Speciality re/insurance firm Convex Group has launched a dedicated European insurance entity, Convex Europe (CES), based in Luxembourg.

The launch of a new entity is aimed at strengthening the company’s presence within the European Economic Area (EEA).

Convex noted that the fully regulated insurance subsidiary will offer services and insurance solutions directly to the European market.

CES was authorised by the Commissariat aux Assurances (CAA) on 15 September 2021.

Convex stated that its new entity has received an A- rating from S&P Global Ratings.

The new entity will write European business via a UK branch, located in London.

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By GlobalData

However, the UK branch is yet to receive regulatory approval from Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA).

Convex Group deputy CEO Paul Brand said: “This is an important step in our ability to provide our partners, colleagues and ultimately our clients in the EEA with certainty and become the insurer of choice for complex risks.

“Through CES, Convex will establish a long-term presence in Europe, and via its UK Branch, CES will have the ability to provide European and multinational clients with full service, high-quality insurance risk solutions.”

Earlier this year, Convex Group joined forces with AI-powered risk analytics firm Praedicat to identify, underwrite and manage complex emerging liability risks.

In July 2019, commercial insurance underwriting specialist Cytora partnered with Convex to develop an AI-powered solution for the commercial insurance sector.