Convex Group, Inc.
Convex Group, Inc. is a company.
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Key people at Convex Group, Inc..
Convex Group, Inc. is a company.
Key people at Convex Group, Inc..
Key people at Convex Group, Inc..
Convex Group, Inc. (often referred to as Convex Group Ltd.) is a Bermuda-based international specialty insurer and reinsurer focused on underwriting complex, large commercial risks in property/casualty lines. Founded in 2019 by industry veterans Stephen Catlin and Paul Brand, it operates from Bermuda, London, Europe, and the US, with a clean balance sheet, no legacy systems, and a strong emphasis on modern technology, efficiency, and specialist underwriting.[1][3][4] The firm has raised over $3.2 billion in long-term capital, achieving rapid growth to $6 billion in expected gross premiums written in 2025, 25% compound annual growth in premiums over three years, and an 18% average return on equity.[3][4] Its mission centers on delivering bespoke insurance and reinsurance solutions while maximizing efficiency through outsourced operations and tech-driven approaches, underpinned by core values like earning reputation, fairness, continuous improvement, opportunity-seeking, and embracing change.[1]
Convex targets key sectors including specialty property/casualty insurance, reinsurance, marine (e.g., ocean carbon storage research partnerships), events, and digital risk management, serving clients with complex needs that legacy insurers struggle to address.[1][3] While not a traditional VC firm impacting startups, its influence on the ecosystem stems from injecting capital into high-risk specialty markets, enabling innovation in areas like sustainable ocean projects and modern underwriting tech, and providing stability through strong ratings (A.M. Best A- Excellent; S&P 'A' affirmed).[1][5]
Convex Group was co-founded in 2019 by Stephen Catlin and Paul Brand, both seasoned insurance executives, with $1.7 billion in initial committed capital from Onex, PSP Investments, and other co-investors.[1][4] Catlin's backstory traces to 1984, when he established the Catlin Underwriting Agencies syndicate at Lloyd’s, growing it into a global insurer writing $6 billion in annual premiums by its 2015 acquisition—regularly outperforming the market.[1] Post-acquisition, Catlin and Brand launched Convex to capitalize on their expertise without legacy constraints, securing an A.M. Best A- rating and regulatory approvals in London and Bermuda from day one.[1]
Early traction was swift: the firm expanded with a Luxembourg-based European entity (Convex Europe SA) in 2021, a UK branch, and later Lloyd’s Syndicate 1984 in April 2025.[4] By late 2025, it announced a transformative ownership shift—Onex acquiring 63% for $3.8 billion, AIG taking 35% for $2.1 billion (plus a quota share reinsurance deal from 2026), with management retaining the balance—extending partnerships while fueling further growth.[4]
Convex stands out in the crowded insurance market through these key strengths:
Convex rides the wave of insurtech disruption and rising demand for specialty coverage amid climate risks, cyber threats, and complex global supply chains—trends amplified by post-pandemic market hardening and tech-enabled underwriting.[1][3] Its timing is ideal: launching in 2019 amid soft markets allowed it to capture share with agile, tech-forward models, while 2025's Onex/AIG deal aligns with private equity's push into insurance for stable yields amid volatile equities.[4]
Market forces favor Convex, including regulatory approvals for EEA/Lloyd’s expansion, investor appetite for high-ROE assets, and sustainability mandates (e.g., ocean research partnerships).[3][4] It influences the ecosystem by pioneering digital tools, reducing costs for clients, and funding innovative risks like marine carbon storage—bridging traditional insurance with tech-driven solutions and enabling startups in adjacent fields (e.g., climate tech, event platforms) to scale under comprehensive coverage.[1][3]
Convex is poised for accelerated dominance in specialty re/insurance, leveraging the Onex/AIG structure for deeper capacity, quota share stability from 2026, and potential M&A or further syndicates.[4] Trends like AI underwriting, climate-adaptive products, and ESG-linked risks will shape its path, with its tech-native foundation positioning it to outpace incumbents.
Its influence may evolve from nimble challenger to market leader, compounding capital for stakeholders while redefining efficiency—echoing Catlin's prior success, but supercharged by fresh capital and global reach in an era demanding bespoke protection for tomorrow's uncertainties.[1][4]
