Convex Group Limited, an international specialty insurer and reinsurer, has announced its financial results for the year ended Dec. 31, 2024. The company reported a notable increase in gross written premium (GWP) to $5.2 billion, marking a 22% rise from $4.2 billion in 2023.
For 2024, Convex saw a rise in net premium earned, reaching $3.07 billion, an increase of 31% from $2.34 billion in 2023. The underwriting result also showed growth, rising to $381 million, a 57% improvement from $242 million in the previous year. The company’s combined ratio improved to 87.6%, compared to 89.6% in 2023, reflecting stronger operational efficiency. In addition, Convex reported an investment return of $272 million, an increase from $240 million in 2023. This growth was attributed to a rise in assets under management and the broadening of risk asset mandates.
Convex’s net profit attributable to common shareholders reached $506 million in 2024, slightly up from $503 million in 2023. Despite the challenges posed by several natural catastrophes, including Hurricane Milton, Hurricane Helene, and the Calgary hailstorms, Convex’s losses from these events were in line with modelled expectations. A news release noted that this marked the company’s second consecutive year of net profit since its launch.
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“This is a hugely impressive result, which, in no small part, is down to the exceptional Convex team. Their hard work has resulted in numerous achievements,” said Paul Brand, CEO of Convex Group. “Not only have we achieved record results, we were also placed in the top quartile of the Gracechurch Claims Monitor and named as one of the Sunday Times ‘Best Places to Work 2024’. I thank the team and encourage them to continue their efforts.”
“A huge thanks to all of our brokers and clients for their continued support in helping us achieve yet another outstanding result,” said Stephen Catlin, executive chair of Convex. “Despite another challenging year for the industry due to natural catastrophes, market conditions and rates remain satisfactory.”
Looking forward, Convex is set to expand its presence at Lloyd’s with the launch of Syndicate 1984, marking a significant milestone for the company. “It’s good to be back,” said Catlin.
Convex Group holds an “A” (Excellent) rating from A.M. Best and an “A-” with a positive outlook from S&P.
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