Newly-launched property and casualty reinsurer Conduit Re has reported that it wrote gross premiums of $160 million at the January 1st, 2021 reinsurance renewals as pricing and terms and conditions fell in line with expectations.
Highlights of the firm’s 1/1 renewals includes GWP in line with plan and consisting of a targeted series of Jan attaching contracts, as well as a specific focus on key quote share contracts.
Additionally, the reinsurer notes that both pricing and terms and conditions were in line with management expectations, with the reinsurer benefitting from management’s existing relationships with leading reinsurance brokers.
According to Conduit Re, both brokers and clients welcomed the arrival of a new, professional reinsurer with a strong and unencumbered balance sheet. Conduit Re now has formal trading agreements in place with 12 leading reinsurance brokers.
The start-up reinsurer has also reported that its own catastrophe reinsurance programme has been placed within plan, while it intends to complete additional purchases during 2021 as the account develops.
Alongside the trading update, the new reinsurer has announced the appointment of Elaine Whelan, formerly of Lancashire Group Holdings, as Chief Financial Officer (CFO) and Director. Whelan replaces Mark Heintzman, who has left the firm, and brings a wealth of experience to the financial function of Conduit Re.
In her new role, she will be responsible for all aspects of the reinsurer’s financial management and reporting and will serve as an executive director on the boards of Conduit Holdings Limited and Conduit Reinsurance Limited.
Alongside Whelan, Conduit Re has hired Angus Hampton as Head of International Casualty, a move which completes the formation of the senior underwriting team.
At Conduit Re, Hampton, who previously worked for Liberty Mutual and Ascot Underwriting, will be responsible for building and managing the firm’s international casualty and long-tail specialty underwriting activities, working alongside Erik Soria and Marc Bearman in building and managing the overall risk portfolio.
Neil Eckert, Executive Chairman, commented: “Conduit Re is off to a strong start and we are on track to deliver on the business plan we set out to our IPO investors in December. The hiring of Elaine is obviously a major step for the business and she brings enormous experience from her previous role at Lancashire where she was CFO for nine years. She replaces Mark Heintzman, who has done a very good job in helping take Conduit Re through all of the milestones in its start-up phase. We would like to extend our deepest thanks to Mark for his contribution.”
Trevor Carvey, Chief Executive Officer (CEO) and Chief Underwriting Officer (CUO), added: “We are very pleased with our first renewal season’s trading which has met our expectations and we believe addresses any concerns that may have been raised over our ability to gain traction in the market in a responsible manner.
“We have been extremely well supported by brokers, clients and our reinsurers and we look forward to continuing to execute on our business plan through the rest of the year. In addition, I’m delighted to welcome Angus Hampton to Conduit Re to lead our International Casualty business which completes our senior underwriting team.”