Convex Insurance

Stephen Catlin, Executive Chairman, and Paul Brand, CEO, oversee the firm's strategic direction and underwriting philosophy. Both co-founders shaped the original Catlin Group's specialty book from the 1980s through its 2015 sale to XL. The investment portfolio is managed internally, with a mandate to preserve liquidity and match liability profiles — consistent with the conservative asset-liability management standard for Bermuda-registered insurers.

Convex launched with $1.8 billion in committed capital from PSP Investments, GIC, Sixth Street, and a quota-share arrangement with AIG. Onex Corporation became the majority shareholder at 63 percent following a 2024 recapitalization. AIG retains a 35 percent strategic stake. PSP Investments fully exited the shareholder register in 2026.

The firm focuses on specialty commercial lines including aviation, marine, energy, casualty, and professional indemnity. These are complex, judgment-intensive risks where standard actuarial models underperform. Convex does not compete in personal lines or commoditized property markets.

Yes. Convex maintains a presence in the Lloyd's of London market, which provides access to global distribution and regulatory passporting. The firm's Bermuda holding company consolidates underwriting results from both Lloyd's and direct Bermuda-market placements.

Onex Corporation, a Toronto-listed private equity firm, is Convex's majority shareholder, holding 63 percent of the equity as of 2024. Onex's involvement signals a long-term permanent-capital orientation for the underwriting platform, consistent with the firm's broader strategy of holding asset-intensive financial services businesses rather than pursuing short-duration exits.

The firm operates the Convex End-to-End Charitable Trust, which directs contributions to partners including Alzheimer's Research UK and the Blue Marine Foundation. These commitments are structured through a charitable trust vehicle separate from the underwriting and investment balance sheets.

The firm holds a global fixed-maturity investment portfolio alongside cash and equivalents. The mandate is duration-matched and high-grade — typical for a Bermuda-class specialist carrier. There is no publicly disclosed allocation to alternative assets or equity strategies, reflecting the regulatory capital requirements of the Lloyd's and Bermuda Monetary Authority frameworks.