Specialty re/insurer Convex ups GWP 93% y/y, still in technical loss
International specialty re/insurer Convex nearly doubled gross written premium in 2021 to $2.1 billion and increased net earned premium by a heady 178% as prior sales efforts were earned into the book to cross the billion-dollar mark, the 2019-vintage insurer has claimed.
Heavy growth should continue and management is guiding to “exceed $3bn of GWP in 2022,” CEO Stephen Catlin (pictured) said.
Progress was made in curtailing claims and costs, but the group still ended with a technical loss. Mark the net combined ratio down to 118% from 173% in the prior year period.
“The ultimate number reflects our continued and strategic investment in Convex’s growth,” Catlin said. He brags of a run-up in staffing from 300 team members to over 400, as well as the establishment of Convex Europe SA, and the launch of MGU, Convex North America for access to the “burgeoning” US excess & surplus lines not accessible via London.
Taking acquisition costs and investment income to the technical loss, the group ended the year with a net loss of $158 million, a decrease from $179 million in 2020.
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