Conduit

Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.

The reinsurer posted losses of $40mn from Hurricane Ian but said pricing and terms were set to improve.

The start-up’s top team predicted further rate hardening at 1 January.

The carrier’s combined ratio improved by 22.1 points to 105.1%.

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Up to 50% of the carrier’s war loss stems from aviation, where litigation brews.

The start-up also revealed $15mn-$30mn in Ukraine losses.

Former Scor executive Antonio Moretti takes on the IR role immediately.

The start-up Bermudian reinsurer has focused initially more on quota share.

Gross written premiums came to $378.8mn in its first year of trading, with an indicative renewal rate increase of 13.7%.

CEO Trevor Carvey will relinquish chief underwriting responsibilities to focus on his group strategy role.

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.