Insurance industry veterans Stephen Catlin and Paul Brand have launched a global specialty insurer and reinsurer under the name: Convex Group.
To support their new venture, the duo raised $1.8bn in funding. The venture will focus on underwriting insurance and reinsurance for complex specialty risks across business lines.
The capital was provided by Convex’s management team, Onex Partners V, Onex Corporation’s large-cap private equity fund and PSP Investments along with a consortium of co-investors.
Launch of Convex follows $4.1bn sale of Catlin Group by Stephen Catlin to XL Group around four years ago.
Commenting on the launch of new venture, Catlin said: “The launch of Convex distils vast industry experience and client focus to create the insurance company of the future.
“We begin unencumbered by legacy but rich with expertise and the strength of independence. There is evidence of pricing momentum in many classes and we are well equipped to prosper in a challenging market.”
The Convex team includes a number of former Catlin executives including Stephen Catlin as chairman and CEO, Brand as deputy CEO, and Benjamin Meuli as CFO.
Other members of the management team include Robina Malik as general counsel, Adrian Spieler as COO, Doug Howat as chief underwriting officer insurance, among others.
Brand said: “Convex is designed for the evolving insurance industry, and combines years of experience, knowledge and history in this market.
“Stephen and I see a great opportunity; there is demand for an insurer to bring a refreshed and enhanced offering to market, one that puts fairness and honesty at the centre of its singularly client focused proposition.
“Convex will challenge the status quo to create value across the chain and provide a differentiated service in a personal way. We are very excited to be launching Convex today and look forward to working with our team to create an innovative partner that drives results for our clients.”