Convex selects Clearwater to automate investment operations, support 'robust' growth plans
Stephen Catlin and Paul Brand's newly launched specialty re/insurer Convex Group has partnered with Clearwater as a provider of cloud-based solution and services for investment accounting, reporting and other data services.
Convex was launched in April 2019 with an initial capital commitment of $1.8 billion, and is based in the UK and Bermuda. It underwrites insurance and reinsurance for complex specialty risks across a diversified range of business lines, and aims to build a digitally-enabled insurance company that is free from legacy systems and processes.
The partnership will enable Convex to efficiently scale its operating architecture, while maintaining a lean investment operations team, using Clearwater’s automated solution. Clearwater will assist the re/insurer on early period-end close times, flexible reporting, regulatory support, data aggregation, reconciliation and accounting, which will enable Convex to focus on its core competencies.
“Convex is designed for the evolving insurance industry; we are legacy free and combine an experienced team with independence and a mandate to be an innovative partner that drives results for our clients," said Benjamin Meuli, chief financial officer at Convex. "We see technology as a competitive advantage, one that will empower us to make better decisions; the Clearwater solution will enable us to scale our investment operations and support our plans for robust growth.”
Scott Erickson, chief operating officer at Clearwater, said: “The relationship between Convex and Clearwater is a natural fit. Convex brings a new and unique offering to the industry and has found a partner in Clearwater that can match the speed of their goals and growth expectations.
“Clearwater’s scalable reporting solution and seamless multi-basis international accounting platform is critical to the foundation Convex is laying in order to expand into the insurance and reinsurance markets. We share a vision with Convex that constant evolution to deliver an enhanced offering represents the future of the insurance industry and look forward to supporting them in their growth.”
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