Conduit Re, the reinsurance start-up that launched in time for the January 2021 renewals, is setting out its stall for expansion into the property treaty underwriting space, with a new senior hire in Peter Kiernan who joins the firm as Head of Property.
Kiernan joins Conduit Re from December 1st after leaving his most recent role with AXA XL in Bermuda.
He joined AXA XL Re, the global reinsurance arm of the AXA insurance group, only earlier this year as its new Head of US Property, Bermuda Reinsurance.
Before that, Kiernan had worked at Allianz Risk Transfer, Bermuda since March 2020 as its Head of North American Reinsurance.
Conduit Re said that Kiernan’s hiring and appointment as its Head of Property underwriting, “marks the next stage of the company’s plans for growth and business development in the property treaty arena.”
Since its launch, Conduit Re has maintained a focus across specialty lines, particularly on quota shares and also avoided taking on too much catastrophe exposure.
It appears this could change, with the stated ambition to expand into property treaty reinsurance business perhaps signalling an intention to push more into excess-of-loss business as well, which wouldn’t be surprising given the hardening of property catastrophe business.
“Peter’s experience will significantly add to this over and above the portfolio already built since Conduit Re’s establishment in December 2020,” the company explained.
Trevor Carvey, Chief Executive Officer, commented on the hire, “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, added, “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.”
Kiernan has decades of reinsurance industry experience and a track record of underwriting and business development in the US Property space.
He began his career at PXRE Reinsurance Limited, Bermuda in 2002, then joined Axis Specialty Limited in 2006 managing a team of underwriters, cat modelers and underwriting assistants in support of a portfolio of worldwide exposed property treaty reinsurance including catastrophe, per risk, and pro rata contracts.
In 2012, he became President & CUO, Axis Re Bermuda, heading up its North American Property Unit. Kiernan, before joining Allianz Risk Transfer in 2020 and then AXA XL Re in 2022.