Conduit

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.

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%

The reinsurer announced its repurchase programme earlier this week to meet future obligations under incentive schemes.

The start-up reinsurer wrote $291.2mn in gross premium during the nine-month period.

Michelle Seymour Smith will begin her new role with immediate effect and will also serve on Conduit’s audit committee.

The start-up fell to a $12mn half-year loss as its new book of premium was relatively harder hit by a small Uri loss.

The start-up carrier still plans to write more excess-of-loss business overall.

The start-up has so far participated in around 80 contracts.

The Dutch institutional investor discloses a 5.2% holding in the start-up.

The analyst approves of the start-up’s blended reinsurance approach.