Conduit Re sees 'strong start' with $160m GWP at 1.1, hires new CFO from Lancashire

Conduit Re, a new property and casualty (P&C) and specialty reinsurer, wrote $160 million of gross premiums at January renewals, and completed its senior underwriting team with the hiring of a new CFO. The  London-listed firm has also secured formal trading agreements with 12 of the world's leading reinsurance broking firms.

Elaine Whelan, the former finance chief of Lancashire Holdings, has joined Conduit Re as CFO and director. She replaces Mark Heintzman, who has left the company.

Additionally, the re/insurer has appointed Angus Hampton as head of international casualty, completing its senior team.

The company highlighted a balanced start to its trading with pricing and terms and conditions all falling in line with its expectations. Conduit reported gross written premium of $160 million at 1.1 renewals, with a targeted series of January attaching contracts, as well as a specific focus on key quota share contracts.

Conduit Re's chief executive officer and chief underwriting officer Trevor Carvey said the firm was very pleased with its first renewal season's trading, which he said had met its expectations.

"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," said Carvey. "In addition, I'm delighted to welcome Angus Hampton to Conduit Re to lead our International Casualty business which completes our senior underwriting team.”

Neil Eckert, Conduit’s executive chairman, said: “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."

Conduit’s IPO prospectus said it will target a dividend in the 2021 financial year of approximately 5-6 percent of equity capital, allocated between an interim and final distribution.