Convex Group founder Stephen Catlin steps down as chair, retains board role

Stephen Catlin, co-founder and chairman of Convex Group, has stepped down as chairman of the board and will remain a director and life president, continuing to support the business through strategic guidance and mentoring.

He will take on the honorary title of founder and life president, the re/insurer said in a statement. In this capacity, he will continue to provide strategic counsel to the board, mentor the executive leadership team and act as an ambassador for Convex’s global initiatives.

As founder and life president, Catlin will also remain involved in philanthropic and industry partnerships aligned with Convex’s long-term mission and values, the firm said.

Bobby Le Blanc, director of Convex since its formation in 2019 and chief executive officer of majority shareholder Onex, has been appointed chairman.

Catlin and Paul Brand launched the specialty re/insurer and reinsurer with $1.8 billion of initial committed capital, underwriting specialty risks across a diversified range of business lines in London and Bermuda.

Brand, CEO of Convex, said: “Stephen’s contribution to the success of Convex and to the insurance industry is immeasurable. He has been a colleague, mentor and friend for nearly 40 years. He has built two globally renowned insurance businesses and has been integral to securing Convex’s long-term independent future following our re-capitalisation by Onex and AIG. I could say we will miss him, but he will stay very involved with our business. He will also continue to lead our involvement with the Convex Seascape Survey and several other sustainability initiatives.”

Catlin added: “I am immensely proud of our achievements at Convex over the past seven years. To have built another global carrier in a quarter of the time it took to build the first is no small feat. However, Convex would not exist without the incredible team around me or our market partners. I look forward to continuing to help grow the business whilst providing support to the next generation of leadership as we continue to redefine what insurance can become in an ever-changing world.”

Le Blanc said: “I am incredibly honoured to be asked to become the chairman of Convex. I look forward to Stephen’s continued wise counsel, mentorship and friendship; he is a leading voice in the industry and has helped lead Convex on an exceptional journey since its creation. He is an insurance legend, and I am delighted that he has agreed to remain on the board. He has helped create significant value for both Convex and Onex and shareholders and will continue to help develop our market leadership position.”

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