Convex lifts net income 41%, trims CoR by 1.7 points

Convex Group reported a 40.5% jump in full-year net income to $711 million, up from $506 million in 2024, as the specialty re/insurer edged closer to $6 billion in gross written premium and shaved 1.7 percentage points off its combined ratio.

GWP reached $5.9 billion in just six years, which chairman Scott Catlin said “would not have been possible without the hard work, dedication, and exceptional talent of our team”. 

Net loss ratio was 54%, reflecting strong underwriting performance; however, the 2025 combined ratio showed a 1.7 percentage point improvement to 89%.

Describing 2025 as a “landmark year”, CEO Paul Brand (pictured) said: “We achieved our third consecutive annual net profit, with expansion across most lines of business despite several major events and catastrophes, including the California wildfires.

“We successfully launched Syndicate 1984 at Lloyd’s and secured our long-term future through the extension of our partnership with Onex and the establishment of a new strategic relationship with AIG. Both strategic initiatives have positioned us strongly to capitalise on continued growth and emerging opportunities, and I look forward to a very exciting future.

“In 2026, we anticipate an attractive yet challenging market, with modest aggregate rate declines but we still see margin in the business and opportunities for growth.”

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