Catlin’s Convex eyes US expansion as ‘first’ reciprocal jurisdiction reinsurer

Stephen Catlin (pictured left) and Paul Brand's (pictured right) specialty re/insurer  Convex Group has become the first in the global re/insurance market to be granted reciprocal jurisdiction reinsurer status by California and the National Association of Insurance Commissioners (NAIC).

Two of its entities Convex Insurance UK (CIL) and Convex Reinsurance (CRL) have received approval from the NAIC and the California Department of Insurance to operate as a reciprocal jurisdiction reinsurer, effective from January 1, 2022.

This status will allow CIL and CRL to write reinsurance business in the US, without the requirement to post reinsurance collateral, via a passporting arrangement with other US states.

Brand, co-Founder and deputy CEO of Convex Group, said: “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. 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 US.”

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