Convex buys underwriter-led insurtech
Paul Brand, CEO, Convex Group
The board of Convex Group has announced that Paul Brand, who founded the business in 2019 with Stephen Catlin, will become Group CEO with effect from 1 July 2022. Brand has been deputy CEO since Convex was founded.
Catlin, Convex executive chairman, said: “I am truly delighted that Paul has been appointed CEO by the board. When we launched Convex in 2019, the plan was that Paul would become CEO in due course and his appointment has been fully endorsed by our shareholders. He has led the team which has built Convex into a superb business with a strong competitive advantage and hard to replicate intellectual property. This promotion is very well deserved.”
Bobby Le Blanc of Onex Partners said: “Paul and Stephen have demonstrated an incredible ability to build a quality insurance group. The result, Convex, is a tremendous achievement and we expect the business will thrive under Paul’s leadership whilst benefitting from Stephen and Paul’s continuing partnership. We fully expect that they will deliver value to shareholders over time and Onex Partners thoroughly endorses the Board’s decision.”
Brand has 40 years of insurance industry experience, including 31 years at Catlin and XL Catlin. He was chief underwriting officer at Catlin between 2003 and 2015 and chief underwriting officer (Insurance) at XL Group following the Catlin takeover from 2015 until 2017. He was also chairman of accelerate, XL Catlin’s in-house innovation team from 2016 until 2018. In 2018, he and Catlin began to work on the formation of Convex which was launched the following year, and Brand became deputy CEO from its foundation.
Convex operates out of London, Bermuda, Luxembourg and New Jersey. The company has an A- ('excellent') AM Best rating and an A- with stable outlook S&P rating.
Convex, Paul Brand, Appointment