Another greenlight for Catlin’s Convex — now able to write European business via UK

The operating subsidiary of Stephen Catlin and Paul Brand-led specialty re/insurer  Convex Group has received key regulatory approval to write European business via its UK branch in London.

The UK branch of its recently established Luxembourg-based European insurer Convex Europe SA (CES) has been granted approval from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

CES is now able to write European business via its UK branch in London. CES provides a full service insurance solution within the European Economic Area (EEA) enabling Convex to write business across the EEA.

CES has secured an A- rating from S&P Global, and already received approval from Luxembourg regulator, the Commissariat aux Assurances (CAA) in September.

The news follows the announcement that Convex has been granted reciprocal jurisdiction reinsurer status in the US, allowing it to write reinsurance business in the country without the need to post reinsurance collateral, via a passporting arrangement with other US states. Convex entities are the first in the global re/insurance market to get such a status by California and the NAIC.

Theo Butt (pictured), chief executive officer of Convex Insurance UK, said: “We are delighted that the UK branch of CES has received approval from both UK regulatory bodies. This cements our commitment to becoming the market of choice for complex risk clients, and further enables us to establish relationships with and provide high-quality solutions for new and existing European clients.”

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