Convex reports net loss of $142m in 2022

Convex Group’s net loss narrowed to $142m for full-year 2022 compared with a net loss of $158m in 2021, as underwriting profit was offset by investment losses and foreign exchange impacts, the Bermuda-based specialty insurer and reinsurer reported.

The net loss reflected a negative investment return of $107m against a positive investment return of $25m in 2021, as adverse effects of rising inflation and interest rates on global financial markets generated unrealised losses.

Its combined ratio improved to 98%, compared with 117% in 2021, and Convex reported a 43% increase in gross written premium to $3.04bn in 2022, driven by strong rating conditions.

Convex, which last year named Paul Brand as group CEO, also reported a 62% increase in net premium earned to $1.69bn in 2022.

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