Convex Group Ltd. announced the launch of a Luxembourg-based European insurance entity, Convex Europe SA (CES). Convex received regulatory approval on September 15, 2021 from the Luxembourg regulator, the Commissariat aux Assurances (CAA).
CES has received an “A-” rating from S&P Global Ratings.
This development provides Convex with a fully regulated insurance subsidiary within the European Economic Area (EEA), ensuring that customers across Europe can receive the best possible insurance services and solutions directly from Convex.
CES will write European affairs through a UK branch which will be located in London. This branch remains subject to regulatory approval by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Convex said it will notify the market as soon as it starts trading.
In addition, S&P has assigned an “A-” rating to Convex Guernsey Ltd., the new home of Convex’s security risk team.
“This is an important milestone in our ability to provide certainty to our partners, colleagues and ultimately our customers in the EEA and to become the insurer of choice for complex risks,” said Paul Brand, deputy general manager. “Through CES, Convex will establish a long-term presence in Europe, and through its UK branch, CES will have the ability to provide European and multinational customers with comprehensive high quality insurance risk management solutions.
Convex Group is a specialist international insurer and reinsurer focusing on complex specialist risks across a wide range of industries. Convex was founded by Stephen Catlin and Paul Brand in 2019 and operates out of London and Bermuda. The company has an “A-” (Excellent) AM Best rating and an “A-” rating with a stable S&P outlook.
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