What Convex Group does

Convex Group Limited is a privately-held specialty insurance and reinsurance group founded in April 2019 by Stephen Catlin (founder of Catlin Underwriting Agencies) and Paul Brand. The company underwrites complex specialty risks across primary insurance lines — Accident & Health, Aerospace, Casualty & Financial Lines, Crisis Management, Energy, Equine/Livestock/Aquaculture, Fine Art & Specie, Marine, Political Risk & Credit, Property, and Security Risks & Crisis Response — alongside treaty reinsurance products (International and US Casualty/Property Treaty and Specialty Reinsurance). It serves large commercial enterprises, global insurers and reinsurers acting as cedants, and high-net-worth clients, primarily through wholesale brokers in the London Market, Bermuda and Europe.

The business model rests on a "legacy-free balance sheet" with no legacy IT systems or reserve portfolios, supported by a modern technology stack and a data-and-analytics-led underwriting approach overseen by a Chief Analytics Officer. Distribution operates across multiple channels: direct broker relationships in London, Bermuda, Luxembourg and Europe; wholly-owned Managing General Agents (Convex North America Insurance Services LLC in Princeton NJ for US E&S lines; Kinetic Insurance Services, an FCA-approved UK MGA; and PRISM in Singapore/Hong Kong built on Efinity Insurance Solutions' platform); and Lloyd's Syndicates 1984 (live from April 2025) and 1987 (in-principle approved, planned 1 July 2026). Revenue is generated principally through underwriting premiums (FY2025 gross written premium of $5,879M and net written premium of $4,075M) supplemented by investment income on the float and MGA fees/commission. The company reported $711M in net income for 2025 (a 40.5% YoY increase) with a 89.0% combined ratio marking its fourth consecutive year of underwriting profitability.

Convex is regulated through subsidiaries in Bermuda (Convex Re Limited, Class 4 insurer under the Insurance Act 1978), the UK (Convex Insurance UK Limited, FCA/PRA authorised), Luxembourg (Convex Europe S.A., authorised across EEA insurance classes 1-9 and 11-16) and Guernsey (Convex Guernsey Limited, Category 3 Insurer), with reciprocal jurisdiction reinsurer recognition across all 50 US states plus DC, Guam, Puerto Rico and USVI. Following the $7 billion acquisition that closed on 6 February 2026, Onex Corporation holds approximately 63% and American International Group approximately 35%, with AIG participating in a whole-account quota share of Convex's underwriting portfolio from January 2026.

Name

Convex Group

Legal name

Convex Group Limited

Website

https://convexin.com

Company type

Private

Founded year

2019

Operating status

Acquired

Headcount range

251–500 employees

Short description

Convex Group is a Bermuda-headquartered specialty insurance and reinsurance group founded in 2019 by Stephen Catlin and Paul Brand, underwriting complex risks across property, casualty, marine, energy, political risk and other specialty lines for large commercial clients, cedants and high-net-worth individuals via brokers, Lloyd's syndicates and wholly-owned MGAs.

Ownership category

akta.pro rank

Product category

Specialty Insurance and Reinsurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Reinsurance Carriers (524130), Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Carriers, Nec (6399), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Fine Art, Specie & High-Value Property Reinsurance (FSAOADAO)

akta.pro secondary industries

Fine Art, Jewelry & Specie (FSAJAGAL), Reinsurance & Risk Transfer Platforms (Placement, Treaty/Fac, ILS Tech) (FSAGAGAH)

Keywords

• Specialty insurance underwriting
• Reinsurance treaty business
• Lloyd's syndicate operations
• Excess surplus lines
• Managing general agency

