Convex Group’s full-year net income surged more 40 per cent in 2025, described as “a landmark year” by chief executive officer Paul Brand.

However, Mr Brand expects a more “challenging” market in 2026, as rates for the specialty business that Convex writes decline.

Convex said it earned record profit of $711 million last year, up from $506 million in 2024.

Gross written premium grew 14 per cent to $5.88 billion, while combined ratio — a measure of underwriting profitability — was 89 per cent, compared to 87.3 per cent in the previous year.

Convex, founded in Bermuda in 2019 by Mr Brand and industry veteran Stephen Catlin, has achieved a three-year compound annual growth rate of 25 per cent in gross written premium.

“We achieved our third consecutive annual net profit, with expansion across most lines of business despite several major events and catastrophes, including the California wildfires,” Mr Brand said.

“We successfully launched Syndicate 1984 at Lloyd’s and secured our long-term future through the extension of our partnership with Onex and the establishment of a new strategic relationship with AIG.

“Both strategic initiatives have positioned us strongly to capitalise on continued growth and emerging opportunities, and I look forward to a very exciting future.

“In 2026, we anticipate an attractive yet challenging market, with modest aggregate rate declines but we still see margin in the business and opportunities for growth.”

Convex’s net loss ratio was 54 per cent, while tangible book value increased by 23 per cent year over year to $3.83 billion.

Mr Catlin, chairman of Convex, said: “I am immensely proud of the success we have achieved as a company. Reaching nearly $6 billion gross written premiums in just six years would not have been possible without the hard work, dedication, and exceptional talent of our team.

“The recent investment from Onex and AIG is a clear testament to the strength and credibility of Convex.”

Onex Corporation, an alternative asset manager, extended its ownership stake in Convex to 63 per cent last year, while US insurer AIG owns a 35 per cent.