Catlin founder launches new insurer Convex with $1.8bn capital
The founder of Catlin has launched a new insurer today, four years after the $4.1bn (£3.14bn) sale of his eponymous company.
Stephen Catlin will be chair and chief executive of the new insurer, called Convex, with former Catlin chief underwriting officer Paul Brand as deputy chief executive.
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Catlin was acquired by XL in 2015 for $4.1bn. Stephen Catlin stayed with XL after the deal but retired two years ago.
Convex launches with $1.8bn of initial committed funds and has received regulatory approval to operate in London and Bermuda.
The capital comes from the Convex management team, private equity firm Onex Partners, Canadian pension fund PSP Investments and a consortium of co-investors.
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Stephen Catlin said: “The launch of Convex distils vast industry experience and client focus to create the insurance company of the future. We begin unencumbered by legacy but rich with expertise and the strength of independence. There is evidence of pricing momentum in many classes and we are well equipped to prosper in a challenging market.”
Convex was advised by Evercore, JP Morgan and Slaughter and May.