Convex Insurance - Comprehensive Analysis Report
Summary
Convex Insurance is an international specialty insurer and reinsurer, founded in 2019 by industry veterans Stephen Catlin and Paul Brand. The company operates globally with a strategic presence in Bermuda, London, Europe, and the US, providing a comprehensive portfolio of specialty insurance and reinsurance products. Convex's core mission is to redefine the insurance experience by combining extensive experience with a modern, technology-driven approach, unburdened by legacy systems. It aims to be a leading and preferred partner for clients with complex risk requirements, emphasizing efficiency, data analytics, and expertise in underwriting intricate specialty risks. Its significance in the industry is marked by rapid growth, a robust financial foundation, and a commitment to innovation and social responsibility.
1. Strategic Focus & Objectives
Core Objectives
Convex Insurance aims to be a leading international specialty insurer and reinsurer, recognized for its expertise and innovative approach. Key objectives include maximizing efficiency, reducing operational costs through strategic outsourcing of bulk operations, and establishing a best-practice business from its inception. The company is determined to continuously improve and provide exceptional service.
Specialization Areas
Convex specializes in underwriting complex specialty risks across a diverse range of business lines in both insurance and reinsurance. Its unique value proposition lies in leveraging extensive industry experience alongside modern technology and data analytics to drive superior underwriting decisions. The company also offers event insurance and has a growing focus on the healthcare sector.
Target Markets
The primary target market for Convex includes large commercial clients with intricate risk requirements. These clients are typically globally recognized, leaders in their respective fields, providers of specialist products and services, or niche players. The company aims for a mature business mix comprising approximately 60% insurance and 40% reinsurance. Convex also targets the US Excess & Surplus (E&S) market and provides coverage across the European Economic Area (EEA).
2. Financial Overview
Funding History
Convex Insurance has successfully raised a total of $3.3 billion across four funding rounds since its inception.
Initial Launch (2019): $1.8 billion of committed capital at founding.
November 2020: $1 billion funding round.
January 2021: $500 million funding round.
Key investors include Onex, Sixth Street, and PSP Investments. Onex, a long-standing partner since 2019 through its private equity funds and balance sheet, acquired Convex in February 2026. AIG also joined Onex in this acquisition, with the closing anticipated in the first half of 2026. This acquisition is intended to secure Convex's long-term independence and improve its positioning to service clients and capitalize on future market opportunities. The company has committed capital of $3.2 billion, raised on a long-term basis, with a solvency ratio for its initial four years of business expected to exceed 150%.
The capital raised has fueled rapid growth, with expected gross premium written of up to $6 billion in 2025. This represents a 25% compound annual growth rate in gross premium written over the three preceding years, demonstrating a strong return on equity averaging 18% over the same period.
3. Product Pipeline
Key Products/Services
Specialty Insurance, Reinsurance, and Event Insurance:
Description: A comprehensive portfolio covering a wide array of complex specialty risks.
Development Stage: Fully operational and continually evolving.
Target Market/Condition: Large commercial clients with intricate risk profiles, requiring bespoke insurance and reinsurance solutions.
Key Features and Benefits: Tailored solutions for complex risks, leveraging data-driven underwriting and experienced professionals.
Lloyd's Syndicate 1984:
Description: Underwriting at Lloyd's of London.
Development Stage: Operational since April 2025.
Target Market/Condition: Accessible to clients seeking coverage through the Lloyd's market.
Convex Europe SA (CES) and UK Branch:
Description: Luxembourg-based European insurance entity with a UK branch.
Development Stage: CES launched September 2021, UK branch established later that year.
Target Market/Condition: Enables Convex to write business across the European Economic Area (EEA).
US Excess and Surplus (E&S) Lines:
Description: Approval to write E&S lines across the United States.
Development Stage: UK Ltd. received approval in October 2019.
Target Market/Condition: US clients requiring coverage for risks that cannot be placed in the admitted market.
Convex US (Managing General Underwriter - MGU):
Description: MGU focused on the US E&S market.
Development Stage: Launched July 2022, operating out of Princeton, New Jersey. Initial product is Miscellaneous Professional Liability (MPL).
Target Market/Condition: US clients, particularly those seeking Miscellaneous Professional Liability, with plans for a broader product range. Collaborates with London underwriting team to access business unavailable through the London market.
Healthcare Sector Coverage:
Description: Specialized coverage for various healthcare entities.
Development Stage: Active offering.
Target Market/Condition: Hospitals, long-term care facilities (nursing homes/senior care), allied healthcare services (nurse staffing, home healthcare, rehabilitation clinics), and billings errors and omissions.
4. Technology & Innovation
Technology Stack
Convex Insurance operates without the burden of legacy systems, leveraging modern, purpose-built technology. Data and analytics are at the core of its technical infrastructure, integral across Claims, Finance, HR, and Portfolio Optimisation.
Proprietary Developments
The company has developed proprietary tools specifically designed to ensure data reliability and consistency. This capability translates into valuable insights that underpin better decision-making for both Convex and its clients.
Scientific Methodologies
Convex employs a data-driven culture and analytical methodologies to inform its underwriting decisions and improve operational efficiencies. This involves sophisticated data categorization, particularly within niche areas like healthcare, which provides a competitive advantage by allowing anticipation of future client needs and tailored offerings.
Technical Capabilities
Key technical capabilities include advanced data analytics for superior underwriting, efficient operational platforms that reduce costs, and the ability to rapidly adapt and develop solutions without being constrained by outdated systems. The integration of senior management expertise with technology, outsourcing, and data analysis facilitates innovative solutions and exceptional service.
