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Catlin worries about Ukraine war

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Top insurance executive Stephen Catlin points to the war in Ukraine as the biggest uncertainty facing international insurance.

He fears the potential for World War Three, should Nato get drawn into the conflict.

Chairman and CEO of Convex Group Limited, the international specialty insurer and reinsurer he founded with Paul Brand in Bermuda and London in 2019, Mr Catlin says the company could annually add a billion dollars to its premium writings in each of the next few years.

This will be the year Convex establishes a presence in the US.

A product of Lloyd’s of London and still a strong supporter, he expressed concern for Lloyd’s underwriters, and concern for Lloyd’s itself.

He said progress towards reducing the cost of doing business there has been slow.

Mr Catlin is optimistic that recovery is in the air for Bermuda’s economic fortunes and counts the island as one of only two real insurance markets on the planet. Both are British.

He said there is no insurance jurisdiction to compare to the “Bermuda triangle”.

While governments rule, regulators supervise and insurers finance risk, Bermuda is the only place where the three work closely together to make things right.

The veteran insurance executive is confident that such a partnership is not only appropriate, but will remain resilient, even if the controversial global minimum tax guarantee succeeds.

He also believes Bermuda is uniquely able to lead the world in becoming carbon neutral.

He was speaking with The Royal Gazette in an extensive video interview from the Convex offices atop the newly renovated Point House at the end of Front Street in Hamilton.

During the discussion, Mr Catlin revealed the nature of his relationship and interaction with Mr Brand, the Convex co-founder, that makes his newest company a better operation.

In just its third year, Convex will write $3 billion worth of business this year alone and has avoided large pandemic losses. It is also blessed with unencumbered capital, or an absence of legacy issues.

The company has grown to 430 staff already, after raising $1.7 billion from investors initially, but mushrooming its capital growth to $3.2 billion within 18 months.

Stephen Catlin: co-founder, chairman and CEO, Convex Group Limited (Photograph by Blaire Simmons)

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Published April 01, 2022 at 8:00 am (Updated April 02, 2022 at 8:16 am)

Catlin worries about Ukraine war

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