Specialty reinsurer Convex Group has secured in-principle approval for its entry into the Lloyd’s marketplace with Syndicate 1984.
Lloyd’s Syndicate 1984 is set to start underwriting from April 2025, with an initial target to underwrite £150m of gross written premiums (GWP) in its first year.
The reinsurance company has been working alongside Gallagher Re and Asta, the latter being named as the managing agent for the syndicate.
The focus of Syndicate 1984 will be to underwrite a mix of reinsurance for Convex itself and a selection of international business lines.
These will include accident and health, casualty, crisis management, energy, equine, livestock & aquaculture (ELA), marine, political risk and property sectors.
Convex Group CEO Paul Brand said: “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 management’s DNA.
“Entering Lloyd’s has always been a distinct possibility, and we feel that now is the right time to enter this fantastic marketplace. I thank our partners for their support during this launch. We look forward to bringing new business to Lloyds’ unique and innovative marketplace and building a leading syndicate together.”
Syndicate 1984 will be spearheaded by Jacqueline Wiffen, the UK chief underwriting officer for insurance at Convex.
Wiffen stated: “I am excited to have been named active underwriter of the new syndicate. Convex has an amazing track record and I look forward to leading the new syndicate for the benefit of our clients and the wider market.”
Set up in 2019, Convex was founded by Stephen Catlin and Paul Brand with $1.7bn of initial capital.
It has established operations across London, Bermuda, Luxembourg and New Jersey.
