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Convex GWP rising about $1bn a year

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Stephen Catlin, executive chairman of Convex Group (Photograph by Blaire Simmons)

Gross written premium is soaring for Convex Group Limited, the Bermudian-based international specialty re/insurer.

The company wrote 2022 GWP of more than $3 billion, up 43 per cent from $2,115 million in 2021.

And they signalled an intention to write more than $4 billion in 2023.

But the company has reported a net loss of $142 million for fiscal year 2022, down from a $158 million loss in the prior year.

The reduced net loss was attributed to investment losses and foreign exchange impacts, partly offset by underwriting profit.

Convex recorded gross written premium of $3,035 million, an increase of 43 per cent from $2,115 million in 2021.

Net premium earned was $1,686 million, an increase of 62 per cent from $1,042 million the year before.

The company reported an improved net combined ratio of 98 per cent (2021: 117 per cent).

Convex said rising inflation and interest rates had an adverse effect on financial markets globally and was not atypical in the insurance industry, generating unrealised losses that offset coupon income, leading to a negative investment return of $107 million, down from a positive investment return of $25 million in 2021.

Stephen Catlin, the executive chairman of Convex Group, said the company continues to build its reputation in the market and to have surpassed $3 billion of GWP in less than four years is truly impressive.

“Convex continued to grow and evolve in 2022,” he said. “In July, Paul Brand assumed the role of group CEO and Convex has thrived under his leadership.

“We continue to experience strong rating conditions and January’s renewals reflected that. However, our market must continue to work hard to provide exceptional service to its clients, as well as demonstrate its value to the wider community after a decade of disappointing returns.

“I am confident that we, as an industry, are up to the task; this is a period of exciting opportunity and developments for the market.”

Mr Brand said: “These results reflect the hard work of our colleagues and superb support from our brokers. I’m incredibly proud of what we’ve accomplished.

“But it’s not just about the numbers. When we launched Convex, building a respectful and thoughtful culture was also a top priority, but we aren’t complacent and continue to invest in our people and culture. 2023 promises to be yet another exciting year, with GWP expected to exceed $4 billion.”

Paul Brand, CEO of Convex Group Limited (File photograph)

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Published May 17, 2023 at 7:59 am (Updated May 17, 2023 at 7:59 am)

Convex GWP rising about $1bn a year

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