Conduit
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The post-disaster reinsurance start-up model is changing. -
Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.
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The Bermudian reiterated its pledge to improve performance.
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Aviation reinsurance reserving issues will also be a broader focus for the market.
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The CEO said business remains adequately priced in most classes.
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The carrier is reducing its exposure to quota shares and shifting to XoL.
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The carrier said market dynamics were shifting due to increased capacity.
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Eckert said the reinsurance market is still at historically well priced levels.
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What’s next for Conduit Re’s strategy following a leadership shake-up?
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The new CEO said recent purchases were designed to protect earnings volatility.
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New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.
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Neil Eckert has been chair since the carrier was founded.
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Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.
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The CUO’s turnover closely follows that of the CEO.
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Conduit Holdings announced CEO Trevor Carvey’s retirement today.
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Analysts see Conduit’s extra reinsurance buying as a positive development.
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Executive chair Neil Eckert will step in as interim CEO.
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The chairman said the recent events were akin to Andrew, Katrina and the WTC.
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The carrier expects to book $100mn-$140mn from the California wildfires.
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Chairman Neil Eckert and CEO Trevor Carvey said the outlook for the market remains "very good".
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CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.
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The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.
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The carrier continued to expand in property and specialty, especially non-cat exposed business.
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CEO Trevor Carvey described the market during Q1 as being a "very healthy environment”.
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Property and specialty led the carrier’s expansion, with growth in casualty more modest.
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The short-term disruption of relisting may be justified by the long-term benefits.
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The firm said “respect” for reinsurance is at a high.
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The Bermudian achieved a 72% CoR and an improved investment result.
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Conduit said the reduction in interest rates over H2 2023 led to "substantial investment portfolio valuation gains”.
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CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023.
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The carrier said it expects to maintain CoR as it takes a selective approach to casualty lines.
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Cat losses were within budgets despite high levels of minor events.
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Sources previously told this publication there is up $15bn of exposure on-risk locally.
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Richard Sandor is widely regarded as being the architect of interest rate derivatives when he served as the vice president of the Chicago Board of Trade.
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The reinsurer noted that no event loss, individually or in the aggregate, had a material impact during the period.
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London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.
