Convex buys underwriter-led insurtech
Convex Group has acquired a 7.7% share in Quotech, an underwriter-led insurtech, which has raised £1 million from a number of angel investors and Convex, who has become the lead investor.
Quotech will use the funding to increase its staff number and add resources to create custom-built technology platforms for underwriters and distributors in the global commercial and wholesale insurance sector.
Paul Brand, Convex Group chief executive officer (CEO), said: “There are plenty of insurtech investments out there, but very few tech companies provide the kind of truly useful systems that Quotech has built for us.”
Quotech CEO and former Lloyd’s underwriter Guillaume Bonnissent added: “We’ve already expanded our team of systems experts, and we will soon be adding additional personnel and resources to serve more clients.”
Some of the Quotech clients include major risk carriers, brokers, and MGAs active in the London and international re/insurance markets.
