Convex Insurance
Convex Insurance is a privately held international specialty insurer and reinsurer founded in 2019 by Stephen Catlin and Paul Brand. With a team of 648 and operations in multiple locations including Bermuda, London, and the US, the company focuses on innovative underwriting and data-driven risk management solutions.
Company Overview
Convex Insurance is an international specialty insurer and reinsurer founded in 2019 by industry veterans Stephen Catlin and Paul Brand. The company operates as a privately held entity and has established itself within the insurance industry. With a team size of 648, Convex Insurance is classified as a large business. The company's headquarters is located in Hamilton, Bermuda, with additional locations in London, Guernsey, Luxembourg, and the US.
Services Offered
Convex Insurance specializes in providing international specialty insurance and reinsurance solutions. The company focuses on complex specialty risks and utilizes a data-driven approach for rating and pricing risk in reinsurance. It offers digital risk management solutions and works with trusted coverholders across major markets. Convex Insurance also emphasizes innovative underwriting capabilities and operates with a clean balance sheet.
Founders and Leadership
Convex Insurance was founded by Stephen Catlin and Paul Brand, both of whom bring extensive experience in the insurance and reinsurance sectors. Their leadership is characterized by a commitment to modern technology and innovative practices. The company has a governance process in place to oversee product design and approval, ensuring compliance with FCA PROD 4 rules and the Insurance Distribution Directive.
Financial Performance
In 2023, Convex Insurance achieved a combined ratio of 89.6% and gross written premium (GWP) of $4.2 billion. The company has raised $3.2 billion in long-term capital and has received an A (Excellent) rating from AM Best with a stable outlook, as well as an A- rating from Standard & Poor's with a positive outlook. These ratings reflect the company's strong financial position and operational efficiencies.
Partnerships and Initiatives
Convex Insurance has launched a multi-million-dollar partnership with the Blue Marine Foundation and the University of Exeter for the Convex Seascape Survey. Additionally, the company collaborates with Bermudian Olympian Flora Duffy. These partnerships highlight Convex Insurance's commitment to environmental initiatives and community engagement, alongside its core business operations.