Convex obtains reciprocal jurisdiction reinsurer status in the US

Updated 1 November 2024 – CIL has now obtained Complementary Reinsurer status and CRL has obtained Alien Reinsurer status under US Department of Treasury rules governing “T-listed” insurers authorised to underwrite federal surety bonds. CIL and CRL are among the first reinsurers to have been granted this status and will not have to post collateral in order for the US Treasury to allow T-listed clients credit for reinsurance provided by Convex.
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Updated 1 October 2024 – Convex is now also registered in Guam, as well as being a reciprocal jurisdiction reinsurer in all 50 states of the US, the District of Columbia, Puerto Rico and the US Virgin Islands.
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Convex Group Limited (“Convex”) today announces that Convex Insurance UK Limited (“CIL”) and Convex Reinsurance Limited (“CRL”) have received approval from the National Association of Insurance Commissioners (“NAIC”) and the California Department of Insurance (“California”) to operate as a reciprocal jurisdiction reinsurer, effective from 1 January 2022.

This reciprocal jurisdiction status will allow CIL and CRL to write reinsurance business in the US, without the requirement to post reinsurance collateral, via a passporting arrangement with other US states. These two entities are the first in the global (re)insurance market to be granted reciprocal jurisdiction reinsurer status by California and the NAIC.

Paul Brand, Co-Founder and Deputy CEO of Convex Group, said: “This is an excellent development for Convex. Since our launch in 2019, we have always been interested in expanding our platform to reach other major markets outside of the UK and Bermuda. I look forward to watching our teams at CIL and CRL provide top-quality complex risk solutions to our extensive network of reinsurance clients and brokers in the US.”

Convex was advised by Locke Lord LLP.

Find out how to request a letter of credit for: CIL here CRL here