Conduit Re builds retrocession panel to keep pace with growth, will take more coverage in 2022 - CEO

Bermuda-based property, casualty and specialty reinsurer  Conduit Re increased its retrocession coverage as its book grew through the January renewals and anticipates further purchases throughout the year from an ever-growing panel, officials said Wednesday (January 19).

"We will continue to add to that throughout the year as the portfolio grows," Trevor Carvey (pictured), CEO and CUO for the firm, told investors during a teleconference.

The January retrocession market proved tighter than prior and Conduit built its coverage "at increased pricing," Carvey said. "But we are within budget."

Conduit built out its retrocession panel for the January 2022 program expansion, adding "a number of new participants to that panel," Carvey said.

Conduit's chief of property Greg Roberts characterized the January increase in retrocession coverage as a match to initial strategy.

"Our outwards program is aligned to our plan," Roberts said. "We grew the program as our portfolio grew; as exposures build, our outward program grows with it."

Exposure increases and panel additions may be a "continual theme" to match the Conduit balance sheet growth, Roberts indicated.

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