International specialist insurer and reinsurer Convex Group Limited has launched a wholly-owned, technology-enabled managed general agency (MGA) called Kinetic Insurance Services (Kinetic), which will commence trading in the final quarter of this year.
The reinsurer explained that MGA, based in the UK, has FCA regulatory approval and will target specialist and niche business areas that are complementary to Convex’s existing portfolio.
MGA is supported by Convex and third-party capabilities and will leverage “technology and exceptional underwriting capabilities to provide its clients and brokers with tailored solutions and exceptional customer service.”
Kinetic will be led by Theo Butt, former CEO of Convex Insurance UK LTD, and will focus on specialty risks in large, complex and mid-market markets, primarily the London market.
With this move, Anne Middleton takes over as CEO of Convex UK.
Butt said: “This strategic move aims to build a market-leading MGA based on the principles for which Convex is known – underwriting excellence, technology-driven innovation and superior customer experience – creating a complementary pillar within our wider portfolio.
“With its differentiated risk appetite and the agility of the MGA model, Kinetic will attract high-quality talent to join Convex’s existing infrastructure. We are confident in its long-term growth potential and the meaningful value it will generate for the organization.”
Paul Brand, Convex Group Chief Executive, commented: “Convex is always looking for new opportunities to grow its business in Bermuda, London and elsewhere.
“The MGA structure provides flexibility to capital providers, reinsurers and business partners. Leveraging our ability to write mandated business, we believe this business will be a major part of Convex’s future growth.”
Doug Howat, Chief Underwriting Officer, Convex Insurance and Reinsurance Group, added: “The MGA market offers compelling opportunities. Through Kinetic, we will enter emerging markets and deliver high-quality products based on innovation, strong customer service and integrity, creating real value for brokers and clients. I am delighted to be supporting Theo and the team as this joint venture is formed.”
