Convex Group

Convex is moving from being a carrier that uses delegated authority to a group that also builds MGA businesses. Its core insurance platform works with trusted coverholders across major markets, including U.S. delegated property and professional-indemnity business. Convex North America Insurance Services operates as an approved Lloyd’s coverholder and managing general underwriter, giving specialist teams infrastructure, capital and their own portfolio accountability. Kinetic Insurance Services, announced in June 2026 and expected to begin trading in the fourth quarter, adds a wholly owned, technology-enabled MGA backed by Convex and third-party capacity. That structure could create a powerful origination engine, but it also makes distinctions between carrier, coverholder and external capital more important. A broker or capacity partner should know which entity owns underwriting authority, which balance sheet retains risk, who controls claims and how conflicts are managed when the group participates in multiple roles. Convex’s financial position gives the strategy credibility. The group reported $6.13 billion of gross premium and an 83.7% combined ratio for the twelve months through June 2026, while 2025 tangible book value was $3.83 billion. AM Best and S&P rate the operating group A. The company’s ownership structure—majority investment by Onex with AIG participation—supports an independent growth plan, but the expansion of affiliated MGAs and outside capital will make transparent transfer pricing, authority and portfolio allocation increasingly significant. The underwriting thesis emphasizes long-term commitment and a legacy-free balance sheet. Those are attractive attributes for MGAs, yet current market conditions still require selectivity. The second-quarter combined ratio benefited from strong underwriting, while the group continues to grow across insurance and reinsurance. A delegated portfolio should be evaluated on its own risk-adjusted economics rather than assuming consolidated performance can absorb weak program results. Convex’s property team explicitly looks for transparency, consistency and detailed niche-market knowledge, and its U.S. launchpad gives underwriting leaders access to policy administration, claims, data and operating support. The strongest partnership will turn those resources into evidence: accurate exposure data, disciplined referrals, explainable pricing, clear claims feedback and portfolio reporting that distinguishes growth from value creation.