Conduit Re, the Class of 2020 Bermudian-based pure play treaty reinsurer, has appointed Peter Kiernan as head of property underwriting.

Mr Kiernan, who is currently head of US property with Axa XL Reinsurance in Bermuda, will take up the role with Conduit Re tomorrow, subject to regulatory and work permit approvals.

The company said Mr Kiernan had more than 20 years of underwriting leadership experience in the US and international reinsurance markets, along with a great track record built in some of the leading companies in the industry.

His appointment at Conduit Re, the company said, marked the next stage of its plans for growth and business development in the property treaty arena and Mr Kiernan’s experience would significantly add to this over and above the portfolio already built since Conduit Re’s establishment in December 2020.

Trevor Carvey, chief executive officer, 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, said: “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.”