Conduit
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Plus the latest company results, people moves and all the top news of the week. -
Up to 50% of the carrier’s war loss stems from aviation, where litigation brews.
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The start-up also revealed $15mn-$30mn in Ukraine losses.
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Former Scor executive Antonio Moretti takes on the IR role immediately.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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Gross written premiums came to $378.8mn in its first year of trading, with an indicative renewal rate increase of 13.7%.
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CEO Trevor Carvey will relinquish chief underwriting responsibilities to focus on his group strategy role.
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The firm said its preference for single class exposures had constrained growth in specialty lines as brokers sought to push different classes together in combined programmes.
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Both pricing and terms improved in most of its core market, with the firm's year-on-year renewal net rate change for 1.1 business estimated to be +5%
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The reinsurer announced its repurchase programme earlier this week to meet future obligations under incentive schemes.
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The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.
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Michelle Seymour Smith will begin her new role with immediate effect and will also serve on Conduit’s audit committee.
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