Trevor Carvey, the Chief Executive Officer (CEO) and Director of the Bermuda-based property and casualty reinsurance group, Conduit Holdings, has announced his decision to retire. Carvey, who has been instrumental in steering the company since its inception, will step down from his roles on April 11th, 2025. This decision comes as a result of a personal change necessitating his return to the UK from Bermuda.
Neil Eckert, the Executive Chairman, will immediately assume the responsibilities of interim CEO as the company embarks on a search for Carvey’s successor. Eckert expressed gratitude, stating, “The Board of Directors is thankful to Trevor for his commitment and contributions. Under his leadership, the company navigated its start-up phase and achieved substantial premium growth. We wish him all the best in his future endeavors.”
Since its formation in 2020, Conduit Re has established itself as a distinguished business with a significant and expanding revenue stream. The company boasts a robust balance sheet, offering ample capacity for further growth. Eckert added, “We are excited to lead Conduit into its next developmental phase.”
Carvey reflected on his tenure, saying, “It has been an honor to lead Conduit Re over the past four years. I am confident in the company’s positioning for future success.”
Moreover, Conduit Holdings’ remuneration committee has opted to treat Carvey as a good leaver under the terms of its management incentive plan and deferred share bonus plan. His remuneration details, including bonus and share plan treatments 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.
In addition to Carvey’s departure, Conduit has reaffirmed its previously announced preliminary loss estimate for the California wildfires. The projected loss, across all divisions, remains between $100 to 140 million, net of reinsurance recoveries and reinstatement premiums.
The company intends to enter into additional reinsurance purchases to mitigate earnings volatility for this financial year, particularly from secondary perils. The reinsurer explained, “The cost of the additional reinsurance cover, coupled with other planned portfolio adjustments, will reduce our previous guidance of potential forecast RoE for the year to between high single digits and low double digits. Securing additional protection in a year marked by such a significant loss event early on is a prudent measure. We remain committed to our cross-cycle mid-teens RoE guidance target.”
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