Convex reports 93% rise in GWP for last year

19-05-2022

Convex reports 93% rise in GWP for last year

Stephen Catlin, chairman & CEO, Convex

Convex Group has reported a gross written premium of more than $2.1.billion in its financial results for the year ended 31 December 2021, which is an increase of 93% from $1.1 billion in 2020. Its net combined ratio improved to 118% from 173%.

Net premium earned increased by 178% year on year t0 over $1 billion from $375 million.

After allowing for acquisition costs, claims (net of reinsurance), operating expenses and investment income, the group made a net loss, but this was reduced to $158 million from the $179 million it recorded in 2020.

“I’m immensely proud of the strides we have made in a short period and these results signify another year of underwriting excellence and are indicative of our established market position,” Stephen Catlin, chairman and CEO of Convex, said.

“The ultimate number reflects our continued and strategic investment in Convex’s growth. 2021 saw our numbers grow from 300 team members to over 400, as well as the establishment of Convex Europe SA, through which we are providing our European clients with high-quality solutions. The launch of our MGU, Convex North America, is yet another positive development. Working alongside the London and Bermuda teams, the MGU will provide access to the burgeoning US excess & surplus lines market not accessible via the London Market.

“Convex has had a strong start to the 2022 year with Q1 reporting GWP of $971 million, and a net premium earned of $389 million and a combined ratio of 91.3%. We expect to exceed $3 billion of GWP in 2022.”

Paul Brand, deputy CEO, added: “Uncertainty surrounding the war and humanitarian crisis in Ukraine remains and the Ukrainian people have our thoughts and wholehearted support. From an underwriting perspective, there is obviously a potential exposure that we are monitoring.”

Convex, financial results

Bermuda Re