Convex selects Clearwater to automate investment operations, support 'robust' growth plans
Stephen Catlin and Paul Brand's newly launched specialty re/insurer Convex Group has partnered with Clearwater as a provider of cloud-based solution and services for investment accounting, reporting and other data services.
Convex was launched in April 2019 with an initial capital commitment of $1.8 billion, and is based in the UK and Bermuda. It underwrites insurance and reinsurance for complex specialty risks across a diversified range of business lines, and aims to build a digitally-enabled insurance company that is free from legacy systems and processes.
The partnership will enable Convex to efficiently scale its operating architecture, while maintaining a lean investment operations team, using Clearwater’s automated solution. Clearwater will assist the re/insurer on early period-end close times, flexible reporting, regulatory support, data aggregation, reconciliation and accounting, which will enable Convex to focus on its core competencies.
“Convex is designed for the evolving insurance industry; we are legacy free and combine an experienced team with independence and a mandate to be an innovative partner that drives results for our clients," said Benjamin Meuli, chief financial officer at Convex. "We see technology as a competitive advantage, one that will empower us to make better decisions; the Clearwater solution will enable us to scale our investment operations and support our plans for robust growth.”
Scott Erickson, chief operating officer at Clearwater, said: “The relationship between Convex and Clearwater is a natural fit. Convex brings a new and unique offering to the industry and has found a partner in Clearwater that can match the speed of their goals and growth expectations.
“Clearwater’s scalable reporting solution and seamless multi-basis international accounting platform is critical to the foundation Convex is laying in order to expand into the insurance and reinsurance markets. We share a vision with Convex that constant evolution to deliver an enhanced offering represents the future of the insurance industry and look forward to supporting them in their growth.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Dorian losses estimated at $20-$25bn: UBS analysts
Schroder brings former Tokio Millennium Re CEO to lead new ILS unit
Lockton makes key hire to drive international benefits strategy
Liberty Mutual Re appoints Northern Europe head from Guy Carpenter
Chubb bolsters accident and health unit in Continental Europe with AIG hire
Feature: 10 ways insurers are using insurtech to drive new business
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze