approximates 
fair value.
22. Subsequent events
Dividends
On 18 February 2025, Conduit’s Board of Directors declared a final dividend for 2024 
of $0.18 (approximately £0.14) per common share, which will result in an aggregate 
payment of $29.7 million. The dividend will be paid in pounds sterling on 17 April 2025 
to shareholders of record on 21 March 2025 (the Record Date) using the pound sterling/US 
dollar spot exchange rate at 12 noon BST on the Record Date.
California Wildfires
The January 2025 California wildfires have caused widespread damage across the Los 
Angeles area. While there is still considerable uncertainty due to the complicated nature of 
the losses and recency of the event, our preliminary undiscounted ultimate loss estimate 
across all divisions is between $100 million and $140 million, net of reinsurance recoveries 
and reinstatement premiums. 
Our current preliminary estimate is based on an analysis of in-force contracts with 
exposure within the Los Angeles area, evaluating all the initial information we have received 
from brokers, cedants and other industry sources, along with a review of the latest 
modelled losses for our portfolio at various return periods. As additional information 
emerges our ultimate loss may vary from this preliminary estimate. The financial impact on 
Conduit of this event will be reflected in the interim results for the six months ended 30 
June 2025.
162
Notes to the consolidated financial statements
continued
 

Conduit presents certain APMs to evaluate, monitor and manage the business and to aid readers’ understanding of Conduit's financial statements and methodologies used. These 
are common measures used across the (re)insurance industry and allow the reader of Conduit's financial reports to compare those with other companies in the (re)insurance industry. 
The APMs should be viewed as complementary to, rather than a substitute for, the figures prepared in accordance with IFRS. Conduit’s Audit Committee has evaluated the use of these 
APMs and reviewed their overall presentation to ensure that they were not given undue prominence. This information has not been audited.
Management believes the APMs included in the consolidated financial statements are important for understanding Conduit’s overall results of operations and may be helpful to investors 
and other interested parties who may benefit from having a consistent basis for comparison with other companies within the (re)insurance industry. However, these measures may not be 
comparable to similarly labelled measures used by companies inside or outside the (re)insurance industry. In addition, the information contained herein should not be viewed as superior 
to, or a substitute for, the measures determined in accordance with the accounting principles used by Conduit for its audited consolidated financial statements or in accordance with IFRS.
Below are explanations, and associated calculations, of the APMs presented by Conduit:
Gross premiums 
written (KPI)
For the majority of excess of loss contracts, premiums written are recorded 
based on the minimum and deposit or flat premium, as defined in the contract. 
Premiums written for proportional contracts on a risks attaching basis are 
written over the term of the contract in line with the underlying exposures. 
Subsequent adjustments, based on reports of actual premium by the ceding 
company, or revisions in estimates, are recorded in the period in which they are 
determined. Reinstatement premiums are excluded.
Amounts payable by the cedant before any deductions, which may include 
taxes, brokerage and commission. Reinstatement premiums are excluded.
Net loss ratio 
(discounted and 
undiscounted)
Ratio of net losses and loss related amounts expressed as a percentage of net 
reinsurance revenue in a period. This can be calculated using discounted or 
undiscounted net losses and loss related amounts.
Net losses and loss related amounts / Net reinsurance revenue
Undiscounted net losses and loss related amounts / Net reinsurance revenue
(note 4)
Reinsurance 
operating expense 
ratio
Ratio of reinsurance operating expenses, which includes acquisition expenses 
charged by insurance brokers and other insurance intermediaries to Conduit, 
and operating expenses paid that are attributable to the fulfilment of 
reinsurance contracts, expressed as a percentage of net reinsurance revenue 
in a period.
Reinsurance operating expenses / Net reinsurance revenue
(note 4)
APM
Explanation
Calculation
163
Additional performance measures (the 'APMs')
 

