Convex, the international specialty insurer and reinsurer, has received in-principle approval to launch Lloyd’s Syndicate 1984.
The launch comes as Convex seeks to further expand its global reach having identified significant opportunities in the Lloyd’s market, which it sees as vital for the continued success of its strategic plans, according to InsurTech Insights.
The timing is right for Convex to launch a new syndicate that aims to generate £150m in gross written premium in 2025, underlining the company’s ambition to diversify its offerings and strengthen its market presence.
With its team of seasoned professionals, Convex has carved out a niche in the market by leveraging its expertise and strong underwriting capabilities to provide innovative solutions to a diverse clientele.
The company’s expansion into Lloyd’s is a testament to its growth trajectory and desire to bring new business to the market.
The Syndicate will focus on underwriting some of Convex’s reinsurance business, as well as selected international lines, including accident & health, casualty, crisis management, energy, marine, political risk, property, and ELA (equine, livestock & aquaculture).
This wide array of sectors ensures the syndicate will be well-positioned to tackle diverse market needs and support Convex’s long-term growth strategy. The syndicate’s underwriting target for 2025 is set at £150m of gross written premium.
Syndicate 1984 will be led by Jacqueline Wiffen, UK CUO for insurance at Convex, who has been appointed as the active underwriter.
Her leadership is expected to bring a wealth of expertise to the syndicate, driving it towards success in the competitive Lloyd’s market. Convex’s strategic partnership with Gallagher Re and Asta, who will serve as the Managing Agent for the syndicate, further strengthens the launch and ensures it has the necessary support to succeed.
Convex’s decision to enter Lloyd’s is seen as an opportunity to build a leading syndicate within the marketplace. By leveraging the strategic advantages of Lloyd’s, Convex aims to expand its underwriting capabilities and enhance its service offerings. The syndicate will play an integral role in Convex’s broader goal to provide world-class solutions to clients across its diverse portfolio.
In other developments, Asta’s CEO, Lorraine Harfitt, expressed her excitement about the partnership with Convex, highlighting the company’s proven underwriting track record and its alignment with Asta’s commitment to innovation. With this collaboration, Convex is well positioned to achieve its goals in Lloyd’s, delivering new business and driving growth.
Convex Group CEO Paul Brand is optimistic about the opportunities ahead, saying, “Convex is always looking for new opportunities to develop its business both in Bermuda, London and elsewhere. Lloyd’s is a core insurance market and part of Convex management’s DNA. Entering Lloyd’s has always been a distinct possibility, and we feel that now is the right time to enter this fantastic marketplace. I thank our partners for their support during this launch. We look forward to bringing new business to Lloyds’ unique and innovative marketplace and building a leading syndicate together.”
Jacqueline Wiffen, active underwriter of Convex Syndicate 1984, added, “I am excited to have been named active underwriter of the new syndicate. Convex has an amazing track record and I look forward to leading the new syndicate for the benefit of our clients and the wider market.”
Lloyd’s Chief of Markets, Patrick Tiernan, also praised the move, saying, “We are very pleased that the Convex team have chosen to bring their underwriting talent and leadership to the Lloyd’s market. We want the best underwriters in the world to be operating deliberately in our market and enjoying the strategic benefits that can be uniquely deployed from Lloyd’s. The Convex executive team have extensive Lloyd’s experience, with long term vision and interests that align well with ours. Syndicate 1984 will be a welcome addition to our underwriting platform.”
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