Convex opens new European insurer
Bermuda-based Convex Group Limited has received authorisation for its newly established Luxembourg-based European insurance entity, Convex Europe SA.
The commercial re/insurer said it has worked closely with the Luxembourg regulator, the Commissariat aux Assurances, and received regulatory approval on September 15.
Following the authorisation, S&P Global Ratings issued CES an A- rating.
The company said this development provides Convex with a fully regulated insurance subsidiary within the European Economic Area, ensuring clients across Europe will be able to receive the best possible service and insurance solutions directly from Convex.
It said CES will write European business via a United Kingdom branch that will be located in London.
This branch remains subject to regulatory approval from the Prudential Regulation Authority and Financial Conduct Authority.
Convex said it will notify the market as soon as it commences trading.
In addition, the company said S&P has issued an A- rating for Convex Guernsey Ltd, the new home of Convex’s Security Risk team.
Paul Brand, Deputy CEO, said: “This is an important step in our ability to provide our partners, colleagues and ultimately our clients in the EEA with certainty and become the insurer of choice for complex risks.
“Through CES, Convex will establish a long-term presence in Europe, and via its UK Branch, CES will have the ability to provide European and multinational clients with full service, high-quality insurance risk solutions.”
Convex Group is an international specialty insurer and reinsurer focused on complex specialty risks across a diverse range of business lines.
Convex was founded by Stephen Catlin and Mr Brand in 2019 and operates out of London and Bermuda. The company has an “A-“ (Excellent) A.M. Best rating and an “A-“ with stable outlook S&P rating.