Trevor Carvey, Chief Executive Officer (CEO) and Director of Bermuda-domiciled property and casualty reinsurance group and the ultimate parent company of Conduit Re, Conduit Holdings, has notified the Board of his decision to step down from the roles and retire on April 11th, 2025.
Conduit has confirmed that Carvey’s retirement is due to a change in personal circumstances requiring his return to the UK from Bermuda.
Neil Eckert, Executive Chairman, will assume the responsibilities of interim CEO effective immediately, as the company looks for a replacement.
Eckert commented, “The Board of Directors is grateful to Trevor for his dedication and contribution. He led the business through its start-up phase and significant premium growth, and we wish him well in the future.
“Since its formation in 2020, Conduit Re has become a quality business with a sizeable and growing income stream. The balance sheet is strong, with ample capacity for further growth. We look forward to driving Conduit forward into the next phase of its development.”
Carvey added, “It has been an honour to lead Conduit Re over the last four years and I am confident that the company is well-positioned for future success.”
Additionally, CHL’s remuneration committee has exercised its discretion and is following the standard process to treat Carvey as a good leaver under the terms of its management incentive plan and deferred share bonus plan.
The details of his remuneration, including bonus and share plan treatment and severance terms, will align with the provisions of the plans, his service agreement and the Directors’ Remuneration Policy approved by shareholders at the AGM in May 2024.
As well as the departure of Carvey, Conduit has today reiterated that its previously announced undiscounted preliminary loss estimate for the California wildfires, across all divisions, remains at between $100 to 140 million, net of reinsurance recoveries and reinstatement premiums.
However, the company has stated that it intends to enter into additional reinsurance purchases to protect itself from further earnings volatility through this financial year, specifically from secondary perils.
The reinsurer explains, “The cost of the additional reinsurance cover, plus other adjustments we intend to make to the portfolio, will reduce our previous guidance of potential forecast RoE for the year to between high single digits and low double digits. We believe securing the additional protection in a year with such a significant loss event so early in the year is a prudent measure. We maintain our cross-cycle mid-teens RoE guidance target.”
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