CONVEX

CONVEX is an international specialty insurer and reinsurer founded in 2019 by Stephen Catlin and Paul Brand. The company launched with USD 1.7 billion in committed capital -- the largest start-up capitalisation in the history of the London market -- to underwrite complex specialty risks across global markets. Operating from offices in Bermuda, London, Guernsey, and Luxembourg, CONVEX targets large commercial clients requiring sophisticated coverage in hard-to-place specialty lines.

In 2025, CONVEX recorded USD 5.9 billion in gross written premiums, a 14% year-on-year increase, with net income of USD 711 million -- a 40% profit surge versus the prior year -- and a combined ratio of 89%. Tangible book value grew 23% to USD 3.9 billion. That same year, the company entered the Lloyd's marketplace with Syndicate 1984, managed by Asta, targeting GBP 150 million in GWP in its first year across accident & health, casualty, energy, marine, property, and political risk lines.

In early 2026, Onex Corporation and AIG completed their recapitalisation of CONVEX: Onex holds a 63% controlling stake (acquired for approximately USD 3.8 billion) and AIG holds a 35% minority interest (approximately USD 2.1 billion). In March 2026, co-founder Stephen Catlin stepped down as Chairman -- retaining a board seat and the honorary title of Founder and Life President -- with Onex CEO Bobby Le Blanc assuming the chairmanship.