Convex Gets NAIC Approval to Operate as Reciprocal Jurisdiction Reinsurer in U.S.
Convex Group Ltd. announced that Convex Insurance UK Ltd. (CIL) and Convex Reinsurance Ltd. (CRL) have received approval from the National Association of Insurance Commissioners and the California Department of Insurance to operate as a reciprocal jurisdiction reinsurer, effective from Jan. 1, 2022.
This reciprocal jurisdiction status will allow CIL and CRL to write reinsurance business in the U.S., without the requirement to post reinsurance collateral, via a passporting arrangement with other U.S. states. These two entities are the first in the global re/insurance market to be granted reciprocal jurisdiction reinsurer status by California and the NAIC.
“This is an excellent development for Convex. Since our launch in 2019, we have always been interested in expanding our platform to reach other major markets outside of the UK and Bermuda,” commented Paul Brand, co-founder and deputy CEO of Convex Group. “I look forward to watching our teams at CIL and CRL provide top-quality complex risk solutions to our extensive network of reinsurance clients and brokers in the U.S.”
Convex was advised by Locke Lord LLP.
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 industry veterans Stephen Catlin and Paul Brand 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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