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Specialty Insurance Premiums: Primary revenue from underwriting specialty insurance lines (Accident & Health, Aerospace, Casualty & Financial Lines, Crisis Management, Energy, Equine/Livestock/Aquaculture, Fine Art & Specie, Marine, Political Risk & Credit, Property, Security Risks) across London, Bermuda, and Europe platforms; 2025 gross written premium of $5,879M and net written premium of $4,075M.
2. Reinsurance Premiums: Revenue from reinsurance treaty and facultative business across International Casualty Treaty, International Property Treaty, Specialty Reinsurance, US Casualty Treaty, and US Property Treaty products, written out of London and Bermuda platforms.
3. Investment Income: Investment portfolio managed with daily portfolio management activities outsourced to external investment managers, with internal investment team providing oversight and driving overall investment strategy and asset allocation; portfolio and risk monitoring, reporting and governance internally.
4. MGA Fees and Commission (Convex US, Kinetic, PRISM): Revenue from wholly-owned MGA operations including Convex US (Delaware-based MGU writing on behalf of Convex Insurance UK Limited), Kinetic Insurance Services (UK-based specialty/niche MGA, FCA-approved, trading Q4 2026), and PRISM (Singapore/Hong Kong MGA).

Pricing tiers

Go-to-market motion5 records

Distribution channels7 records

Marketing channels7 records

Core offering

Convex Group is a specialty insurance and reinsurance underwriter that writes complex commercial risks across eleven primary insurance lines (Accident & Health, Aerospace, Casualty & Financial Lines, Crisis Management, Energy, Equine/Livestock/Aquaculture, Fine Art & Specie, Marine, Political Risk & Credit, Property, Security Risks & Crisis Response) and five treaty reinsurance classes, distributed through carrier entities in Bermuda, London, Luxembourg, Guernsey and the US, Lloyd's Syndicates 1984 and 1987, and wholly-owned/MGA-backed platforms in the US (Convex US), UK (Kinetic Insurance Services) and Asia Pacific (PRISM). The offering is supported by a legacy-free technology stack with the Convex Quick Quote digital bind portal and a data-led analytics engine, and is aimed at large commercial insureds, brokers and cedants.

Product overview

Convex Group Limited operates a single unified specialty insurance and reinsurance platform distributed across Bermuda, London, Luxembourg, Guernsey and the US, rather than a modular software product. The portfolio is organized into three pillars: (1) primary Insurance lines including Accident & Health, Aerospace, Casualty & Financial Lines, Crisis Management, Energy, Equine/Livestock/Aquaculture, Fine Art & Specie, Marine, Political Risk & Credit, Property, and Security Risks & Crisis Response; (2) Reinsurance treaty lines including International Casualty Treaty, International Property Treaty, Specialty Reinsurance, US Casualty Treaty and US Property Treaty; and (3) Solutions such as the Crisis Management Platform (Cygnus), Digital Underwriting, Convex Quick Quote (a digital event insurance bind portal), and Strategic Risk Solutions. Underwriting is delivered through both direct carrier entities (Convex Insurance UK Limited, Convex Europe S.A., Convex Re Limited, Convex Guernsey Limited) and delegated authority platforms — Convex US (US MGU), Kinetic Insurance Services (UK specialty MGA, FCA-approved, launching Q4 2026), PRISM MGA (Asia Pacific), and Lloyd's Syndicates 1984 (live since April 2025) and 1987 (approved to commence 1 July 2026, long-tail specialty focus). The platform is supported by a Chief Analytics Officer–led data and analytics function with the stated ambition of being 'data at its heart' across Claims, Finance, HR and Portfolio Optimisation.

Differentiator

Problem solved

Functional benefit

Brands

• Convex US (Convex North America Insurance Services LLC): US managing general underwriter and licensed E&S lines insurance broker, 100% owned by Convex Insurance UK Limited and writing solely on its behalf at launch.
• Kinetic Insurance Services
• PRISM
• Convex Quick Quote
• Syndicate 1984
• Syndicate 1987
• The Convex Conversation

