Convex Group releases full-year financials

Convex Group releases full-year financials | Insurance Business America

Insurance News

Convex Group releases full-year financials

CEO and executive chair remain positive amid net loss

Insurance News

By
Terry Gangcuangco

International specialty insurer and reinsurer Convex Group Limited has outlined its financial results for the year ended December 31, 2022.

Convex cited the following full-year highlights:

Metric

2022

2021

Gross written premium

$3.04 billion

$2.12 billion

Net premium earned

$1.69 billion

$1.04 billion

Net combined ratio

98%

117%

Investment return/(loss)

$(107 million)

$25 million

Net income/(loss)

$(142 million)

$(158 million)

The net loss in 2022 was mainly attributed to investment losses and foreign exchange impacts. Despite the negative result, both chief executive Paul Brand and executive chair Stephen Catlin had nothing but nice words for the business and its people.

“These results reflect the hard work of our colleagues and superb support from our brokers,” Brand said in a release. “I’m incredibly proud of what we’ve accomplished, but it’s not just about the numbers.

“When we launched Convex, building a respectful and thoughtful culture was also a top priority, but we aren’t complacent and continue to invest in our people and culture. 2023 promises to be yet another exciting year, with GWP expected to exceed $4 billion.”

Catlin, meanwhile, thanked Convex colleagues for what he described as “another tremendous year”.

The executive chair said: “It’s through their dedication and expertise that Convex continues to build its reputation in the market, and to have surpassed $3 billion of GWP in less than four years is truly impressive. Convex continued to grow and evolve in 2022. In July, Paul Brand assumed the role of group CEO and Convex has thrived under his leadership.

“We continue to experience strong rating conditions, and January’s renewals reflected that. However, our market must continue to work hard to provide exceptional service to its clients, as well as demonstrate its value to the wider community after a decade of disappointing returns. I am confident that we, as an industry, are up to the task; this is a period of exciting opportunity and developments for the market.”

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