Convex Group Limited, the Bermudian-based international specialty re/insurer, has made a “cornerstone investment” in Skyrisks Limited, the London-based managing general agent said.

The news came as Skyrisks announced its market-leading A-rated insurance capacity, targeted risk appetite, and operational readiness to welcome new business for the fast-growing insurance needs of the advanced air mobility sector.

Convex is also a capacity partner for the MGA.

Shelley Lyddon-Mills, chief actuary Bermuda at Convex, will join the board of directors of Skyrisks.

She said: “We are on a mission to be a market leader in AAM insurance. A key driver of our innovative edge will stem from the ability to integrate multiple data sources into a sophisticated API-enabled pricing engine, unlocking valuable metrics and empowering us to walk side-by-side with AAM companies as they grow.”

Mike Hansen, head of aerospace at Convex, said: “Our approach to sustainability is integral to and integrated in Convex’s strategy. The very purpose of commercial insurance is to support the sustainability of business activities.

“That is why we are committed to advancing the sustainability agenda across the aviation sector in a long-term partnership with Skyrisks, the leaders in AAM insurance.”

Skyrisks said the AAM sector embodies the future of aviation, leveraging revolutionary new aircraft and a broad array of innovative technologies to ensure the safe, quick, affordable and sustainable movement of people and goods.

“Innovative insurance is a core enabler for the successful adoption of revolutionary aircraft, power systems, and next-generation infrastructure,” said Alistair Blundy, chief executive officer, Skyrisks.

“We meet the emerging risk landscape with proactive appetite, bespoke solutions, and A-rated insurance capacity. We are open for business and accepting submissions. The foundational reception and support from broker partners is outstanding.”

Convex was founded by insurance industry veterans Stephen Catlin and Paul Brand in 2019 and operates out of Bermuda, London, Luxembourg and New Jersey.