Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P
Convex Group Ltd. announced the launch of a Luxembourg-based European insurance entity, Convex Europe SA (CES). Convex received regulatory approval on Sept. 15, 2021 from the Luxembourg regulator, the Commissariat aux Assurances (CAA).
CES has received an “A-” rating from S&P Global Ratings.
This development provides Convex with a fully regulated insurance subsidiary within the European Economic Area (EEA), insuring clients across Europe will be able to receive the best possible service and insurance solutions directly from Convex.
CES will write European business via a UK branch that will be located in London. This branch remains subject to regulatory approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). Convex said it will notify the market as soon as it commences trading.
In addition, S&P has issued an “A-” rating for Convex Guernsey Ltd., the new home of Convex’s Security Risk team.
“This is an important step in our ability to provide our partners, colleagues and ultimately our clients in the EEA with certainty and become the insurer of choice for complex risks,” said Paul Brand, deputy CEO. “Through CES, Convex will establish a long-term presence in Europe, and via its UK branch, CES will have the ability to provide European and multinational clients with full service, high-quality insurance risk solutions.”
About Convex
Convex Group is an international specialty insurer and reinsurer focused on complex specialty risks across a diverse range of business lines. Convex was founded by Stephen Catlin and Paul Brand in 2019 and operates out of London and Bermuda. The company has an “A-” (Excellent) A.M. Best rating and an “A-” with stable outlook S&P rating.
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