Other operating 
expense ratio
Ratio of other operating expenses expressed as a percentage of net reinsurance 
revenue in a period.
Other operating expenses / Net reinsurance revenue
(note 4)
Combined ratio 
(discounted) (KPI)
The sum of the net loss ratio, reinsurance operating expense ratio and other 
operating expense ratio. Other operating expenses are not allocated to the 
segment combined ratio.
Net loss ratio + Net reinsurance operating expense ratio + Other operating 
expense ratio
(note 4)
Combined ratio 
(undiscounted)
The sum of the net loss ratio (undiscounted), reinsurance operating expense 
ratio and other operating expense ratio. Other operating expenses are not 
allocated to the segment combined ratio.
Net loss ratio (undiscounted) + Net reinsurance operating expense ratio + 
Other operating expense ratio
(note 4)
Accident year loss 
ratio
Ratio of the net losses and loss related amounts of an accident year (or calendar 
year) revalued at the current balance sheet date expressed as a percentage of 
net reinsurance revenue in a period.
Accident year net losses and loss related amounts / Net reinsurance revenue
Total net investment 
return (KPI)
Conduit's principal investment objective is to preserve capital and provide 
adequate liquidity to support the payment of losses and other liabilities. In light 
of this, Conduit looks to generate an appropriate total net investment return. 
Conduit bases its total net investment return on the sum of non-operating cash 
and cash equivalents and fixed maturity securities. Total net investment return 
is calculated daily and expressed as a percentage.
Net investment income + Net unrealised gains (losses) on investments + 
Net realised gains (losses) on investments / Non-operating cash and cash 
equivalents + Fixed maturity securities, at beginning of period
Return on equity 
(KPI)
RoE enables Conduit to compare itself against other peer companies in the 
immediate industry. It is also a key measure internally and is integral in the 
performance-related pay determinations. RoE is calculated as the profit for 
the period divided by the opening total shareholders' equity.
Profit (loss) after tax for the period / Total shareholders' equity, at beginning 
of period
APM
Explanation
Calculation
164
Additional performance measures (the “APMs”)
continued
 

Total shareholder 
return (KPI)
Total shareholder return allows Conduit to compare itself against other public 
peer companies. Total shareholder return is calculated as the percentage 
change in Common Share price over a period, after adjustment for Common 
Share dividends.
Closing Common Share price, at end of period – Opening Common Share price, 
at beginning of period + Common Share dividends during the period / 
Opening Common Share price, at beginning of period
Dividend yield
Calculated by dividing the annual dividends per Common Share by the Common 
Share price on the last day of the given year and expressed as a percentage.
Annual dividends per Common Share / Closing Common Share price
Net tangible assets 
per share (KPI)
This provides a measure of book value per share for all shares in issue less own 
shares held in treasury or the EBT trust.
Total shareholders' equity less intangible assets, at the end of the period / 
Total common shares in issue less own shares held
The GBP equivalent of NTAVS is calculated using the end of period exchange 
rate between USD and GBP.
APM
Explanation
Calculation
165
Additional performance measures (the “APMs”)
continued
 

The following definitions apply throughout the Annual Report and Accounts unless the 
context otherwise requires. All references to legislation in this document are to the 
legislation of England and Wales unless the contrary is indicated. Any reference to any 
provision of any legislation shall include any amendment, modification, re-enactment or 
extension thereof. Words importing the singular shall include the plural and vice versa, 
and words importing the masculine gender shall include the feminine or neutral gender.
ABIR The Association of Bermuda Insurers and Reinsurers (ABIR) represents the public 
policy interests of its members.
Additional case reserves (ACRs) ACRs represent Conduit's estimate for losses related to 
specific contracts which Conduit believes may not be adequately reported, or adequately 
covered in the application of IBNR.
Admission The admission of all of CHL’s Common Shares (1) to the standard listing 
segment of the Official List of the UK Financial Conduct Authority, and (2) to trading 
on the London Stock Exchange’s main market for listed securities which occurred on 
7 December 2020.
Aggregate excess of loss (XOL) reinsurance A form of excess of loss reinsurance in 
which the excess and the limit of liability are expressed as annual aggregate amounts.
AGM Annual General Meeting of the CHL shareholders.
AM Best a global credit agency, news publisher and data analytics provider, focusing on 
the insurance sector.
AM Best rating (i) in respect of financial strength: AM Best's independent opinion of an 
insurer's financial strength and ability to meet its ongoing insurance policy and contract 
obligations, and (ii) in respect of long-term issuer credit: AM Best's independent opinion 
of an entity's ability to meet its ongoing financial obligations.
BMA Bermuda Monetary Authority.
Board of Directors or Board unless otherwise stated refers to the CHL Board of Directors.
Book value per share Calculated by dividing the value of the total shareholders’ equity 
by the sum of all Common voting shares outstanding.
Broker An intermediary who negotiates contacts of insurance or reinsurance, receiving 
a commission for placement and other services rendered.
Brokerage The commission that is payable to a broker for placing an insurance or 
reinsurance contract with an insurer or a reinsurer.
BSCR Bermuda Solvency Capital Requirement.
BI Business Interruption Insurance coverage that replaces income lost in the event that 
business is halted due to direct physical loss or damage.
Cedant A ceding insurer or a reinsurer that writes and issues a policy to an (re)insured 
and contractually transfers (cedes) a portion of the risk to a reinsurer or retrocessionaire.
CEO Chief Executive Officer.
CFO Chief Financial Officer.
CHL Conduit Holdings Limited.
Claim A request by an insured or reinsured for indemnification by an insurance or 
reinsurance company for loss incurred from an insured peril or event.
CML Conduit MIP Limited.
Combined ratio The sum of the net loss ratio, reinsurance operating expense ratio and 
other operating expense ratio.
Common Shares Common Shares of CHL of $0.01 par value per share.
166
Glossary 
 

