Reinsurance News
Convex Group
Convex achieves net profit as FY’23 combined ratio strengthens to 89.6%
18th April 2024
Convex Group, the international specialty insurer and reinsurer, has reported its first annual net profit since inception, announcing 2023 net income of $503.2 million, a significant improvement on the $142.2 million loss seen in 2022. The 2023 net income figure includes the establishment of a deferred tax asset of $67.7 million ... Read the full article
Convex Group invests in Skyrisks to drive innovation in AAM insurance
2nd October 2023
In a strategic move towards advancing the aviation sector's sustainability agenda, Convex Group Ltd (Convex) has announced a cornerstone investment in Skyrisks Limited (Skyrisks). Skyrisks, a London-based managing general agent, is poised to lead the insurance market for the rapidly growing Advanced Air Mobility (AAM) sector. The AAM industry, characterised by cutting-edge ... Read the full article
Convex appoints Simons to Bermuda CEO, names Chandler Group Deputy CUO Reinsurance
5th September 2023
International specialty re/insurer Convex Group Limited has appointed Paul Simons to the role of Bermuda Chief Executive Officer, and Christophe Chandler to the role of Group Deputy Chief Underwriting Officer Reinsurance. Both appointments are effective January 1, 2024, subject to regulatory approval. In their new respective roles, Simons will continue to be ... Read the full article
AM Best upgrades credit ratings of Convex Group Limited’s subsidiaries
31st May 2023
AM Best has upgraded the Financial Strength Ratings to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of the Convex Group Limited subsidiaries Convex Re Limited (CRL), Convex Insurance UK Limited (CIL), Convex Europe S.A. (CES) and Convex Guernsey Limited (CGU). The ... Read the full article
Convex reports loss for 2022 as negative investment return offsets underwriting profit
16th May 2023
Global specialty insurer and reinsurer, Convex Group Limited, has reported an underwriting profit for the full-year 2022 with a significantly improved combined ratio, although a negative investment return pushed the firm to a net loss of $142 million for the year. While still a loss, at $142 million, it has come ... Read the full article
Convex backs launch of new MGA for Advanced Air Mobility sector
27th March 2023
Newly-incorporated, London-based firm, Skyrisks Limited is preparing to launch as a managing general agent (MGA) pioneering comprehensive insurance products for the Advanced Air Mobility (AAM) sector, in partnership with Convex Group Ltd. The partnership between the two companies will address the fast-growing insurance needs of the AAM sector. In a press release, ... Read the full article
Convex promotes Brian Bissett to Group CFO
12th January 2023
Specialty insurer and reinsurer Convex has announced the promotion of Brian Bissett to Group Chief Finance Officer (CFO) with immediate effect. Bissett joined Convex at its inception in 2019 as Group Chief Actuary and has more than 30 years of experience in the data and actuarial sector within the re/insurance industry. Prior ... Read the full article
Convex appoints Richard P. Quinn US Property Reinsurance Underwriter
1st September 2022
Specialty insurance and reinsurance company, Convex Insurance has appointed Richard P. Quinn as US Property Reinsurance Underwriter, a Bermuda-based role. Prior to joining Convex, he spent over four years at Axis Capital. During his tenure at the Bermuda-based company, he held the Catastrophe Modelling Analyst position for over two years before ... Read the full article
Convex makes “strategic investment” in insurtech Quotech
4th August 2022
Specialty insurance and reinsurance company, Convex Group Limited, has made a “strategic investment” and acquired a 7.7% share in Quotech, an underwriter-led insurtech. Quotech has raised one million pounds from a number of angel investors and Convex, who has become the lead investor. Proceeds from the funding round will be used to ... Read the full article
Convex launches US E&S focused MGU with professional liability hires
21st July 2022
Specialty insurance and reinsurance company Convex has launched a new managing general underwriter (MGU) focused on the insurance market in the United States. Convex US has been launched as an MGU that will have a focus on excess and surplus (E&S) lines business. The MGU, Convex US, will source primary E&S insurance ... Read the full article
Paul Brand takes over as CEO of Convex
30th June 2022
Paul Brand, who founded specialty insurer and reinsurer Convex Group Limited in 2019 with Stephen Catlin, has been named Group Chief Executive Officer (CEO) of the company, effective July 1st, 2022. Since the firm was created Brand has served as Deputy CEO, with Catlin serving as both Group CEO and Executive ... Read the full article
Convex reports 93% rise in GWP as net loss narrows in 2021
19th May 2022
Specialty insurer and reinsurer Convex has reported a rise in gross written premium (GWP) for the full-year 2021 to more than $2.1 billion, as the Group announces a reduced net loss of $158 million for the period. For 2021, the re/insurer's net loss shrank by almost 12% from the $179 million ... Read the full article
Convex becomes latest to rule out backing Adani mine in Australia
3rd February 2022
Convex has reportedly become the forty-third insurer to refuse coverage for the Adani Group’s Carmichael coal mine in Australia. The project has been called ‘disastrous’ and a ‘climate-wrecking coal mine’ by environmental protestors. According to the group Market Forces, Convex was one of the few remaining specialty insurers to not rule ... Read the full article
Convex gets regulatory approval for UK branch
2nd December 2021
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 ... Read the full article
Convex able to write reinsurance business in the US from January 1
30th November 2021
The operating subsidiaries of insurer and reinsurer Convex Group Limited have received approval from the National Association of Insurance Commissioners (NAIC) and the California Department of Insurance to operate as a reciprocal jurisdiction reinsurer. By obtaining reciprocal jurisdiction status, both Convex Insurance UK Limited (CIL) and Convex Reinsurance Limited (CRL) are ... Read the full article
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