29 November 2022Insurance

Conduit Re draws AXA XL leader to drive growth in property treaty market

Conduit Re, the Class of 2020 Bermuda pure play treaty reinsurer, has hired a new property division leader from  AXA XL to drive its growth in the property treaty reinsurance market, where it sees “optimal opportunity” to continue its planned build out, as well as “clear margin acceleration” despite volatility.

Peter Kiernan (Pictured) joins the reinsurer as head of property underwriting. Kiernan, currently in the role of head of US property with AXA XL Reinsurance in Bermuda, will take up the role with Conduit Re on December 1, 2022, subject to regulatory and work permit approvals.

Kiernan has more than 20 years of underwriting leadership experience in the US and International reinsurance markets, along with a track record built in some of the leading companies in the industry.

The company believes his appointment at Conduit Re marks the next stage of its plans for growth and business development in the property treaty arena since Conduit Re’s establishment in December 2020.

Trevor Carvey, chief executive officer of Conduit Re, said: “Pete’s significant knowledge and experience in the property reinsurance market will be a tremendous asset as we look to build on the great business we have put in place. With his market presence and extensive contacts, he will help accelerate our plans in not just the property space but will also be able to work alongside our specialty and casualty teams to further develop the footprint across our client and broker base. Pete’s technical knowledge, his energy and leadership strengths, make him an ideal choice to lead the property division to the next chapter in our story.”

Greg Roberts, chief underwriting officer, added: “I am thrilled to have Peter join Conduit Re and apply his extensive experience and leadership to accelerating the growth and development of the Property book, while also augmenting the strength and depth of our wider underwriting team. Current market conditions provide the optimal opportunity to continue the planned build of our pure play reinsurance business, with clear margin acceleration in a property market in disequilibrium.”

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