09Convex

‘Convex is an international specialty insurer and reinsurer founded by Stephen Catlin and Paul Brand in 2019. With operations in London and Bermuda, Convex occupies a unique position in the insurance industry combining unrivalled experience, reputation and a legacy-free balance sheet.’

With a simple statement Convex was launched in London by the ex CEO and CUO of Catlin and XL Catlin in 2019 (yes, 2019!).  Backed initially by over $1.7bn of long-term capital (now up to $3.2bn) the business has grown rapidly with a rumoured potential of $3+bn GWP in 2022.  The astonishing growth in people (now 300+) and business written has continued despite the pandemic, showing the incredible drive and ambition of the Convex team.  Convex established its permanent home in the ultra-modern Scalpel building with a hugely impressive offices and trading space in 2020.  The business supports the Arts through its London Royal Academy sponsorship and now climate sustainability through its recently announced Seascape Survey in association with Blue Marine Foundation.

Convex is strongly focused on its values, people, relationships and reputation.  Stephen Catlin certainly knows that values and culture don’t just happen, and that brands have to be invested in and built meticulously.   And this isn’t just a reprise of the old Catlin model – great underwriting teams and careful portfolio management matter – but the ultra-modern Convex is also about showcasing how a 21^st Century insurance business can be so much more – exciting, innovative and dynamic, especially when not held back by legacy systems and business.

Catlin has said that he “wakes up having to pinch himself” about the success of the business so far, but the unprecedented growth of the Convex brand goes to show that the world of commercial insurance is no longer sleepy and boring; in fact it’s rather racy. Of course, the ride might have a few bumps and bangs along the way but surely, it’s not much of a risk business if it doesn’t?