Conduit Re Strengthens Catastrophe Protection Strategy and Appoints Neil Eckert as CEO

After sustaining significant losses from the 2025 California wildfires, Conduit Re has followed through on its commitment to bolster earnings protection by expanding its catastrophe reinsurance. The Bermuda-based reinsurer has secured additional retrocession to guard against secondary peril events—both in the U.S. and globally—as well as broader aggregate protection to limit the financial impact of frequent, smaller-scale catastrophes.

This strategic move aims to stabilize earnings and enhance the company’s resilience amid increasing volatility. While the exact sources of this retrocession were not disclosed, it is likely that a portion came from collateralized markets or third-party capital, such as insurance-linked securities (ILS) providers, where appetite for aggregate coverage remains active.

Alongside this operational update, Conduit Re announced leadership changes. Neil Eckert, previously serving as Chairman and more recently interim CEO, has been named permanent Chief Executive Officer following the retirement of Trevor Carvey. In the interim, Senior Independent Director Rebecca Shelley has been appointed as Non-Executive Chair, and industry veteran Ken Randall has stepped into Shelley’s former role as Senior Independent Director.

Commenting on the appointment, Shelley expressed strong confidence in Eckert’s leadership, noting his foundational role at Conduit and deep understanding of the business. Eckert stated he was honored to formally take on the CEO position and committed to delivering value for investors amid ongoing market challenges.

Financially, Conduit Re reported a 15% year-on-year increase in gross premiums written, reaching $410.2 million in Q1 2025. Despite the wildfire-related losses—estimated at $100 million to $140 million net of reinsurance—the company remains optimistic, targeting a return on equity in the high-single to low-double digits for the year.

Eckert also highlighted that Conduit’s investment portfolio posted a 2.1% return for the quarter and reaffirmed confidence in the company's long-term performance. A newly approved share buyback program further underscores the Board’s belief in Conduit’s growth potential and commitment to shareholder value.