Products and services

• Accident & Health Specialty insurance line covering personal accident, business travel, commercial personal accident and group accident and health risks for corporate and consumer clients, underwritten by Convex via brokers.
• Aerospace Specialty insurance coverage for aviation and aerospace risks including airlines, general aviation, products liability, airports and space exposures.
• Casualty & Financial Lines Specialty insurance covering general liability, professional indemnity, D&O, financial institutions crime/professional indemnity products and commercial combined liability policies.
• Crisis Management Specialty insurance for event cancellation, contingency, non-appearance and related crisis exposures, including bespoke event insurance packages.
• Energy Specialty insurance for onshore and offshore energy risks including upstream, downstream, power generation and renewable energy exposures.
• Equine, Livestock & Aquaculture Specialty bloodstock, livestock mortality, poultry, aquaculture and care/custody/control liability coverages for horse owners, breeders, and commercial livestock and aquaculture operations.
• Fine Art & Specie Specialty insurance for fine art, private collections, jewellers' block and other specie risks for corporate and high-net-worth clients.
• Marine Specialty marine insurance covering marine cargo, marine hull, marine liability and marine energy risks including offshore platforms and vessels.
• Political Risk & Credit Specialty insurance covering political risk, trade credit and trade disruption exposures for corporations, banks and investors operating across borders.
• Property Specialty property insurance for complex commercial and large schedule risks across UK, Ireland, US and international markets.
• Security Risks & Crisis Response

Quantifiable outcome

• $5,879M gross written premium in 2025; $711M net income in 2025 (40.5% YoY increase); 89.0% combined ratio marking 4th consecutive year of underwriting profitability
• +2 more outcomes

Named customers2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered flagship, core, minor and moderate.

• American International Group (AIG)flagshipStrategic or Co-development Partner · 6 February 2026AIG completed a $2.1 billion acquisition of approximately 35% equity stake in Convex Group on February 6, 2026, alongside Onex. As part of the deal AIG gains board representation rights and began participating in a whole account quota share of Convex's underwriting portfolio from January 1, 2026, with plans to expand ceded volumes through 2028. AIG also committed $2 billion over three years into Onex-managed funds. Earlier AIG launched Syndicate 2478 at Lloyd's in December 2024 (managed by Talbot Underwriting with stamp capacity of $715 million and third-party capital from Blackstone-managed funds).
• Efinity Insurance SolutionscoreTechnology or Integration · 18 December 2025Strategic technology partnership backing PRISM, a newly-founded Asia Pacific MGA focused on Singapore and Hong Kong, launched 18 December 2025. PRISM leverages Efinity's integrated operating platform featuring AI-driven submission intake, digital underwriting workflows, policy issuance, and real-time portfolio analytics. Specialises in Marine Cargo, Onshore Energy, Power, and Renewable sectors.
• Dame Flora Duffy (Bermudian Olympian)minorGTM or Marketing Partner · 25 May 2022Three-year partnership supporting Bermuda-based Olympic gold medallist Dame Flora Duffy in defending her Olympic title at the Paris 2024 Summer Olympics. Promotes Bermuda on the international stage alongside Bermuda Tourism and Apex Group as partners.
• Blue Marine Foundation (BLUE) and University of ExeterflagshipStrategic or Co-development Partner · 5 November 2021Multi-million-dollar five-year partnership to launch the Convex Seascape Survey - the largest attempt yet to build understanding of ocean and seabed carbon storage. Brings together multidisciplinary team of world-class ocean and blue carbon scientists, with Professor Callum Roberts as chief scientific adviser and trustee of BLUE. Spearheaded by BLUE and University of Exeter to address climate change via ocean-based mitigation that could provide up to a fifth of the solution needed to limit global warming to 1.5°C.
• Asta Managing Agency LtdcoreStrategic or Co-development PartnerAsta serves as managing agent for Convex's Lloyd's Syndicates. Asta manages Syndicate 1984 (active from 1 April 2025) and will manage Syndicate 1987 (planned to commence underwriting 1 July 2026, focused on long-tail specialty lines). Asta is authorised by the Prudential Regulation Authority and regulated by the FCA and PRA. Convex Corporate Services Limited is an appointed representative of Asta. J.P. Morgan, Lloyds, and Citi served as managers for Convex's USD bond offering in January-February 2026.
• Alzheimer's Research UKmoderateGTM or Marketing PartnerCorporate charity partnership with the UK's leading dementia research charity. Sponsorship of multiple fundraising events and podcast features on Convex Conversation featuring Scott Mitchell, David Prescott, Dr Dennis Chan, Hilary Evans, and FTD Brothers ambassadors. Convex also sponsors Alzheimer's Research UK as part of broader charitable commitments.
• London Youth Choir (LYC)moderateGTM or Marketing PartnerSupporting the next generation of talent; subsidised every place and provided free or partially free places to ensure equitable access. Since 2012, 15,000 young singers have sung with LYC in its 10 choirs, schools, and community projects. In May 2025, LYC launched LYC Voices (commercial trading arm from Convex's London office) providing performance opportunities (e.g., Bridget Jones: Mad About The Boy, Wallace & Gromit: Vengeance Most Fowl).
• Insurance Cultural Awareness Network (iCAN)minorGTM or Marketing PartnerIndustry-wide independent network supporting multicultural inclusion across the insurance sector. Partnership with Convex Insurance and Reinsurance to celebrate the benefits of inclusion and diversity, hosting series of events (e.g., 'How to be an ally' with LINK in February 2022; 'Then and Now. Reflections on Black British History' in June 2022).
• Link: LGBTQ+ Insurance NetworkminorGTM or Marketing PartnerFormal partnership with Link LGBTQ+ Insurance Network, whose mission is to make the insurance industry the employer of choice for the LGBTQ+ community. Collaboration throughout 2023 and beyond supporting LGBTQ+ inclusion in insurance.
• Haverstock School (Camden, UK)minorOthersUK secondary school partnership running mentoring, insurance masterclasses, and a university sponsorship programme with Haverstock students; aligned with Convex's values of widening participation in the insurance market and improving social mobility.
• ClimatewisemoderateStrategic or Co-development PartnerConvex has been a member of Climatewise since 2021, aligning with the Climatewise Principles which are aligned to TCFD (Taskforce on Climate-related Financial Reporting). Publishes annual Climatewise Report demonstrating progress toward meeting the Climatewise Principles.

