Conduit

The post-disaster reinsurance start-up model is changing.

Angus Hampton, meanwhile, has been promoted to head of casualty in place of Mario Binetti.

The Bermudian reiterated its pledge to improve performance.

Aviation reinsurance reserving issues will also be a broader focus for the market.

The CEO said business remains adequately priced in most classes.

The carrier is reducing its exposure to quota shares and shifting to XoL.

The carrier said market dynamics were shifting due to increased capacity.

Eckert said the reinsurance market is still at historically well priced levels.

What’s next for Conduit Re’s strategy following a leadership shake-up?

The new CEO said recent purchases were designed to protect earnings volatility.

New CEO Eckert said Conduit had taken “decisive action” after the LA wildfires.

Neil Eckert has been chair since the carrier was founded.

Combating depressed trading on the LSE and a delayed hard market shift has held back the firm.

The CUO’s turnover closely follows that of the CEO.

Conduit Holdings announced CEO Trevor Carvey’s retirement today.

Analysts see Conduit’s extra reinsurance buying as a positive development.

Executive chair Neil Eckert will step in as interim CEO.

The chairman said the recent events were akin to Andrew, Katrina and the WTC.

The carrier expects to book $100mn-$140mn from the California wildfires.

Chairman Neil Eckert and CEO Trevor Carvey said the outlook for the market remains "very good".

CEO Trevor Carvey said the revision reflected Conduit’s “favourable reception”.

The carrier said activity across smaller and mid-sized natural catastrophe and risk events had been “elevated”.

The carrier continued to expand in property and specialty, especially non-cat exposed business.

CEO Trevor Carvey described the market during Q1 as being a "very healthy environment”.

Property and specialty led the carrier’s expansion, with growth in casualty more modest.

The short-term disruption of relisting may be justified by the long-term benefits.

The firm said “respect” for reinsurance is at a high.

The Bermudian achieved a 72% CoR and an improved investment result.

Conduit said the reduction in interest rates over H2 2023 led to "substantial investment portfolio valuation gains”.

CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023.

The carrier said it expects to maintain CoR as it takes a selective approach to casualty lines.

Cat losses were within budgets despite high levels of minor events.

Sources previously told this publication there is up $15bn of exposure on-risk locally.

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.

The reinsurer noted that no event loss, individually or in the aggregate, had a material impact during the period.

London’s major carriers have projected bullish messages on a prolonged hard market for property, while acknowledging other classes are in very different cycles.

The carrier reported a comprehensive result of $78.6mn – its first interim profit.

Rebecca Shelley has worked in investor relations and communications roles at Norwich Union, Prudential and Tesco.

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.

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%.

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.

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%.