Conduit Holdings has appointed Nicholas Shott (pictured) chair of the board effective February 13, 2026, placing a director who joined in November 2025 at the helm of the Bermuda-based reinsurer’s parent company.
Shott was appointed to the board in November 2025 and has served on the nomination and remuneration committees. He will also assume the role of chair of the nomination committee, succeeding Ken Randall, who has held that position since the company’s IPO in 2020. Randall also served as senior independent director while Rebecca Shelley carried out interim chair responsibilities.
"I am delighted to have been appointed as chair of the board. I intend to bring a relentless focus to supporting the executive team in maximising value for Conduit's shareholders," said Shott.
Conduit Holdings is the ultimate parent of Conduit Re, a multi-line reinsurer listed in London and headquartered in Bermuda.
Chief executive officer Neil Eckert said: "On behalf of the board, I would like to congratulate Nicholas on his appointment as chair. I look forward to working with him as Conduit moves into the next phase of its development. I would also like to express our sincere thanks to Rebecca for serving as interim chair during our search process. Her leadership ensured stability and continuity at a pivotal time for the business.
“The board is equally grateful to Ken Randall for his significant contribution as chair of the Nomination Committee since Conduit's IPO in 2020, and for stepping into the senior independent director role while Rebecca undertook her interim responsibilities."
The leadership change comes during a period of heightened investor attention. In December 2025, analyst revisions reduced Conduit’s fair value estimate to £4.71 from £4.97, while the assumed discount rate increased to 6.69% from 6.44%, reflecting a higher required return. Revenue growth expectations shifted from +1.84% to -2.50%, net profit margin projections declined from 30.85% to 17.31%, and the forward P/E multiple rose from 3.6x to 9.3x.
RBC Capital lifted its price target to £3.60 from £3.00 but maintained a Sector Perform rating, citing a balance between operational execution and valuation considerations.
At the same time, activist investor Richard Bernstein has built a small stake in the company and publicly argued that a sale is “almost inevitable,” urging management to improve performance and formally explore strategic alternatives. He has stated that he has backing from other shareholders.
In November 2025, Conduit reported gross premiums written of $1.04 billion for the first nine months of 2025, up 8.5%, with growth across property, casualty and specialty lines. Casualty premiums increased 20.2% to $268.7 million, property rose 6% to $568.3 million and specialty grew 2.2% to $202.1 million. Reinsurance revenue increased 12.6% to $662.4 million.
The investment portfolio reached $2 billion, delivering a 5.4% return. Fixed maturities accounted for 90.8% of the portfolio, with an average duration of 2.8 years. A third-quarter interim dividend of $0.18 per share, totaling nearly $30 million, was paid in September. The company also resumed its $50 million share buyback program and reaffirmed mid-single-digit return on equity guidance for 2025.
Rebecca Shelley will resume her role as senior independent director and continue to chair the remuneration committee.
Elizabeth Murphy will retire from the board prior to the May 2026 annual general meeting, part of planned succession as she enters her sixth year of service. The recruitment process for her successor is nearing completion.
The governance changes follow other senior appointments. Stephen Postlewhite has been named chief underwriting officer of Conduit Re, effective January 26, 2026, subject to Bermuda immigration approval.
Together, the board and executive transitions place new oversight and underwriting leadership in position at a time when investors are closely monitoring performance, capital management and strategic direction.
