By Edward Carron

April 4 - (The Insurer) - Convex's latest full-year results again highlight the rapid growth trajectory enjoyed by the Bermudian (re)insurer since it was launched by Stephen Catlin and Paul Brand in 2019.

On Monday, the company reported gross written premiums of $5.17 billion for 2024, an increase of 22% on the previous year.

Should it continue to grow at a similar rate this year, Convex will surpass the $6 billion premium threshold – a milestone it took Catlin and Brand's previous business 30 years to achieve.

Catlin confirmed the group was on course to reach the milestone in an interview with The Insurer TV at the Bermuda Risk Summit earlier in March.

“If we made close to our business plan for this year, we would have achieved in six years what we achieved in 30 years at Catlin, and that, I think by any measure, is quite surprising," he said.

Catlin launched his first Lloyd’s business Catlin Underwriting Agencies in 1984, before establishing the Catlin Group holding company in Bermuda in 1992.

Catlin Group floated on the London Stock Exchange in 2004, raising $200 million in its IPO. By 2011 Catlin’s Syndicate 2003 was the largest in the market, with 1.7 billion pounds of GWP.

Following Catlin Group's acquisition by XL Group in 2015, Catlin remained as executive deputy chairman for two years before exiting in 2017.

Two years later, Catlin reunited with Brand, his long-term chief underwriting officer, to launch Convex with backing from Canadian private equity firm Onex Partners. The business launched with $1.8 billion of capital supporting operations in London and Bermuda.

This year has also seen Catlin and Brand return to Lloyd's with the launch of Syndicate 1984, named in reference to the year that Catlin’s first syndicate entered the market.