Conduit Re names Neil Eckert permanent CEO
Bermuda-based reinsurer Conduit Re has appointed Neil Eckert (pictured) as the permanent CEO of the company. Eckert stepped in as interim chief in late March after former CEO Trevor Carvey announced his return to Britain.
Last month, Conduit Re CUO Gregory Roberts also stepped down in the wake of losses of up to $140 million from the California wildfires.
Despite a lack of appetite for its reinsurance offer in the first three months of 2025, Conduit Re reported a 15% increase in gross written premiums (GWP) to $410.2 million.
GWP grew across all three segments: specialty GWP was up by nearly a quarter (24.8%) to $88.2 million, while casualty GWP rose by 21.9% to $84.1 million, and property GWP grew 9.6% to $237.9 million compared to Q1 2024.
The company also grew its reinsurance revenue by 17.6% to $213 million compared to the prior year period.
Again, specialty was the strongest performer with Q1 revenue up 42.1% to $48.3 million, property reinsurance income up by 13.1% to $111.7 million and casualty up 9.7% to $53 million.
This was despite Conduit Re’s overall price rate dropping by 4% in the first three months of 2025, with property rate down by 6%, casualty by 1% and specialty by 3%.
Eckert said: “During the quarter we have continued to see attractively priced underwriting opportunities and as a result have driven growth across all our divisions, delivering a 15% increase in gross premiums written. Our growing, high quality investment portfolio has also performed well with a 2.1% return for the quarter.”
The upstart reinsurer, which only began life in December 2020, remains upbeat about its prospects, having secured additional reinsurance for both US and secondary perils, alongside increased aggregate cover. Deal flow remains strong, Conduit Re affirmed.
Meanwhile, senior independent director Rebecca Shelley has been appointed as non-executive chair on an interim basis. Headhunter Sainty Hird & Partners has been engaged to help the board find a permanent replacement.
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