Convex Group, the specialty re/insurer with operations in Bermuda and London, has appointed Clearwater to provide cloud-based services for investment data aggregation, reconciliation, accounting, investment reporting and other daily data processing.
Convex was founded by Stephen Catlin and Paul Brand with $1.8 billion of initial committed capital, of which $1.6 billion is currently drawn. It brings together underwriters focused on areas the group perceives itself as having a competitive advantage and aims to deliver top quartile, risk-adjusted returns.
Clearwater said its automated solution would enable Convex to efficiently scale its operating architecture while maintaining a lean investment operations team. The technology platform facilitates early period-end close times, flexible reporting and regulatory support, enabling Convex to focus on its core competencies. It will act as an extension of Convex’s own team for investment data, daily operating processes and reporting, Clearwater said.
Benjamin Meuli, chief financial officer at Convex, said: “Convex is designed for the evolving insurance industry; we are legacy free and combine an experienced team with independence and a mandate to be an innovative partner that drives results for our clients. We see technology as a competitive advantage, one that will empower us to make better decisions; the Clearwater solution will enable us to scale our investment operations and support our plans for robust growth.”
Clearwater now has more than $3 trillion in assets on its platform globally, having added more than $540 billion in new assets from Europe alone to its SaaS platform in 2018. It currently serves more than 60 insurance, investment management and corporate treasury clients across 13 countries in Europe, the Middle East and Africa.
Scott Erickson, chief operating officer at Clearwater, said: “Convex brings a new and unique offering to the industry and has found a partner in Clearwater that can match the speed of their goals and growth expectations.”
Clearwater’s scalable reporting and multi-basis international accounting platform will enable Convex to expand into the re/insurance markets, added Erickson. “We share a vision with Convex that constant evolution to deliver an enhanced offering represents the future of the insurance industry and look forward to supporting them in their growth.”
Convex Group, Clearwater, Stephen Catlin, Paul Brand, Benjamin Meuli, Scott Erickson