Convex Group, the international specialty insurance and reinsurance firm established by Stephan Catlin and Paul Brand, has signed up Clearwater as a provider of investment accounting, reporting and related data services.
Convex, which launched with $1.8 billion of initial committed capital of which $1.6 billion is currently drawn, has chosen Clearwater to provide a cloud-based solution and related services for investment data aggregation, reconciliation, accounting, investment reporting, and other daily data processing needs.
Clearwater’s automated solution is expected to be a key tool for Convex to efficiently scale its operating architecture, while maintaining a lean investment operations team.
Convex has launched with a clear desire to keep its operations lean in order to enhance its competitiveness in the market.
Clearwater will assist Convex on early period-end close times, flexible reporting, regulatory support, and more, enabling the re/insurer to focus on its core competencies. Clearwater’s employees will act as an extension of Convex’s own team for investment data, daily operating processes, and reporting.
“Convex is designed for the evolving insurance industry; we are legacy free and combine an experienced team with independence and a mandate to be an innovative partner that drives results for our clients. We see technology as a competitive advantage, one that will empower us to make better decisions; the Clearwater solution will enable us to scale our investment operations and support our plans for robust growth,” commented Benjamin Meuli, Chief Financial Officer at Convex.
Clearwater serves over 60 insurance, investment management, and corporate treasury clients across 13 countries in Europe, Middle East, and Africa.
“The relationship between Convex and Clearwater is a natural fit. Convex brings a new and unique offering to the industry and has found a partner in Clearwater that can match the speed of their goals and growth expectations,” explained Scott Erickson, Chief Operating Officer at Clearwater.
Adding, “Clearwater’s scalable reporting solution and seamless multi-basis international accounting platform is critical to the foundation Convex is laying in order to expand into the insurance and reinsurance markets. We share a vision with Convex that constant evolution to deliver an enhanced offering represents the future of the insurance industry and look forward to supporting them in their growth.”
