Specialty re/insurer Convex Group has been approved to launch a Lloyd’s syndicate with a portfolio that includes political risk and trade credit insurance.
Syndicate 1987 will exclusively cover “long-tail specialty lines”, the insurer said, and will also underwrite casualty insurance and reinsurance.
Asta will be the managing agent of the syndicate, and Convex’s head of financial institutions, Allison Hollern, will be the active underwriter.
Paul Brand, chief executive of Convex Group, said: “The introduction of Syndicate 1987 strategically complements Convex’s inaugural vehicle, Syndicate 1984, which will remain dedicated to the whole account reinsurance of Convex, whilst streamlining to provide international capacity for direct short-tail risks.
“This dual syndicate structure will provide a comprehensive footprint for international business, ensuring Convex is well positioned to meet the growing demands of its clients and brokers by delivering sustainable, accretive capacity across the entire spectrum of specialty lines.”
Lorraine Harfitt, Asta’s chief executive, added that the managing agent was “delighted” to manage the new syndicate and hoped to “strengthen the relationship Asta and Convex share, working closely with Allison and her team”.
Convex was formed in 2019 by industry veterans Brand and Stephen Catlin with US$1.7bn of initial committed capital to underwrite insurance and reinsurance for complex specialty risks. It expanded its credit and political risk team in 2020 with several hires.
Last year, AIG and Canadian asset manager Onex acquired Convex in a US$7bn deal.