Company Conduit Holdings Limited (CHL).
Coverholder A coverholder is a company or partnership authorised by a managing agent 
to enter into a contract or contracts of insurance to be underwritten by the members of 
a syndicate managed by it in accordance with the terms of a binding authority.
Conduit The brand for Conduit Holdings Limited and all associated group companies.
Conduit Re The brand for all Conduit's reinsurance business.
CRL Conduit Reinsurance Limited.
CRO Chief Risk Officer.
CRSL Conduit Reinsurance Services Limited (previously named Conduit Marketing 
Limited).
CSL Conduit Services Limited.
CUO Chief Underwriting Officer.
Diluted earnings (loss) per share Calculated by dividing comprehensive income (loss) for 
the year attributable to shareholders by the weighted average number of Common Shares 
outstanding during the year, excluding treasury shares, plus the weighted average number 
of Common Shares that would be issued on the conversion of all potentially dilutive equity-
based compensation awards.
Dividend yield Calculated by dividing the annual dividends per Common Share by the 
Common Share price on the last day of the given year and expressed as a percentage.
DSBP The deferred share bonus plan is an equity-based incentive plan where a certain 
percentage of employee bonuses is deferred into nil-cost Common Shares.
DTR The Disclosure Rules and Transparency Rules sourcebook as issued by the Financial 
Conduct Authority.
Earnings (loss) per share (EPS) Calculated by dividing comprehensive income (loss) for 
the year attributable to shareholders by the weighted average number of common shares 
outstanding during the year, excluding treasury shares.
EBT The Conduit Group Employee Benefit Trust is a trust established for the sole purpose 
of administering Conduit's equity-based incentive schemes.
ECR Enhanced capital requirement. Under the BSCR Model, the reinsurer’s minimum 
required statutory capital and surplus is referred to as the enhanced capital requirement 
(ECR). The ECR is the greater of the calculated BSCR and the minimum solvency 
margin (MSM).
Estimated ultimate premiums written Premium reported by ceding companies, 
excluding reinstatement premiums, supplemented by management’s judgement on the 
estimate provided.
Excess of loss (XOL, XL) or non-proportional Reinsurance that indemnifies against all or 
a specified portion of loss and loss expenses in excess of a specified monetary amount or 
other threshold, known as the cedant's retention or reinsurers attachment point, generally 
subject to a negotiated reinsurance contract limit.
Executive Group is comprised of the Executive Chairman, CEO ,CFO, CRO, CUO, Chief 
Operating Officer, General Counsel and Chief Actuary.
FVTPL Fair value through profit or loss.
Gross premiums written (GPW) Amounts payable by the cedant before any deductions, 
which may include taxes, brokerage and commission.
IAS International Accounting Standard(s) are created by the IASB for the preparation and 
presentation of financial statements.
167
Glossary continued
 

IASB International Accounting Standards Board.
IFRS International Financial Reporting Standard(s).
Incurred But Not Reported (IBNR) Reserve for anticipated or likely losses that may result 
from insured events which have taken place, but which have not yet been reported and/or 
possible adverse development of previously reported losses.
IPO Initial public offering.
Invested equity Means the aggregate of initial equity invested in CHL on Admission and 
equity invested pursuant to any future equity raises by the Company, with the US dollar 
value of invested equity for the USD MIP Shares being calculated at the spot rate at the 
time the relevant proceeds of the equity raise were received by the Company.
ISSB IFRS International Sustainability Standards Board.
Liability for incurred claims (LIC) Liabilities established by reinsurers to reflect the 
estimated cost of claims payments and the related expenses that the reinsurer will 
ultimately be required to pay in respect of reinsurance contracts it has written. The LIC 
includes the risk adjustment and contractual payments made that are contingent on loss 
events, such as profit commissions and reinstatement premiums. The LIC is discounted.
Liability for remaining coverage (LRC) The liability for remaining coverage represents the 
balance of premium received, net of acquisition expenses, less the premium income and 
acquisition expenses amortised in the period.
LOC Letter of credit.
Losses occurring business Business where the wording stipulates that claims against 
liability policies can be notified to the Company at any time following the issue of 
the policy.
Loss reserve development The difference between the amount of the liability for incurred 
claims initially estimated by an insurer or reinsurer and the amount re-estimated in an 
evaluation at a later date.
LSE London Stock Exchange.
LTIP The long-term incentive plan is an equity-based award plan granted to employees 
as nil-cost conditional award over Common Shares in CHL.
Market value Refers to (1) the market capitalisation of CHL calculated by reference 
to the six-month average closing share price prior to the date of the relevant exchange 
of MIP Shares for Common Shares of CHL (adjusted to take into account any capital 
events or distributions during that period); or, (2) in the case of a takeover of CHL, 
the value of the consideration for the takeover, or (3) in the case of a sale of CHL, the 
net sale consideration, or (4) in the case of the liquidation of CHL, the amount available 
for distribution in the liquidation, in each case taking into account any prior dividends, 
returns of capital or other distributions. The market value for the USD MIP Shares will 
be calculated in US dollars based on the prevailing spot rate on the date of the relevant 
share price and in the case of a takeover of CHL, or sale or liquidation of CML, the latest 
reasonably practicable spot rate prior to the date of the exchange of MIP Shares for 
Common Shares of CHL as determined by the Remuneration Committee of CHL.
Net loss ratio Ratio of net losses and loss related amounts expressed as a percentage of 
net reinsurance revenue in a period.
Non-admitted business Business written by a reinsurer not licensed by a particular state or 
jurisdiction, but nevertheless able to sell and service reinsurance policies to cedants located 
within that state or jurisdiction.
OECD Organisation for Economic Co-operation and Development.
Other operating expense ratio Ratio of other operating expenses expressed as a 
percentage of net reinsurance revenue in a period.
168
Glossary continued
 