5. Leadership & Management
Executive Team
Stephen Catlin – Co-founder and Executive Chairman
Professional Background: Established Catlin Underwriting Agencies syndicate at Lloyd's in 1984, growing it into a global insurer before its 2015 acquisition.
Notable Achievements: Co-founded Convex in 2019, demonstrating a commitment to creating a forward-thinking insurance company.
Key Contributions: Provides vast industry experience and strategic vision for Convex's future.
Paul Brand – Co-founder and CEO
Professional Background: Has a long history of working with Stephen Catlin, dating back to the early Catlin days.
Key Contributions: Leads the company's focus on building an innovative, client-centric partner that delivers results.
Matt Paskin – CUO Group Reinsurance and CEO Convex Re Bermuda (previously CUO Reinsurance, CEO Convex Re as of October 2022)
Robina Malik – General Counsel
Claire Ball – Group HR Director
Adrian Spieler – Member of the Group Executive Committee
Dan Kumpf – North America CEO and CEO of Convex US MGU
Bob Eels – COO of Convex US MGU
Lauren Pollock – Head of Strategy at Convex US MGU
Tom Bongi – Head of Professional, leading the professional liability product roll-out for Convex's US MGU
Spencer Poole – Vice President, Miscellaneous Professional Liability
Matt Sugden – Head of Healthcare
Recent Leadership Changes
In February 2026, Onex acquired Convex, with AIG joining Onex in this acquisition. While this represents a change in ownership structure, Stephen Catlin and Paul Brand highlighted that this transaction secures the long-term independence of Convex. The leadership team remains focused on capitalising on future market opportunities and improving client and broker service. The acquisition is subject to regulatory approvals and is expected to close in the first half of 2026.
6. Talent and Growth Indicators
Hiring Trends and Workforce
Convex Insurance has demonstrated substantial growth in its workforce since its founding. By June 2021, the company had created over 300 jobs, and as of October 2022, its employee count had reached approximately 450.
Company Size and Expansion Metrics
The company has experienced rapid growth over the past six years. Its strategy involves attracting a seasoned team with specialist underwriting capabilities and leaders from across the insurance industry, fostering diversity of thought and approach. This rapid expansion in human capital aligns with its significant financial growth and continuous product and geographic market development.
7. Social Media Presence and Engagement
Digital Footprint
Convex Insurance maintains an active digital footprint across professional and social platforms, including LinkedIn, Twitter/X, and YouTube.
Brand Messaging and Positioning
The company's digital communications consistently reinforce its brand as an international specialty insurer and reinsurer, focused on complex risks. Key messaging emphasizes its unique market position, the extensive experience of its team, and its innovative, data-driven approach to insurance.
Community Engagement Strategies
Convex engages its audience through various initiatives, including thought leadership discussions and corporate responsibility projects. Examples include "Convex Conversations," a podcast series that has explored topics like mental health.
Thought Leadership Initiatives
Through platforms like "Convex Conversations," the company features insights from industry leaders and notable individuals, promoting discussion on relevant topics beyond traditional insurance.
Notable Campaigns or Content
Convex demonstrates its commitment to environmental causes through partnerships such as "The Convex Seascape Survey." This is a five-year project, in collaboration with the Blue Marine Foundation and the University of Exeter, dedicated to understanding ocean and seabed carbon storage. The company's social media also features updates on regulatory approvals, ownership structure changes, and product launches, such as "Convex Quick Quote" for event insurance.
9. Competitive Analysis
Major Competitors
Convex operates within the highly competitive international specialty insurance and reinsurance market. This landscape includes both well-established global insurers and reinsurers, as well as highly specialized underwriting firms and larger diversified carriers with robust specialty divisions. Convex's focus on complex specialty risks positions it against companies adept at managing intricate risk profiles. The market has seen a hardening trend in recent years, demanding accurate pricing based on claims experience and exposures, which intensifies competition for profitable business. Industry observations suggest that new entrants like Convex, with different approaches to certain high-risk sectors, contribute to a dynamic competitive environment.
10. Market Analysis
Market Overview
Convex operates in the global specialty insurance and reinsurance market, characterized by its focus on complex and highly specialized risks. This market demands deep expertise, robust capital, and a sophisticated approach to underwriting.
Growth Potential
The company's rapid growth, marked by a 25% compound annual growth rate in gross premium written, indicates significant growth potential within its chosen market segments. Its strategic expansion into areas like the US E&S market and European operations further supports future growth.
Key Market Trends
The market has recently experienced a "hardening" trend, where insurance rates increase and capacity may become more constrained. This environment favors insurers like Convex that can offer accurate pricing, sophisticated risk analysis, and stable capacity for complex exposures. There is also an increasing demand for data-driven underwriting and efficiency in operations, which Convex addresses through its technology-first strategy.
Market Challenges and Opportunities
Challenges: Intense competition from established global players, the need for continuous innovation in risk assessment, and navigating evolving regulatory landscapes across multiple jurisdictions.
Opportunities: The demand for specialized coverage for complex and emerging risks, the ability to leverage a "clean slate" to build efficient operations without legacy issues, and strategic use of data and analytics to gain competitive insights and tailor offerings for niche clients.
11. Strategic Partnerships
Partner Organization: Blue Marine Foundation and the University of Exeter
Nature of Partnership: Collaboration on "The Convex Seascape Survey."
Strategic Benefits: Enhances Convex's commitment to environmental sustainability and corporate social responsibility, provides valuable scientific insights into ocean carbon storage, and promotes thought leadership.
Collaborative Achievements: A five-year project dedicated to understanding ocean and seabed carbon storage and its role in climate change.
12. Operational Insights
Current Market Position: Convex has rapidly established itself as a significant international specialty insurer and reinsurer since its founding in 2019
