AM Best has affirmed the credit ratings of Convex Group and its principal subsidiaries, citing the company's strong capital position, improving underwriting performance and growing international footprint.

The ratings agency affirmed the financial strength rating of A (excellent) and the long-term issuer credit ratings of “a” (excellent) for Bermudian-based Convex Re, as well as subsidiaries in the United Kingdom, Luxembourg and Guernsey. The outlook on all ratings remains stable.

AM Best said Convex’s balance sheet strength is assessed as “very strong”, supported by risk-adjusted capitalisation at the strongest level and strong liquidity and financial flexibility.

The agency pointed to Convex's ability to access capital markets, noting that the group raised $600 million through a subordinated debt issuance during the first quarter of 2026. Despite the additional borrowing, AM Best expects leverage to remain below 10 per cent.

The ratings agency said Convex is still exposed to catastrophe risks, a common feature among global property and speciality reinsurers, but noted that the group mitigates this exposure through reinsurance protection purchased from highly rated companies.

AM Best also pointed to the company's improving underwriting performance. Convex reported a combined ratio of 89 per cent in 2025, marking its fourth consecutive year of underwriting profitability since launching in 2019.

The agency said earnings have benefited from both strong underwriting results and higher investment income and helped the company absorb catastrophe-related losses while continuing to grow.

Convex has expanded rapidly since its formation by industry veterans Stephen Catlin and Paul Brand. The group now operates across Bermuda, London, Lloyd's, Luxembourg and Guernsey, while also maintaining managing general underwriting operations in the United States and Britain.

Gross written premiums reached $5.9 billion in 2025 and AM Best said the company is should keep expanding over the medium term, supported by a broader and more diversified underwriting portfolio.