Convex Group Announces Remarkable Growth in 2024
International specialty insurer and reinsurer, Convex Group, has reported a significant boost in its underwriting results for 2024, achieving $381 million, a commendable 57% increase from $242 million in 2023.
In parallel, Convex’s net profit attributable to common shareholders rose slightly to $506 million in 2024, compared to $503 million in the previous year. This marks the second consecutive year of profitability since the company’s inception, underscoring robust growth across various business lines.
Despite a year marked by several natural disasters, including Hurricane Milton, Hurricane Helene, and the Calgary hailstorms, Convex’s losses from these events remained within expected models. This resilience contributed to an improved combined ratio of 87.6% for 2024, compared to 89.6% in 2023.
Convex’s financial metrics were further bolstered by a 22% increase in gross written premiums, reaching $5.166 billion in 2024, up from $4.218 billion in 2023. The net premium earned also saw a 31% rise, totaling $3.070 billion, compared to $2.337 billion in the previous year.
The company’s investment return was another highlight, achieving $272 million in 2024, up from $240 million in 2023. This was attributed to an increase in the assets under management within its investment portfolio and the expansion of risk asset mandates.
Paul Brand, CEO of Convex Group, expressed his satisfaction with these results, stating, “This is a hugely impressive result which, in no small part, is down to the exceptional Convex team. Their hard work and dedication have resulted in numerous achievements.”
He also noted Convex’s recognition in the industry, being placed in the top quartile of the Gracechurch Claims Monitor and named one of the Sunday Times ‘Best Places to Work 2024’. Brand encouraged the team to maintain their efforts to sustain market relevance and resilience.
Stephen Catlin, Executive Chair of Convex Group, extended gratitude to brokers and clients for their unwavering support, highlighting the milestone of reaching $5 billion in premium within five years. He acknowledged the challenging year for the industry due to natural catastrophes but remained optimistic about the satisfactory market conditions and rates.
Catlin also hinted at future growth, mentioning the impending launch of Syndicate 1984 at Lloyd’s, marking Convex’s return to this prestigious market.
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