Convex's gross premiums hit $5.16 billion in 2024

ReutersMar 31, 2025 9:14 AM

Convex's gross written premiums increased by 22% in 2024
Convex's combined ratio improved to 87.6% from 89.6%
Convex preparing to enter Lloyd's market with syndicate launch

By Aidan Gregory

March 31 - (The Insurer) - Specialty (re)insurer Convex boosted its gross written premiums by 22% in 2024, ahead of the carrier's entry into the Lloyd's market this spring through the launch of Syndicate 1984.

In a statement on Monday, Convex said its gross written premiums totalled $5.16 billion last year, up 22% from 2023. The company’s combined ratio improved to 87.6%, compared to 89.6% the year before.

Convex’s underwriting result last year was $381 million, up 57% from 2023’s underwriting result of $242 million.

The (re)insurer said it also made a positive investment return of $272 million last year, up from $240 million in 2023, due to an increase in assets under management and a broadening out of risk asset mandates.

Convex noted that 2024 was a busy year for natural catastrophes, including hurricanes Milton and Helene and the Calgary hailstorms, although its losses from these weather events were “within modelled expectations”.

The company was launched in September 2019 by Stephen Catlin, its current executive chair, and Paul Brand, its CEO, with $1.8 billion of committed capital from backers including Onex Partners and PSP Investments.

2024 was the second consecutive year of profit growth and the first time Convex’s annual premium passed $5 billion.

The uplift in profits comes ahead of Catlin and Brand's return to Lime Street with the April 1 launch of Syndicate 1984. The duo previously ran Catlin Group before its $4.1 billion sale to XL in 2015.

Syndicate 1984 has an initial target of 150 million pounds of premium in 2025 and is backed by Names capital.

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