Gross premiums written declined 1.8 per cent to $789 million as the company rejected or decided not to renew business that did not meet its return targets. Property premiums fell 9.3 per cent to $454.8 million, while speciality premiums declined 4.7 per cent to $117.2 million. The decline was biggest in property, where prices fell 10 per cent. Speciality prices declined 7 per cent, while casualty pricing was down 1 per cent. Conduit is pivoting towards excess-of-loss contracts, which are expected to account for about 40 per cent of its property premiums this year.