Overriding commission (OVR) A commission that is paid by a reinsurer over and above 
the cedant's original acquisition costs.
Quota share reinsurance A form of proportional reinsurance in which the reinsurer 
assumes an agreed percentage of each insurance contract being reinsured.
Retention The amount of the loss which is retained by the cedant prior to the attachment 
of a reinsurance programme.
Return on Equity (RoE) RoE is calculated as the profit for the period divided by the 
opening total shareholders' equity.
Risk-adjusted rate change Reflects management's assessment of net rate changes of 
our renewal business net of the impact of claims inflation, exposure changes, and changes 
in any other terms and conditions.
Senior executive(s) refers to the Executive Chairman, CEO and CFO and Chief 
Operating Officer.
State(s) refers to one or or more of the fifty states making up the United States 
of America.
TCFD The Task Force on Climate-Related Financial Disclosures (TCFD) was created by 
the G20-established Financial Stability Board in December 2015 to improve the quality, 
quantity and consistency of climate-related disclosures. To achieve this, it developed 
a reporting framework which consists of a number of recommendations structured into 
four pillars: governance, strategy, risk, and metrics and targets.
The UK Code The UK Corporate Governance Code, monitored by the UK Financial 
Reporting Council.
Total shareholder return (TSR) TSR is calculated as the percentage change in Common 
Share price over a period, after adjustment for Common Share dividends.
Treaty reinsurance A form of reinsurance in which the ceding company makes an 
agreement to cede certain business and the reinsurer, in turn, agrees to accept all business 
qualifying under the agreement, known as the 'treaty'.
Ultimate loss ratio The ratio of ultimate losses and loss-related amounts to total 
reinsurance revenue received for all policies written in a given period.
UK Listing Rules (UKLR) are a set of regulations applicable to any company listed on a 
United Kingdom stock exchange, subject to the oversight of the UK Financial Conduct 
Authority.
US refers to the United States of America.
VaR Value at Risk.
169
Glossary continued
 

Conduit Holdings Limited
Bermuda Company Registration Number 55936
Office address
Ideation House 
94 Pitts Bay Road 
Pembroke HM08 Bermuda
T: +1 441 276 1000
Registered address
Clarendon House 
2 Church Street 
Hamilton HM11 Bermuda
Shareholder contacts
Company Secretary
Greg Lunn
E: legal@conduitre.bm
Investor relations
Brett Shirreffs
E: info@conduitre.bm
Registrar
Computershare Investor 
Services (Bermuda) Limited 
The Pavilions
Bridgwater Road
Bristol BS99 6ZY 
United Kingdom
T: +44 370 702 0000
Advisers
Financial advisers
Kinmont Limited
5 Clifford Street 
London, W1S 2LG 
United Kingdom
Brokers
Peel Hunt 
100 Liverpool Street
London EC2M 2AT
United Kingdom
Berenberg 
60 Threadneedle Street
London EC2R 8HP
United Kingdom
Panmure Liberum
One New Change 
London EC4M 9AF 
United Kingdom
Auditors
KPMG Audit Limited
Crown House
4 Par-la-Ville Road 
Hamilton HM 08 Bermuda
Bankers
HSBC Bank Bermuda Limited 
37 Front Street
Hamilton HM 11 Bermuda
170
Advisers and Contact Information
 

Conduit Re
Ideation House
94 Pitts Bay Road
Pembroke HM08
+1 441 276 1000
conduitreinsurance.com