Convex Group Secures Green Light for Launch of Lloyd’s Syndicate 1984
Convex, a leading international specialty insurer and reinsurer, has recently gained in-principle approval to establish Lloyd’s Syndicate 1984. This strategic move marks a significant step as Convex aims to enhance its global footprint and tap into the vibrant opportunities present in the Lloyd’s market, which is integral to its long-term growth strategies, as highlighted by InsurTech Insights.
Convex’s Ambitious Plans for Syndicate 1984
The launch of Syndicate 1984 aligns with Convex’s goal of generating £150 million in gross written premiums by 2025. This initiative emphasizes the company’s commitment to diversifying its offerings and solidifying its market presence.
Strategic Focus Areas
Syndicate 1984 will concentrate on underwriting various sectors, including:
- Accident & Health
- Casualty
- Crisis Management
- Energy
- Marine
- Political Risk
- Property
- Equine, Livestock & Aquaculture (ELA)
This comprehensive approach positions the syndicate to effectively meet diverse market demands and support Convex’s broader growth objectives.
Leadership and Partnerships
Jacqueline Wiffen, the UK Chief Underwriting Officer (CUO) for insurance at Convex, will lead the new syndicate as the active underwriter. Her extensive experience is expected to guide the syndicate toward success in the competitive Lloyd’s environment.
Furthermore, Convex’s collaboration with Gallagher Re and Asta, which will manage the syndicate, enhances its operational capabilities and ensures robust support for the venture.
Opportunities in the Lloyd’s Market
Entering the Lloyd’s market presents a unique opportunity for Convex to establish a leading syndicate. By leveraging the strategic advantages offered by Lloyd’s, the company aims to expand its underwriting capabilities and elevate its service offerings.
Paul Brand, CEO of Convex Group, expressed optimism about this venture, stating, “Convex is always looking for new opportunities to develop its business both in Bermuda, London, and elsewhere. Lloyd’s is a core insurance market and part of Convex’s management DNA.”
Industry Reactions
The move has garnered positive responses within the industry. Asta’s CEO, Lorraine Harfitt, highlighted Convex’s solid underwriting history and shared excitement about the partnership. Lloyd’s Chief of Markets, Patrick Tiernan, also welcomed Convex, stating, “We are very pleased that the Convex team have chosen to bring their underwriting talent and leadership to the Lloyd’s market.”
For more information about Convex and its operations, visit their official site at Convex Group.
