The parent company of Conduit Re, CHL, has today announced that Trevor Carvey (pictured) has notified the CHL board of his decision to step down as chief executive officer and director, and retire with effect from April 11 2025.
In a Press release, the multi-line Bermuda-based reinsurance business said the retirement is a result of a change in personal circumstances requiring Carvey’s return to the UK. In the interim, Neil Eckert, executive chairman, will assume the responsibilities of interim CEO with immediate effect.
CHL has commenced a search to appoint a new chief executive officer.
Commenting on the changes, Eckert highlighted the gratitude of the board of directors for Carvey’s “dedication and contribution”. He noted that Carvey led the business through its start-up phase and significant premium growth. “We wish him well in the future,” he said.
Since its formation in 2020, Conduit Re has become a quality business with a sizeable and growing income stream, he said. With a strong balance sheet and “ample” capacity for further growth, the team at Conduit is looking forward to driving the business into the next phase of its development.
Carvey also commented on the news and 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.”
According to Conduit Re’s Press release, CHL’s remuneration committee has exercised its discretion, following standard process, to treat Carvey 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 follow in CHL’s 2025 Annual Report.
