Convex gets reciprocal US status
London and Bermuda-based specialty re/insurer Convex has been granted reciprocal jurisdiction reinsurer status in the US from the National Association of Insurance Commissioners (NAIC) and California Department of Insurance.
The approval, effective from 1 January 2022, will allow Convex Insurance UK Limited (CIL) and Convex Reinsurance Limited (CRL) to write reinsurance business in the US without having to post reinsurance collateral via a passporting arrangement with other US states. The Convex companies are the first in the global re/insurance market to be granted the status by California and the NAIC.
Paul Brand, co-founder and deputy CEO of Convex Group, said: “This is an excellent development for Convex. Since our launch in 2019, we have always been interested in expanding our platform to reach other major markets outside of the UK and Bermuda. I look forward to watching our teams at CIL and CRL provide top-quality complex risk solutions to our extensive network of reinsurance clients and brokers in the US.”