Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, today announces its financial results for the year ended 31 December 2024.
Highlights
- Gross written premium: $5,166 million, an increase of 22% from $4,218 million in 2023.
- Net premium earned: $3,070 million, an increase of 31% from $2,337 million in 2023.
- Underwriting result: $381 million, an increase of 57% from $242m in 2023.
- Combined ratio of 87.6% (2023: 89.6%).
- Investment return: a positive $272 million in 2024, an increase from $240 million in 2023 due to the increase in assets under management of investment portfolio and the broadening out of risk asset mandates.
- Net profit attributable to common shareholders increased to $506 million (2023: $503 million)
The company has achieved its second consecutive net profit since its launch, with significant growth across all lines of business. While 2024 saw several natural catastrophe events, including Hurricane Milton, Hurricane Helene and the Calgary hailstorms, Convex’s losses from these events were within modelled expectations.
Paul Brand, CEO of Convex Group, said: “This is a hugely impressive result which, in no small part, is down to the exceptional Convex team. Their hard work and dedication has resulted in numerous achievements. Not only have we achieved record results, we were also placed in the top quartile of the Gracechurch Claims Monitor and named as one of the Sunday Times ‘Best Places to Work 2024’. I thank the team and encourage them to continue their efforts, enabling us to maintain our market relevance, resilience and position as our client’s favourite insurer.”
Stephen Catlin, executive chair of Convex Group, said: “A huge thanks to all of our brokers and clients for their continued support in helping us achieve yet another outstanding result, reaching $5 billion in premium within five years. Despite another challenging year for the industry due to natural catastrophes, market conditions and rates remain satisfactory. Convex will continue to develop, embracing both the challenges and opportunities that lie ahead.
I am also very pleased that we will soon have a presence at Lloyd’s with the imminent launch of Syndicate 1984. It’s good to be back.”