Conduit Re expands CRO’s role to tackle ‘important’ ESG issue

Property and casualty (P&C) and specialty reinsurer  Conduit Re has handed new responsibilities to its chief risk officer (CRO) as it believes action is necessary to limit the negative consequences of climate change.

The role of Andrew Smith (pictured), currently chief risk officer, has been expanded to lead the company’s climate change related initiatives.

Smith is an experienced risk management professional with a 25-year career in the insurance and reinsurance industry specialising in risk management and corporate governance. He has previously led risk and capital engagements within the sector as well as Big 4 accounting firms, and served as an independent director for commercial and philanthropic organisations.

Smith’s current role includes maintaining the risk framework and providing appropriate second line of defence challenge to all of  Conduit Re’s operations. Beyond the risk function, he is also responsible for our initiatives, reporting and external engagement on the topic of climate and in this context serves as  Conduit Re’s representative on various external and internal committees.

In his new role as chief risk and sustainability officer, Smith will support  Conduit Re executive chairman Neil Eckert, and report to an independently chaired ESG Committee.

Eckert said: “Climate change is an important issue for our industry and  Conduit.  Our approach to climate change is based on both taking positive steps to manage our own impact on the environment and engaging with wider stakeholders to promote positive change.

“Andrew is the right person to advance our climate related initiatives having championed environmental causes to support and actively engaged with industry groups on the topic. I look forward to developing our efforts together.”

Smith commented: “This is an exciting opportunity to build on what we have achieved since  Conduit Re’s launch. We are already highly climate aware in our decision making, are net carbon neutral and support transparency through participation in ClimateWise and the Sustainable Markets Initiative. We also support climate related activities and causes directly and through the Conduit Foundation.

“Action is necessary to limit the negative consequences of climate change and we at  Conduit Re want to ensure we take the steps we can as a reinsurer, investor, employer, consumer of services, and as members of both the global business community and local community here in Bermuda.”

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