Catlin and Brand launch new insurer with $1.8bn raise

Insurance industry experts Stephen Catlin and Paul Brand have formally unveiled their international specialty insurer and reinsurer, Convex Group, with initial capital of US$1.8bn, drawing down US$1.6bn to commence business.

Designed for “the evolving insurance industry”, Convex will underwrite insurance and reinsurance for complex specialty risks across a diversified range of business lines in London and Bermuda, with a management team featuring some well-known industry names including Benjamin Meuli (CFO); Robina Malik (GC); and Adrian Spieler (COO). Doug Howat is chief underwriting officer in insurance, while Matt Paskin heads up reinsurance underwriting. Mark van Zanden is head of portfolio optimisation.

Stephen Catlin says the new brand begins “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. We are thrilled to have the support of Onex and our co-investors and believe they will be valuable partners to us as we build our business. Paul and I have worked together since the early Catlin days and the team we have assembled all bring exceptional skills to the table. Together we have a once in a lifetime opportunity and I look forward to the journey that lies ahead,” Catlin added.

Paul Brand added: “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.”

Invested capital comes from the Convex management team, Onex Partners V, Onex Corporation’s large-cap private equity fund, PSP Investments and a consortium of co-investors.

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