Convex Group Limited, an international specialty insurer and reinsurer, has launched a wholly owned technology-enabled Managing General Agency (MGA) called Kinetic Insurance Services (Kinetic), which will start trading in the final quarter of this year.
The re/insurer explains that the MGA, which has received FCA regulatory approval, is based in the UK, and will target speciality and niche lines of business complementary to Convex’s existing portfolio.
The MGA is backed by Convex and third-party capacity, and will utilise “technology and underwriting excellence to deliver tailored solutions and exceptional customer service to its clients and brokers.”
Kinetic will be led by Theo Butt, former Chief Executive Officer (CEO) of Convex Insurance UK LTD, and will focus on large, complex and middle-market specialty risks, primarily within the London Market.
With this move, Anne Middleton has taken over as CEO of Convex UK.
Butt said, “This strategic initiative aims to establish a market-leading MGA built on the principles Convex is renowned for – underwriting excellence, technology-driven innovation, and exceptional customer experience – creating a complementary pillar within our broader portfolio.
“Operating with a differentiated risk appetite and the agility of the MGA model, Kinetic will attract high-calibre talent drawn to Convex’s established infrastructure. We have strong conviction in its long-term growth potential and the meaningful value it will generate for the organisation.”
Paul Brand, CEO, Convex Group, commented, “Convex is always looking for new opportunities to develop its business both in Bermuda, London and elsewhere.
“The MGA structure offers flexibility to capital providers, reinsurers, and business partners. Using our capability for writing delegated business, we believe that this business will become a major part of Convex’s future growth.”
Doug Howat, Group Chief Underwriting Officer, Insurance and Reinsurance, Convex, added, “The MGA market presents compelling opportunities. Through Kinetic, we’ll access new and emerging markets, delivering quality products underpinned by innovation, strong customer service, and integrity, creating real value for brokers and clients alike. I’m excited to support Theo and the team as this venture takes shape.”
