Conduit Re, the Bermuda-based reinsurer, has announced a leadership transition with Nick Pritchard appointed as interim chief underwriting officer, following the departure of Gregory Roberts. Mr Roberts is stepping down to return to the United Kingdom for personal reasons, Reuters has reported.

Mr Pritchard joined Conduit Re in September 2024 as underwriting portfolio and alternative capital manager. He brings over two decades of experience in the Bermuda and London markets, having previously served as managing director at Aon Bermuda and held roles at Vantage Risk, Validus Re and Neon. His appointment is subject to Bermuda immigration approval. ​

This leadership change comes shortly after the announcement that Trevor Carvey, the former chief executive, would be stepping down, with Neil Eckert, the executive chairman, assuming the role of interim chief executive.

“We have an extremely talented underwriting team, and the appointment of Nick Pritchard reflects his considerable experience, leadership and underwriting vision for the future of Conduit Re,” commented Mr Eckert, in a statement.

“The board of directors thanks Gregory for his contribution to Conduit Re since the business was launched in 2020 and wishes him well in his future endeavours,” he added.

Conduit Re, launched in December 2020, has faced recent challenges, including an estimated loss of $100 million to $140 million from the Los Angeles wildfires in January. In response, Conduit Re said it plans to purchase additional reinsurance to mitigate earnings volatility concerning secondary perils. The cost of this additional coverage is expected to reduce the company's forecast return on equity for the year to between high single digits and low double digits. ​

Despite these challenges, Conduit Re reported growth in gross premiums written and reinsurance revenue in 2024. Gross premiums written increased by 24.8 per cent to $1.16 billion, while reinsurance revenue rose 28.5 per cent to $813.7 million. However, the reinsurance service result fell 28.3 per cent to $131.6 million, and comprehensive income declined 34.2 per cent to $125.6 million. ​