Convex Group has authorised its new Luxembourg-based European insurance entity Convex Europe SA (CES), securing an A- rating from S&P Global.
Convex is described as having worked closely with the Luxembourg regulator the Commissariat aux Assurances (CAA) in order to secure regulatory approval on 15 September.
This development leaves Convex with a fully regulated insurance subsidiary within the European Economic Area (EEA), ensuring clients across the continent will be able to receive the best possible service and insurance solutions directly from Convex.
CES will write European business via a UK branch that will be located in London. The branch remains subject to regulatory approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).
Convex has stated that it notify the market as soon as we commence trading.
Elsewhere, S&P has issued an A- rating for the new home of Convex’s Security Risk team, Convex Guernsey Ltd.
“This is an important step in our ability to provide our partners, colleagues and ultimately our clients in the EEA with certainty and become the insurer of choice for complex risks,” said Paul Brand, Deputy CEO.
“Through CES, Convex will establish a long-term presence in Europe, and via its UK Branch, CES will have the ability to provide European and multinational clients with full service, high-quality insurance risk solutions.”
