Hamilton, Bermuda: 

Insurance industry experts Stephen Catlin and Paul Brand today unveil their international specialty insurer and reinsurer, Convex Group Limited (“Convex”). Convex launches with $1.8bn of initial committed capital and will draw down $1.6bn to commence business; it will have access to further capital as the business expands. The Company has received an A.M. Best rating of A- (Excellent) and regulatory approval to operate in London and Bermuda.

Convex will underwrite insurance and reinsurance for complex specialty risks across a diversified range of business lines in London and Bermuda. The business brings together an exceptional group of talented underwriters who will focus on areas where they have a competitive advantage and aim to deliver top quartile, risk adjusted returns.


Convex will adopt a conservative investment strategy with a predominantly high-grade fixed income portfolio, and duration matched to the profile of the liabilities. 


The invested capital comes from the Convex management team, Onex Partners V, Onex Corporation’s (TSX: ONEX) large-cap private equity fund, PSP Investments and a consortium of co-investors.  


Stephen Catlin said: “The launch of Convex distils vast industry experience and client focus to create the insurance company of the future. We begin unencumbered by legacy but rich with expertise and the strength of independence. There is evidence of pricing momentum in many classes and we are well equipped to prosper in a challenging market. We are thrilled to have the support of Onex and our co-investors and believe they will be valuable partners to us as we build our business. Paul and I have worked together since the early Catlin days and the team we have assembled all bring exceptional skills to the table. Together we have a once in a lifetime opportunity and I look forward to the journey that lies ahead.”


Paul Brand added: “Convex is designed for the evolving insurance industry, and combines years of experience, knowledge and history in this market. Stephen and I see a great opportunity; there is demand for an insurer to bring a refreshed and enhanced offering to market, one that puts fairness and honesty at the centre of its singularly client focused proposition. Convex will challenge the status quo to create value across the chain and provide a differentiated service in a personal way. We are very excited to be launching Convex today and look forward to working with our team to create an innovative partner that drives results for our clients.”


Bobby Le Blanc, a Senior Managing Director of Onex, said: “We believe Convex is well-positioned to become a leading specialty insurer. It has a well-respected and experienced management team with an exceptional track record in building value. We are delighted to partner with Stephen, Paul and the entire Convex team and look forward to the years ahead.”


Convex was advised by Evercore, JP Morgan and Slaughter and May.