- Published May 19, 2022
HAMILTON, BERMUDA, 19th May 2022
Convex Group Limited (“Convex”) today announces its financial results for the year ended 31 December 2021.
- Gross written premium: $2,115 million, an increase of 93% from $1,095 million in 2020
- Net premium earned: $1,042 million, an increase of 178% from $375 million in 2020
- Reduced net loss: After allowing for acquisition costs, claims (net of reinsurance), operating expenses and investment income, the Group made a net loss of $158 million, a decrease from $179 million in 2020
- Net combined ratio: Improved net combined ratio of 118% following 2020’s 173%
Stephen Catlin, chairman and CEO of Convex, said: “I’m immensely proud of the strides we have made in a short period and these results signify another year of underwriting excellence and are indicative of our established market position.
“The ultimate number reflects our continued and strategic investment in Convex’s growth. 2021 saw our numbers grow from 300 team members to over 400, as well as the establishment of Convex Europe SA, through which we are providing our European clients with high-quality solutions. The launch of our MGU, Convex North America, is yet another positive development. Working alongside the London and Bermuda teams, the MGU will provide access to the burgeoning US excess & surplus lines market not accessible via the London Market.
“Convex has had a strong start to the 2022 year with Q1 reporting GWP of $971 million, and a net premium earned of $389 million and a combined ratio of 91.3%. We expect to exceed $3bn of GWP in 2022.”
Paul Brand, deputy CEO, said: “Uncertainty surrounding the war and humanitarian crisis in Ukraine remains and the Ukrainian people have our thoughts and wholehearted support. From an underwriting perspective, there is obviously a potential exposure that we are monitoring”