Business
CEO Retirement
CEO Retirement.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n\nPembroke, Bermuda - 31 March 2025\nConduit Holdings Limited\n(\"CHL\"; LSE ticker: CRE)\nCEO Retirement\nCEO Retirement\nCHL, the ultimate parent company of Conduit Re, a multi-line Bermuda-based reinsurance business, today announces that Trevor Carvey, CHL's Chief Executive Officer, has notified the Board of CHL of his decision to step down as Chief Executive Officer and director and retire with effect from 11 April 2025. His retirement is a result of a change in personal circumstances requiring his return to the UK. Neil Eckert, Executive Chairman, will assume the responsibilities of interim Chief Executive Officer with immediate effect.\nCHL has commenced a search to identify a new Chief Executive Officer.\nNeil Eckert, Executive Chairman, said: \"The Board of Directors is grateful to Trevor for his dedication and contribution. He led the business through its start-up phase and significant premium growth, and we wish him well in the future. Since its formation in 2020, Conduit Re has become a quality business with a sizeable and growing income stream. The balance sheet is strong, with ample capacity for further growth. We look forward to driving Conduit forward into the next phase of its development.\"\nTrevor Carvey said: \"It has been an honour to lead Conduit Re over the last four years and I am confident that the company is well-positioned for future success.\"\nCHL's remuneration committee has exercised its discretion, following standard process, to treat Trevor as a good leaver pursuant to the terms of its management incentive plan and deferred share bonus plan. Details of his remuneration, including bonus and share plan treatment and severance terms, will be in line with the provisions of the plans, his service agreement and the Directors' Remuneration Policy approved by shareholders at the AGM in May 2024. Further details will be set out in CHL's 2025 Annual Report.\nTrading Update\nAhead of Conduit's first quarter trading update on 14 May, CHL also wishes to re-iterate its previous preliminary loss estimate in relation to the California wildfires. Our preliminary undiscounted ultimate loss estimate, across all divisions, remains between US$100 million and $140 million, net of reinsurance recoveries and reinstatement premiums. It is, however, our intention to enter into additional reinsurance purchases to assist i...