Convex Group has announced that Stephen Catlin, the company’s cofounder, has stepped down as chairman.

The international specialty insurer and reinsurer today said Mr Catlin will remain a director and has been elevated to the honorary title of founder and life president to reflect his meaningful contribution to Convex since its inception.

In this role, Mr Catlin will continue to provide strategic counsel to the board and mentorship to the executive leadership team, serve as an ambassador for the company’s global initiatives, and steward its long-term mission and values.

He will also remain actively involved in philanthropic and industry partnerships that reflect Convex’s values, the company stated.

Bobby Le Blanc, a Director of the Board of Convex since its formation in 2019 and chief executive officer of majority shareholder Onex, has been appointed chairman.

Paul Brand, Convex CEO, said: “Stephen’s contribution to the success of Convex and to the insurance industry is immeasurable. He has been a colleague, mentor and friend for nearly 40 years.

“He has built two globally renowned insurance businesses and has been integral to securing Convex’s long-term independent future following our recapitalisation by Onex and AIG.

“I could say we will miss him, but he will stay very involved with our business. He will also continue to lead our involvement with the Convex Seascape Survey and several other sustainability initiatives.”

Stephen Catlin added: “I am immensely proud of our achievements at Convex over the past seven years. To have built another global carrier in a quarter of the time it took to build the first is no small feat.

“However, Convex would not exist without the incredible team around me or our market partners. I look forward to continuing to help grow the business whilst providing support to the next generation of leadership as we continue to redefine what insurance can become in an ever-changing world.”

Mr Catlin’s career in the re/insurance industry spans 53 years. He started out in London in 1973 with BL Evens & Others on Syndicate 264 at Lloyd's. Eleven years later, he founded Catlin Underwriting Agencies, which later became part of Catlin Group.

Mr Catlin, who was Catlin Group's chief executive throughout its history, decided to move the company’s domicile to Bermuda in 1999.

After XL Group acquired Catlin in 2015, Mr Catlin took the role of XL’s executive deputy chairman.

In 2019, Mr Catlin and Mr Brand launched Convex in Bermuda. With $1.8 billion of initial capital it was regarded as the largest-ever insurance start-up.

Mr Le Blanc said: “I am incredibly honoured to be asked to become the chairman of Convex. I look forward to Stephen’s continued wise counsel, mentorship and friendship; he is a leading voice in the industry and has helped lead Convex on an exceptional journey since its creation.

“He is an insurance legend, and I am delighted that he has agreed to remain on the board. He has helped create significant value for both Convex and Onex and shareholders and will continue to help develop our market leadership position.”