Specialty insurer and reinsurer Convex achieved a 14% year-on-year rise in gross written premiums (GWP) to $5.9 billion in 2025, resulting in a three year compound annual growth rate of 25%, with expansion in most business lines despite the impacts of the California wildfires and other major events and catastrophes.
Paul Brand, the company’s Chief Executive Officer (CEO), describes 2025 as a “landmark year” for Convex, driven by a third consecutive year of annual net profit, the launch of Syndicate 1984 at Lloyd’s, and the extension of its partnership with Onex and a new strategic relationship with global insurer AIG.
Fo 2025, net income increased by 40.5% on the prior year to $711 million, as tangible book value grew by 23% to $3.9 billion, with an adjusted return on tangible common equity of 20%.
Alongside the aforementioned growth in GWP, Convex’s net written premiums rose by 15% to $4.1 billion from $3.5 billion in 2024.
The specialty re/insurer’s combined ratio rose by 1.7 percentage points to 89% from 87.3% in 2024, with a net loss ratio of 54%, reflecting a strong underwriting performance in the year despite the impacts of major events and catastrophes. Further, the net operating expense ratio improved 140 basis points year-on-year to 13.1% for 2025.
“We successfully launched Syndicate 1984 at Lloyd’s and secured our long-term future through the extension of our partnership with Onex and the establishment of a new strategic relationship with AIG. Both strategic initiatives have positioned us strongly to capitalise on continued growth and emerging opportunities, and I look forward to a very exciting future,” said Brand. “In 2026, we anticipate an attractive yet challenging market, with modest aggregate rate declines but we still see margin in the business and opportunities for growth.”
Stephen Catlin, Chairman of Convex, said: “I am immensely proud of the success we have achieved as a company. Reaching nearly $6 billion GWP in just six years would not have been possible without the hard work, dedication, and exceptional talent of our team. The recent investment from Onex and AIG is a clear testament to the strength and credibility of Convex. I would also like to extend my sincere thanks to our brokers and clients for their continued trust and support throughout this remarkable journey.”
Earlier this month, AIG, Onex, and Convex completed the deal that gives Onex a 63% controlling stake in the specialty re/insurer, AIG a roughly 35% minority stake, and a 9.9% holding in Onex.
