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Convex gets green light for Luxembourg subsidiary to serve EEA clients

Specialty (re)insurer Convex Group has established a new European subsidiary following regulatory approval for Luxembourg-based business Convex Europe SA (CES).

The subsidiary will write European business via a UK branch office in London, which is awaiting approval from UK regulators before it begins new business. The move is needed to serve clients in Europe following the UK’s withdrawal from the EU.

Convex, launched by Stephen Catlin in 2019, said Convex Europe will provide a platform to write corporate business across the EEA and “ensure clients across Europe will be able to receive the best possible service and insurance solutions directly”.

S&P Global Ratings has assigned an A- rating to the new subsidiary and an A- rating for Convex Guernsey, a new home for Convex’s security risk team.

Paul Brand, deputy CEO of Convex, 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,” he added.

At the beginning of this year, Convex, which has offices in Bermuda and London, raised an additional $500m in capital following $1bn in November 2020 to expand in the hard rating environment.

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