The international speciality insurer and reinsurer Convex Group Ltd has reported strong financial results for the year ended December 31, 2024, including a better than half a billion dollar profit and record growth across all business lines.

The company recorded gross written premiums of nearly $5.17 billion, a 22 per cent increase from $4.22 billion in 2023.

Net premium earned rose by 31 per cent to $3.06 billion, up from $2.34 billion the previous year. Convex’s underwriting result also showed strong improvement, climbing 57 per cent to $381 million from $242 million in 2023.

The combined ratio improved to 87.6 per cent, compared to 89.6 per cent in 2023. Investment return increased to $272 million from $240 million, attributed to a larger asset base and a broader investment mandate. Net profit attributable to common shareholders edged up to $506 million from $503 million the year before.

Convex said the results came despite several notable natural catastrophe events in 2024, including Hurricane Milton, Hurricane Helene and the Calgary hailstorms. The firm noted that losses from these events remained within modelled expectations.

“This is a hugely impressive result which, in no small part, is down to the exceptional Convex team,” said Paul Brand, chief executive of Convex Group. “Their hard work and dedication has resulted in numerous achievements.

“Not only have we achieved record results, we were also placed in the top quartile of the Gracechurch Claims Monitor and named as one of the Sunday Times ‘Best Places to Work 2024’. I thank the team and encourage them to continue their efforts, enabling us to maintain our market relevance, resilience and position as our client’s favourite insurer.”

Stephen Catlin, executive chair of Convex Group, also acknowledged the support of the company’s partners. “A huge thanks to all of our brokers and clients for their continued support in helping us achieve yet another outstanding result, reaching $5 billion in premium within five years,” he said.

“Despite another challenging year for the industry due to natural catastrophes, market conditions and rates remain satisfactory. Convex will continue to develop, embracing both the challenges and opportunities that lie ahead.”

He added: “I am also very pleased that we will soon have a presence at Lloyd’s with the imminent launch of Syndicate 1984. It’s good to be back.”