Convex Group has received regulatory approval to write European business via the UK branch of its recently establish Luxembourg-based European insurer.
UK regulators the the Financial Conduct Authority and the Prudential Regulation Authority gave the go-ahead to Convex to start writing business from the UK branch based in London, effective immediately.
Established earlier this year, the Convex Europe SA (CES) business in Luxembourg acts as the group’s insurance subsidiary within the European Economic Area (EEA), ensuring clients across the continent can receive full service and insurance solutions directly from Convex.
The new unit secured a rating of A- from S&P Global Ratings.
“We are delighted that the UK branch of CES has received approval from both UK regulatory bodies,” said Theo Butt, CEO Convex Insurance UK Ltd.
“This cements our commitment to becoming the market of choice for complex risk clients,” he added, “and further enables us to establish relationships with and provide high-quality solutions for new and existing European clients.”
Convex also recently received approval from the National Association of Insurance Commissioners (NAIC) and the California Department of Insurance for two of its operating subsidiaries to operate as a reciprocal jurisdiction reinsurers in the US from January 1.
By obtaining reciprocal jurisdiction status, both Convex Insurance UK Limited (CIL) and Convex Reinsurance Limited (CRL) are able to write reinsurance business in the U.S. without the need to post reinsurance collateral, via a passporting arrangement with other U.S states.
