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Convex reports 98% combined ratio and exceeds $3bn of GWP in 2022

Published May 16, 2023

Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, today announces its financial results for the year ended 31 December 2022.


  • Gross written premium: $3,035 million, an increase of 43% from $2,115 million in 2021.
  • Net premium earned: $1,686 million, an increase of 62% from $1,042 million in 2021.
  • Underwriting profit: Improved net combined ratio of 98% (2021: 117%).
  • Investment loss: Rising inflation and interest rates had an adverse effect on financial markets globally and not atypical in the insurance industry, generating unrealised losses which offset coupon income, leading to a negative investment return of $107 million, down from a positive investment return of $25 million in 2021.
  • Reduced net loss: As a result of investment losses and foreign exchange impacts, partly offset by underwriting profit, the Group made a net loss of $142 million, a decrease from $158 million in 2021.

Read the full press release HERE