Convex Group subsidiaries win regulatory firsts
Two subsidiaries of Bermudian-based Convex Group have received approval from the National Association of Insurance Commissioners and the California Department of Insurance to operate as a reciprocal jurisdiction reinsurer, effective from January 1.
The company said that Convex Insurance UK Limited and island-based Convex Reinsurance Limited are the first entities in the global re/insurance market to be granted reciprocal jurisdiction reinsurer status by California and the NAIC.
Convex said that this reciprocal jurisdiction status will allow CIL and CRL to write reinsurance business in the US, without the requirement to post reinsurance collateral, via a passporting arrangement with other US states.
Paul Brand, co-founder and deputy CEO of Convex Group, said: “This is an excellent development for Convex. Since our launch in 2019, we have always been interested in expanding our platform to reach other major markets outside of the UK and Bermuda.
“I look forward to watching our teams at CIL and CRL provide top-quality complex risk solutions to our extensive network of reinsurance clients and brokers in the US.”
Convex said that it was advised by Locke Lord LLP.