Convex Group Releases Full Year Financial Results | Insurance Business America
CEO and chairman remain upbeat on net loss
insurance news
By Terry Gangcuangco
International specialty insurer and reinsurer Convex Group Limited has presented its financial results for the year ended 31 December 2022.
Convex cited the following highlights for the full year:
Metric | 2022 | 2021 |
|---|---|---|
Gross written premium | $3.04 billion | $2.12 billion |
Net Premium Earned | $1.69 billion | $1.04 billion |
Net Combined Ratio | 98% | 117% |
Investment return/(loss) | $(107 million) | 25 million dollars |
net income (loss) | $(142 million) | $(158 million) |
The net loss in 2022 was mainly due to investment losses and exchange rate effects. Despite the negative result, both CEO Paul Brand and CEO Stephen Catlin had only kind words for the company and its employees.
“These results reflect the hard work of our colleagues and the excellent support of our brokers,” Brand said in a press release. “I’m incredibly proud of what we’ve achieved, but it’s not just about the numbers.
“When we started Convex, building a respectful and considerate culture was also a top priority, but we don’t get complacent and continue to invest in our people and our culture. 2023 promises to be another exciting year with GDP expected to exceed $4 billion.”
Catlin, meanwhile, thanked fellow Convex for what he described as “another great year.”
The CEO said, “Through their dedication and expertise, Convex continues to build its reputation in the marketplace and to have achieved a GWP of more than $3 billion in less than four years is truly impressive.” continued to evolve in 2022. In July, Paul Brand assumed the role of Group CEO and Convex thrived under his leadership.
“We continue to experience strong rating conditions and the January renewals reflected that. However, our market must continue to work hard to provide exceptional service to its customers and demonstrate its value to the general public after a decade of disappointing returns. I am confident that as an industry we are up to the task. This is a time of exciting opportunities and developments for the market.”
What do you think of Convex Group’s financial results? Share your thoughts in the comments below.
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