Convex enters Lloyd’s with Syndicate 1984, targets £150m GWP this year

Convex Group has announced it has received in principle approval to launch Lloyd’s Syndicate 1984.

Syndicate 1984 has an initial target to underwrite £150m of gross written premium in 2025, the specialty re/insurer said.

The reinsurer, founded by by Stephen Catlin and Paul Brand in 2018, said it would commence underwriting at Lloyd’s in April 2025.

“Convex is always looking for new opportunities to develop its business both in Bermuda, London and elsewhere,” said Paul Brand, CEO, Convex Group.

“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.”

Syndicate 1984 will be led by active underwriter, Jacqueline Wiffen, UK chief underwriting officer for insurance at Convex.

Jacqueline Wiffen, active underwriter, Convex Syndicate 1984, said: “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,” she said.

It will underwrite some reinsurance of Convex and selected lines of international business including accident and health, casualty, crisis management, equine, livestock and aquaculture, as well as energy, marine, political risk and property.

Patrick Tiernan, chief of markets at Lloyd’s, said: “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.”

Convex has worked closely with its advisors Gallagher Re and Asta, which has been appointed as the managing agent, the company said.

Lorraine Harfitt, Asta’s CEO, said: “Convex has been one of the biggest insurance success stories in recent years and we are delighted to support Stephen, Paul and his team in securing in-principle approval for Syndicate 1984.

“By combining Asta’s strengths as a managing agent with our collective commitment to innovation and best practice, our partnership aims to extend Convex’s proven underwriting track record to the Lloyd’s market.”

Brand added: “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.”