Since early 2025 losses from the California wildfires, Conduit Re has been building-out its retrocessional reinsurance protection against major catastrophes and secondary peril events. The focus has been on reducing net exposure to both peak catastrophe and secondary peril loss events, with Conduit Re buying increased core retro limit this year and aggregate coverage as well. On a 250 year PML basis, the percentage of TNAV figure fell from 19% at the start of 2025, to 17% at January 1st 2026 and now has fallen further again to 13% as of July 1st 2026. As well as both more core catastrophe retrocession limit having been purchased and aggregate retro, Conduit Re also disclosed today that it now has protection against second and third events. In fact, 40% of Conduit Re’s property underwriting is expected to be on an excess of loss basis in 2026.