Stephen Catlin raises $1.8bn for new specialty re/insurer Convex in Bermuda and London
Former Catlin executives Stephen Catlin and Paul Brand have revealed a new international specialty re/insurer operating in Bermuda and London, Convex Group.
Convex has raised $1.8 billion of initial committed capital and will down $1.6 billion to commence business - with access to further capital as the business expands.
The invested capital comes from the Convex management team, Onex Partners V, Onex Corporation’s large-cap private equity fund, PSP Investments and a consortium of co-investors.
“The launch of Convex distils vast industry experience and client focus to create the insurance company of the future. We begin unencumbered by legacy but rich with expertise and the strength of independence," said Catlin.
Convex will underwrite re/insurance for complex specialty risks across a diversified range of business lines in London and Bermuda.
The management team includes Catlin as chairman and CEO, Brand as deputy CEO, Benjamin Meuli as chief financial officer, Robina Malik as general counsel, Adrian Spieler as chief operating officer, Doug Howat as chief underwriting officer of insurance, Matt Paskin as chief underwriting officer of reinsurance, and Mark van Zanden as head of portfolio optimisation.
Catlin continued: "There is evidence of pricing momentum in many classes and we are well equipped to prosper in a challenging market. We are thrilled to have the support of Onex and our co-investors and believe they will be valuable partners to us as we build our business. Paul and I have worked together since the early Catlin days and the team we have assembled all bring exceptional skills to the table. Together we have a once in a lifetime opportunity and I look forward to the journey that lies ahead.”
Brand added: “Convex is designed for the evolving insurance industry, and combines years of experience, knowledge and history in this market. Stephen and I see a great opportunity; there is demand for an insurer to bring a refreshed and enhanced offering to market, one that puts fairness and honesty at the centre of its singularly client focused proposition. Convex will challenge the status quo to create value across the chain and provide a differentiated service in a personal way. We are very excited to be launching Convex today and look forward to working with our team to create an innovative partner that drives results for our clients.”