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Articles › News › Convex establishes European subsidiary A- rating assigned by S&P
HAMILTON, BERMUDA, 20th September 2021
Convex Group Limited (Convex) today announces the authorisation of its newly established Luxembourg based European insurance entity, Convex Europe SA (CES). Convex has worked closely with the Luxembourg regulator, the Commissariat aux Assurances (CAA) and received regulatory approval on 15 September 2021. Following the authorisation, S&P Global Ratings issued CES an A- rating.
This development provides Convex with a fully regulated insurance subsidiary within the European Economic Area (EEA), ensuring clients across Europe will be able to receive the best possible service and insurance solutions directly from Convex.
CES will write European business via a UK branch that will be located in London. This branch remains subject to regulatory approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). We will notify the market as soon as we commence trading.
In addition, S&P has issued an A- rating for Convex Guernsey Ltd the new home of Convex’s Security Risk team.
Paul Brand, Deputy CEO, said: “This is an important step in our ability to provide our partners, colleagues and ultimately our clients in the EEA with certainty and become the insurer of choice for complex risks. Through CES, Convex will establish a long-term presence in Europe, and via its UK Branch, CES will have the ability to provide European and multinational clients with full service, high-quality insurance risk solutions.”