Convex Group Ltd., the international specialty insurer and reinsurer, announced it has received in-principle approval to launch Lloyd’s Syndicate 1984, which will commence underwriting in April 2025.
Convex said it has worked with its advisers Gallagher Re and Asta, which has been appointed as the managing agent.
Syndicate 1984 will be led by active underwriter, Jacqueline Wiffen, UK CUO for insurance at Convex, and has an initial target to underwrite £150 million of gross written premium in 2025. It will underwrite some reinsurance of Convex and selected lines of international business including accident & health, casualty, crisis management, ELA (equine, livestock & aquaculture), energy, marine, political risk and property.
“Convex is always looking for new opportunities to develop its business both in Bermuda, London and elsewhere,” commented Paul Brand, CEO, Convex Group.
“Lloyd’s is a core insurance market and part of Convex management’s DNA. Entering Lloyd’s has always been a distinct possibility, and we feel that now is the right time to enter this fantastic marketplace,” he said.
“I am excited to have been named active underwriter of the new syndicate. Convex has an amazing track record and I look forward to leading the new syndicate for the benefit of our clients and the wider market,” according to Jacqueline Wiffen, active underwriter, Convex Syndicate 1984.
Patrick Tiernan, Lloyd’s chief of markets, said: “We are very pleased that the Convex team have chosen to bring their underwriting talent and leadership to the Lloyd’s market. We want the best underwriters in the world to be operating deliberately in our market and enjoying the strategic benefits that can be uniquely deployed from Lloyd’s. The Convex executive team have extensive Lloyd’s experience, with long term vision and interests that align well with ours. Syndicate 1984 will be a welcome addition to our underwriting platform.”
“Convex has been one of the biggest insurance success stories in recent years, and we are delighted to support Stephen [Catlin], Paul and his team in securing in-principle approval for Syndicate 1984,” said Lorraine Harfitt, CEO at Asta.
About Convex Group
Convex was founded by Stephen Catlin and Paul Brand and operates out of London, Bermuda, Luxembourg and New Jersey. The company has an “A” (Excellent) A.M. Best rating and an “A-” with stable outlook S&P rating.
Source: Convex Group
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New Markets
Reinsurance
Lloyd’s
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