Convex gets go-ahead for CES operation

London and Bermuda specialty re/insurer Convex has gained authorisation for its newly-established European business, Convex Europe SA (CES).

The new entity was granted approval last week by Luxembourg’s Commissariat aux Assurances regulator and has been issued an A- rating by S&P Global Ratings. It gives Convex a fully regulated insurance subsidiary within the European Economic Area (EEA) to directly serve clients across the continent.

It will write European business via a UK branch in London, subject to regulatory approval from the Prudential Regulation Authority and Financial Conduct Authority.

Paul Brand, deputy CEO and cofounder of Convex with Stephen Catlin in 2019, said: “This is an important step in our ability to provide our partners, colleagues and ultimately our clients in the EEA with certainty and become the insurer of choice for complex risks.

“Through CES, Convex will establish a long-term presence in Europe, and via its UK Branch, CES will have the ability to provide European and multinational clients with full service, high-quality insurance risk solutions.”