Conduit

At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.

A panel of sustainability leaders from Conduit Re, Axa XL, Convex and Vantage Risk discussed the need for a consistent methodology to measure underwriting emissions at the Bermuda Climate Summit.

Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.

The carrier said it was on track to hit a mid-80s combined ratio by the end of the year while continuing to prioritise the most attractive classes of business.

Reforms to the UK listing regime may enhance prospects of an insurance firm opting to IPO in London in future, but several broader problems, including liquidity issues, will also affect such a decision, according to industry sources.

Mario Binetti will be responsible for leading Conduit’s global casualty underwriting team.

Reclassifying expenses as underwriting or corporate costs for different reporting metrics is set to get more complex under IFRS17.

Analysts said Conduit is well positioned to benefit from the attractive conditions in reinsurance.

The Bermudian reported 1.1 risk-adjusted price increases of 19%.

More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.

The carrier also secured risk-adjusted rate increases of 19% across its portfolio at 1 January.

The reinsurer said the appointment comes as it looks to grow in the property treaty arena.