Conduit Re is a Bermuda-based pure-play reinsurer. It launched in December 2020 when the group’s holding company, Conduit Holdings Limited, completed an IPO on the London Stock Exchange. Our operations are conducted out of Pembroke, Bermuda.
"One of our key differentiators is our unwavering commitment to allocate capital efficiently and effectively where the most attractive opportunities lie."Trevor Carvey Chief Executive Officer
Conduit Re writes an excess of loss and quota share book of treaty reinsurance across Property, Casualty and Specialty. The business we write is complex and remains neutral across sectors and geographies; our underwriters take an in-depth view of the underlying assets, the specific risk dynamics and modelling, to make informed decisions about what makes the final book. We are able to adjust underwriting to excess of loss or quota share as markets change, to optimise our risk/return profile.
We have proven experience across our business which empowers us to to make dynamic decisions throughout the market cycle. We use differentiated technology to provide insight and bespoke solutions to support our clients. Social responsibility and inclusiveness are at the core of how we operate.
Our success factors:
Conduit Re is a pure reinsurance underwriting business. Our team comprises experienced individuals from both reinsurance and insurance backgrounds with the expertise and experience to access and manage risk through the market cycle.
Conduit Re committed from day one to hiring underwriters with a strong understanding of the insurance business. We have not hired excess of loss underwriters or quota share underwriters, which means we have not hired a team based on the products they like to sell. Instead, we have deliberately hired individuals based on an understanding of the classes of business we write from the ground up which is how we can continue to be product neutral.
The business benefits from no legacy issues and each individual brings a wealth of industry learning, expertise and client relationships that have enabled the business to grow quickly.
We have a disciplined and collaborative culture underwriting in a single location on a legacy-free balance sheet.
Our team physically sits together, in one location, in one time zone and with a single lens on the market. This enables excellent and instant communication which together with a flat structure facilitates constant dialogue. Decisions can be made and stress-tested with colleagues in real time.
We use differentiated technology to provide insight and bespoke solutions to support our clients. Conduit Re complements its underwriting expertise with targeted and effective use of technology with a focus on data-driven pricing, analytics and exposure management. This ensures that our team is positioned to make real-time underwriting decisions in a highly efficient and modern operating environment.
All our programmes are hosted on the cloud. This ensures the business can be agile and benefit from the accuracy and timeliness of data.
We focus purely on reinsurance which allows for fast response times, maximum transparency and highly efficient operations.
ESG principles have been embedded into the company from day one. This promotes better risk management, innovation, sustainable outperformance, and community engagement.
We have embedded ESG principles in our policies, procedures, strategies and plans across the business, including underwriting, investments, and operations. From the outset, Conduit Re has aimed to be carbon neutral, offsetting our operations through carbon credits. Conduit Re is committed to continuously improving its position on ESG.
We have an absolute focus on building long-term shareholder value – we think and act like owners. Our central ethos is built on intelligence, discipline, transparency and risk management to deliver a portfolio return over the long-term.
In December 2022, AM Best affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of a- (Excellent) of Conduit Reinsurance Limited. The outlook of these Credit Ratings is stable.
Our business model is based on diversified and disciplined underwriting and investment portfolio. Approximately 70% of the portfolio is non-catastrophe business – a key benefit of our focused and highly diversified approach. We aim to deliver on a combined ratio target of mid-80s.
The business has substantial capital which can be deployed to maximise market opportunities. Our balance sheet is unencumbered by any legacy risk, which means we are free to deploy capital effectively, as well as being able to raise more capital should we see further opportunities in the market.
We maintain a conservative approach to managing our invested assets with a strong emphasis on preserving capital and liquidity. Our investment portfolio is high-quality with an AA average credit rating (as at 31/12/2022) and with ESG factors considered.