Senior Structuring and Pricing Actuary

Conduit Re announces three senior underwriting appointments to Property team. Conduit Holdings Limited, the ultimate parent company of Conduit Re, a Bermuda-based multi-line reinsurance business, has announced three senior underwriting appointments to Conduit Re's Property team. Aaron Coates has been appointed Head of Property. In this role, he will oversee Conduit Re's Property portfolio and team. He brings more than 25 years of reinsurance and retrocession experience across the Bermuda, London and insurance-linked securities (ILS) markets. Coates joins Conduit Re from PartnerRe, where he most recently served as SVP and Senior Underwriter, Global Catastrophe, where he helped develop a new Property Retro Portfolio. Prior to that, he was Executive Director - Sourcing at Twelve Capital and also served as Underwriting Manager - Property Reinsurance at Barbican Insurance Group. Mark Mitchell has been named Head of US Property. He brings more than 15 years of reinsurance industry experience in Bermuda, with a particular focus on the North American property market. Mitchell also joins Conduit Re from PartnerRe, where he spent the past 10 years, most recently serving as SVP and Lead Underwriter, North America Catastrophe. Before PartnerRe, he served as Underwriter - Property at Argo Group. Conduit Re also announced the appointment of Dacotah Baksh as Property Underwriter. Baksh joins Conduit Re from PartnerRe and brings more than eight years of reinsurance experience in Bermuda. Most recently, she served as AVP and Underwriter - Assumed Retro & International Cat at PartnerRe, where she contributed to the global catastrophe portfolio. Before that, she held roles at Elementum (Bermuda) Ltd., Willis Re and Aon. Stephen Postlewhite, Chief Underwriting Officer, said, "We are delighted to welcome Aaron, Mark and Dacotah to Conduit. Their broad expertise in the property reinsurance market will be invaluable as we execute on our underwriting strategy."

Bermuda reinsurance market hits record $197.5bn in 2025, ABIR reports. Bermuda's global reinsurance market recorded its highest level of gross premiums and revenues in 2025, according to new figures from the Association of Bermuda Insurers and Reinsurers (ABIR), the industry association representing Bermuda's leading insurance and reinsurance companies. ABIR's 2025 Global Underwriting Report found that participating members generated $197.5 billion in gross premiums and revenues during the year, up from $188.8 billion in the previous report. The results also showed increases in investment income, net income and total equity among the companies taking part in the survey. The report was based on responses from 27 ABIR members, compared with 25 participants in 2024. Gross premiums written rose by $8.6 billion, representing a 4.6% year-on-year increase. ABIR said two additional participants accounted for around $850 million of the increase, while five of its larger members recorded individual premium growth of at least $1 billion. Mark Cloutier, Chair of ABIR, commented: "2025 was one of the strongest years ever recorded for the Bermuda market, with our member companies recording a 4.6% year-over-year increase in premiums written as well as a 16.6% increase in total equity. The Bermuda market remains extremely well-capitalised and continues to build on its historic global dominance in property coverage by growing a diverse array of specialty lines including: cyber, mortgage, political and terrorism risk, credit, transactional liability and financial lines coverage." ABIR said the overall increase in premiums was achieved against a backdrop of relatively stable premium volumes for a number of participating insurers. The association attributed this to what it described as continued market discipline, with companies generally taking a measured approach to growth rather than seeking additional market share through significant increases in premium volumes while rates were falling. The figures indicate that premium growth was concentrated among certain participants rather than being evenly distributed across the market, according to ABIR. The association said this reflected a selective approach to expansion rather than widespread aggressive growth. Investment income was a particularly strong contributor to the financial results. ABIR reported a $5.9 billion increase, equivalent to 34.8%, taking investment income from $17.4 billion to $23.4 billion. Net income also rose by $5.9 billion, or 22.4%, to reach $32.8 billion. ABIR noted that the result included the impact of substantial losses associated with the California wildfires. Capital levels also strengthened during the year. ABIR reported that total equity across participating members increased by $29.6 billion, or 16.6%, from $178.1 billion to $207.7 billion. Around $3.9 billion of this increase was attributable to the two companies newly included in the survey. ABIR said the underlying increase remained significant after taking the additional participants into account, indicating continued capital accumulation among its members and an improvement in their aggregate financial position. The survey covers companies conducting insurance and reinsurance business from underwriting centres in Bermuda as well as the UK, Europe, Asia, North America and South America. ABIR said the geographic reach of its members reflects the international nature of Bermuda's insurance and reinsurance market. The association also pointed to continued expansion beyond traditional property business. According to ABIR, Bermuda-based insurers and reinsurers are increasing their activity across specialist areas such as cyber, mortgage, political and terrorism risk, credit, transactional liability and financial lines. Bermuda's position among the world's largest reinsurers was also highlighted in AM Best's World's Largest Reinsurers publication. ABIR said four Bermuda reinsurers - Everest Re, RenaissanceRe, Arch and PartnerRe - were included among the publication's top 10 global reinsurers. In addition, ABIR said 15 of the companies included in AM Best's ranking of the world's 50 largest reinsurers are members of the association. John Huff, President & CEO, ABIR added: "The ABIR 2025 Global Underwriting Report reflects the continued growth and strong financial performance of our members and Bermuda continues to be a leading world re/insurance market." "I would also like to take this opportunity to highlight the four Bermuda reinsurers named on AM Best's top 10, global reinsurers group list - Everest Re, RenaissanceRe, Arch and PartnerRe. A total of 15 companies named in AM Best's World's 50 Largest Reinsurers publication are ABIR members, additionally highlighting Bermuda's continued global significance."