Scale indicators11 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Beazley: Lloyd's-focused specialty insurer writing marine, political risk, cyber, and reinsurance with a comparable multi-platform distribution model (syndicates, MGAs). Direct competitor to Convex in the London Market specialty space.
• Hiscox: Bermuda/London specialty insurer and reinsurer with Lloyd's and US operations, writing big-ticket commercial and specialty risks. Directly comparable to Convex in geographic footprint, distribution mix, and specialty lines.
• Lancashire Holdings: Bermuda-based specialty property, casualty, and energy insurer and reinsurer. Closely comparable to Convex Re and Convex's Bermuda platform in product mix and client profile.
• AXIS Capital Holdings: Bermuda-based specialty insurer and reinsurer with strong Lloyd's presence and diversified specialty lines including marine, energy, aviation, and political risk. Comparable in scale, structure, and product mix to Convex.
• Aspen Insurance Holdings: Specialty P&C insurer and reinsurer with Lloyd's syndicates and Bermuda/London operations; recently taken private by Apollo. Highly comparable in specialty book, structure, and ownership transition profile.

Broad incumbents

• Arch Capital Group: Large Bermuda-domiciled specialty P&C and mortgage insurer with significant Lloyd's presence and global specialty book. Broader incumbent operating across multiple specialty and non-specialty lines versus Convex's specialty-only focus.
• Markel Group: Global specialty insurer with E&S, reinsurance, and Lloyd's operations (Markel International). Wider portfolio across many specialty classes but overlapping with Convex in London Market and Bermuda specialty distribution.
• Everest Group: Major Bermuda-based global reinsurer and specialty insurer with broad reinsurance treaty and facultative capabilities. Comparable in reinsurance underwriting profile but at materially greater scale.
• PartnerRe: Bermuda-based multi-line reinsurer owned by Covea, writing specialty and treaty reinsurance globally. Comparable to Convex Re's treaty portfolio though at significantly larger scale.

Emerging players

• Atrium Underwriters: Lloyd's specialty MGU platform owned by Enstar, distributing through multiple Lloyd's syndicates (609, 610, 1183). Comparable to Convex's Lloyd's and MGA strategy in specialty underwriting via delegated authority.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key highlights7 records

Customer concentration

• Xx.com/convexin
• Facebookfacebook.com/convexin
• LinkedInlinkedin.com/company/convex-insurance

Compliance15 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Convex Group