Industry veteran Andrew Smith has been tabbed to lead climate change related initiatives at Bermudian-based global reinsurer Conduit Re.

Mr Smith, chief risk officer since December 2020, takes on the new role of chief risk and sustainability officer and will be supporting executive chairman, Neil Eckert, and reporting to, and joining, the independently chaired ESG committee.

Mr Eckert said: “Climate change is an important issue for our industry and Conduit. Our approach to climate change is based on both taking positive steps to manage our own impact on the environment and engaging with wider stakeholders to promote positive change.

“Andrew is the right person to advance our climate related initiatives having championed environmental causes to support and actively engaged with industry groups on the topic. I look forward to developing our efforts together.”

Mr Smith said: “This is an exciting opportunity to build on what we have achieved since Conduit Re’s launch.

“We are already highly climate aware in our decision making, are net carbon neutral and support transparency through participation in ClimateWise and the Sustainable Markets Initiative. We also support climate related activities and causes directly and through the Conduit Foundation.

“Action is necessary to limit the negative consequences of climate change and we at Conduit Re want to ensure we take the steps we can as a reinsurer, investor, employer, consumer of services, and as members of both the global business community and local community here in Bermuda.”

The company said Mr Smith is a qualified accountant and an experienced risk management professional with a 25-year career in the insurance and reinsurance industry specialising in risk management and corporate governance.