TIDMCRE
RNS Number : 4927J
Conduit Holdings Limited
22 December 2020
22 December 2020
Press release: Conduit Holdings Limited ("Conduit Holdings")
Senior hires made by Conduit Re
Conduit Reinsurance Limited ("Conduit Re"), the main operating
subsidiary of Conduit Holdings, today announces a number of senior
hires into its underwriting, management and executive team:
-- Chris Board, Head of International Property and Short Tail Specialty
-- Erik Soria, Head of US Casualty
-- Greg Roberts, Head of Property
-- Marc Bearman, Head of Specialty - Marine and Energy
-- Andrew Smith, Chief Risk Officer
-- Keith Griffin, Chief Actuary
-- Bianca Harris, Head of Human Resources
Conduit Holdings' shares were admitted to trading on the Main
Market of the London Stock Exchange on 7 December 2020. Conduit Re
holds a Class IV license from the Bermuda Monetary Authority and
has been assigned a Financial Strength Rating of A- (Excellent) and
a Long-Term Issuer Credit Rating of "a-" by AM Best.
Trevor Carvey, CEO and Chief Underwriting Officer, said, "We are
delighted to welcome our new colleagues to the business. We are now
well into the 1/1 renewal season and are underwriting business on
the lines we have been targeting. Market conditions continued to
strengthen in the run up to completion of our IPO and we are very
pleased with the quality and terms of what we are writing."
Neil Eckert, Executive Chairman, said, "Conduit Re is off to a
strong start, benefitting from the year of preparation we put into
the plan prior to launch. We are pleased to recruit a number of
high calibre individuals who fit with the team ethos we set out at
IPO. We will issue a formal trading update to shareholders on 19th
January 2021."
Notes to Editors
Contacts
Media: David Haggie, Caroline Klein, Haggie Partners
+44 (0) 207 562 4444
ConduitRe@haggie.co.uk
Other: info@conduitreinsurance.com
Website
Further details of the Conduit Group can be found at its
website: https://conduitreinsurance.com/
Biographies of new appointments:
Chris Board - Head of International Property and Short Tail
Specialty*
Chris has an 18 year track record in international property and
specialty reinsurance underwriting. He started his career at MS
Amlin, originally underwriting international property and
subsequently global specialty. After 15 years at MS Amlin, he
joined Apollo Syndicate as Head of International Treaty where he
helped to build their global portfolio.
Erik Soria - Head of US Casualty
Erik started his career as a casualty broker originally at Aon
Benfield and latterly as an SVP of Willis Re's casualty treaty
division. In 2012, Erik became senior casualty treaty underwriter
for QBE North America, where he also spent a year underwriting for
QBE's flagship Lloyd's syndicate (Syndicate 566). He was ultimately
appointed to lead QBE's new Bermuda branch, setting up and
establishing the business. Erik's most recent role was as SVP of US
treaty casualty at Sirius. Erik was responsible for the build out
of the account from the outset.
Greg Roberts, Head of Property
Greg has 20 years underwriting experience. His experience
includes 17 years at MS Amlin where he became Head of North
American Property Treaty. Furthermore, Greg held a key role in the
establishment of Amlin Bermuda in 2006. In 2018, he joined AmTrust
to establish and build their new reinsurance division as Head of
AmTrust Re including the build out and hiring of the team.
Marc Bearman, Head of Specialty - Marine and Energy*
Marc has a career of more than 20 years in global specialty
reinsurance, with a particular specialisation in marine and energy.
He started his career as a reinsurance broker, originally for Aon
Re before joining Guy Carpenter and then JLT Re. Marc moved to
underwriting in 2012, joining XL Re as the Global Head of Marine
and Energy, latterly Marc has had responsibility as the senior
specialty underwriter for Axa XL in Bermuda
Andrew Smith, Chief Risk Officer
Andrew is a qualified accountant and an experienced risk
management professional with a 20 year career in the insurance and
reinsurance industry specialising in risk management and corporate
governance. His most recent position, prior to joining Conduit Re,
was as the Chief Risk Officer for Qatar Re. where he was
responsible for establishing and managing the group's risk
management function. Previously, he held leadership roles with PwC
in London and Bermuda and EY in Bermuda, where he was focused on
risk, capital management and governance.
Keith Griffin, Chief Actuary*
Keith has over 20 years' experience working as an actuary in the
Property and Casualty industry, particularly in the reinsurance
sector. Prior to joining Conduit Re, Keith was most recently the
Chief Actuary at Peak Capital and was part of the senior management
team there. Prior to this, Keith was the Chief Actuary for Ariel Re
based in Bermuda. Keith has worked in a variety of roles and
successful organisations in his career including Bermuda, Lloyd's
and International reinsurance. Keith is a Fellow of the Institute
of Actuaries.
Bianca Harris, Head of Human Resources
Bianca has a 20 year career in all aspects of the HR function in
Bermuda and the USA. Prior to joining Conduit Re, she spent 14
years with AIG in a variety of HR management roles including
recruitment, training and development and administration. Bianca
started her career with the US Navy where she spent six years
specialising in HR and recruitment. She holds an MBA in Human
Resources Management, an MED in Instructional Technology and Design
and is a PACE accredited instructor at the Bermuda College.
* Application has been made to the Bermuda Government for work
permit approval
About Conduit Re
-- Conduit Re is a newly established reinsurance underwriting
business focusing on producing strong risk adjusted returns from a
diversified and focused business plan. The business has been formed
to capitalise on what the Company's founders, Neil Eckert and
Trevor Carvey (the "Founders") believe to be an exceptional market
opportunity.
-- Conduit Re writes reinsurance in the property, casualty and
specialty classes. Years of high insured losses, diminished
reserves and the more recent losses and industry strain caused by
Covid-19 and severe capacity shortages in certain classes of
insurance and reinsurance have produced major corrections in
reinsurance pricing and policy terms & conditions.
-- Against the industry background of losses, litigation and
capacity constraint, as a new business, Conduit Re has no legacy
exposure and its strong and unencumbered balance sheet is available
to write new business in what the Founders believe to be an
attractive market environment.
-- Conduit Re is led by two highly successful, experienced and
networked industry executives, Neil Eckert and Trevor Carvey.
-- Conduit Re has been established to build a strong
underwriting franchise which will target strong cross-cycle returns
on equity in the mid-teens. The business plan has a balanced
approach to catastrophe risk exposures, generating profit and
franchise value through the quality of its underwriting and its
select portfolio of high-quality business.
-- Conduit Re expects to generate significant returns for its
shareholders and to provide an ongoing and progressive dividend.
The Company is targeting a dividend as soon as during the 2021
financial year of approximately 5% - 6% of equity capital,
allocated between an interim and final distribution. Conduit Re
will manage its balance sheet efficiently and in the long term may
return excess capital through special dividends or share buybacks
where appropriate.
-- Following years of de-listings, in weak industry conditions
and upon industry consolidation, Conduit Re offers investors the
opportunity to take advantage of prevailing, highly positive
industry conditions through investment in a listed business which
is legacy free and focused only on reinsurance.
-- Conduit Re believes that sound ESG principles should be
strongly embedded across the business and that this promotes better
risk management, innovation, sustainable outperformance and
positive community engagement. Conduit Re intends to be a carbon
neutral business. Conduit Re will target a Net-Zero position
through a combination of sound business practices and strategically
chosen offset initiatives.
Learn more:
Web: https://conduitreinsurance.com/
LinkedIn: https://www.linkedin.com/company/conduit-re
Twitter: https://twitter.com/Conduit_Re
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END
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