International specialty insurer and reinsurer Convex Group has revealed an underwriting result for 2024 of $381 million, up 57% from $242 million in 2023.
Meanwhile, Convex’s net profit attributable to common shareholders was $506 million in 2024, up slightly from $503 million in 2023. This marks its second consecutive year of net profit since its launch, driven by significant growth across all lines of business.
While 2024 saw several natural catastrophe events, including Hurricane Milton, Hurricane Helene and the Calgary hailstorms, Convex’s losses from these events were within modelled expectations.
With this in mind, Convex’s combined ratio for 2024 was 87.6%, an improvement over 2023’s 89.6%.
At the same time, the firm’s gross written premiums in 2024 reached $5.166 billion, an increase of 22% from $4.218 billion in 2023, while net premium earned hit $3.070 billion, an increase of 31% from $2.337 billion in 2023.
Convex’s investment return was also a positive $272 million in 2024, an increase from $240 million in 2023 due to the increase in assets under management of its investment portfolio and the broadening of risk asset mandates.
Paul Brand, CEO of Convex Group, commented, “This is a hugely impressive result which, in no small part, is down to the exceptional Convex team. Their hard work and dedication has resulted in numerous achievements.
“Not only have we achieved record results, we were also placed in the top quartile of the Gracechurch Claims Monitor and named as one of the Sunday Times ‘Best Places to Work 2024’. I thank the team and encourage them to continue their efforts, enabling us to maintain our market relevance, resilience and position as our client’s favourite insurer.”
Stephen Catlin, executive chair of Convex Group, said, “A huge thanks to all of our brokers and clients for their continued support in helping us achieve yet another outstanding result, reaching $5 billion in premium within five years.
“Despite another challenging year for the industry due to natural catastrophes, market conditions and rates remain satisfactory. Convex will continue to develop, embracing both the challenges and opportunities that lie ahead.
I am also very pleased that we will soon have a presence at Lloyd’s with the imminent launch of Syndicate 1984. It’s good to be back.”
