Conduit CUO Roberts exits following California wildfire losses
Conduit Re’s chief underwriting officer Gregory Roberts (pictured left) has stepped down, becoming the second senior executive to exit the firm following estimated losses of up to $140mn tied to the California wildfires.
Roberts’ departure for personal reasons follows the departure of chief executive officer Trevor Carvey on April 11 due to “a change in personal circumstances requiring his return to the UK”.
Nick Pritchard (pictured right) replaces Roberts as interim CUO with immediate effect. Pritchard joined Bermuda-based Conduit from Aon last September as underwriting portfolio and alternative capital manager.
Neil Eckert, executive chairman and interim CEO, said: “We have an extremely talented underwriting team, and the appointment of Nick Pritchard reflects his considerable experience, leadership and underwriting vision for the future of Conduit Re.
“The board of directors thanks Gregory for his contribution to Conduit Re since the business was launched in 2020 and wishes him well in his future endeavours.”
Both Roberts and Carvey were part of Conduit’s original start-up team in 2020. The company raised $1.1 billion and secured a public listing in London.
In 2023, the company had net income of $190 million but this fell to $125.6 million in 2024 due to heightened losses. The company was then hit by California wildfires losses of between $100 million and $140 million in ultimate losses, net of reinsurance recovery and reinstatement premiums.
The loss was two times the approximately $70 million that Conduit Re said was its maximum probable loss against a 1-in-250 year Florida hurricane.
Conduit has said it will now buy new reinsurance and make “other adjustments” to keep secondary perils from doing further damage.
Before joining Conduit, Pritchard most recently served as managing director at Aon Bermuda. Prior to that, he was responsible for the property catastrophe portfolio at Vantage Risk, following roles earlier in his career at Validus Re and Neon.
Eckert has been interim CEO since Carvey’s departure and a search for a permanent replacement continues.
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