Conduit Holdings Ltd - parent of Bermuda-based reinsurance firm Conduit Re - Chief Executive Officer Trevor Carvey will leave the company on Friday next week, due to ‘a change in personal circumstances requiring his return to the UK’. Conduit Executive Chair Neil Eckert become interim CEO immediately, as the company searches for a new CEO. Carvey has led Conduit since its formation in 2020.
Conduit also confirms that its preliminary, undiscounted ultimate loss estimate, across all its divisions, for the California wildfires in January remains at $100 million to $140 million, net of reinsurance recoveries. In response to the hit, Conduit says it will take out additional reinsurance cover for the rest of 2025, and the cost of this cover will reduce its previous guidance of return on equity for the year to between a high-single-digit percentage and low double digits. Conduit’s RoE was 12.7% in 2024, down from 22.0% in 2023.
Conduit will issue a trading update on May 14.
Current stock price: 331.50 pence, down 6.2% in London on Monday
12-month change: down 35%
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